Albany, NY -- (SBWIRE) -- 05/08/2018 -- Despite a high degree of fragmentation in the global gas meters market wherein most companies operate at regional level, a handful of top players operate globally that renders stiff competition amongst them, says Transparency Market Research (TMR) in a recent report. Top players are vying to expand their geographical presence to serve a larger customer base. This will account for high degree of competition in this market in the years ahead.

Some companies to name in the global gas meters market are Elster GmbH, Itron Inc., Dandong Donga Co. Ltd., APATOR SA, ABB, Diehl Gas Metering GmbH, and EDMI Ltd.

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As per a report by TMR, the global gas meters market is predicted to be worth US$4722.2 mn by the end of 2024 expanding at a CAGR of 7.9% between 2017 and 2024. The market stood at US$2757.7 mn in 2017. Product-wise, diaphragm gas meters is anticipated to stay dominant with 60.5% of the market by 2024. In terms of geography, Asia Pacific is anticipated to hold on to its dominant position in the overall market through 2024 thanks to increasing industrialization in emerging economies of the region. Europe is anticipated to be the most attractive market during the forecast period owing to widespread adoption of smart meters.

Primarily driving the gas meters market is increasing utilization of natural gas as a source of energy, states the author of this report. Natural gas is increasingly replacing crude oil for several applications as combustion of natural gas emits very few byproducts into the atmosphere. In addition, low risk of disruption of supply due to underground pipelines, safety, and versatility are leading to increasing shift to natural gas for energy needs.

Rising need to minimize losses during transmission and distribution of gas is another key factor driving the gas meters market. This requires efficient transportation of gas to safeguard energy security in the long run. In this scenario, deploying gas meters at various points in the transmission infrastructure could record the volume of gas flow and evaluate the difference between the gas thrust at the start to gas retrieved at the end. Thus, adoption of measures to minimize losses and to record the volume of gas flow could favor the sales of gas meters in the future.

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In gas transmission systems, smart meter is the next generation device that records energy consumption at regular intervals and communicates the information to the utility company for monitoring and billing. It also allows two-way communication between the utility company and consumer. As smart meters transmit energy consumption information at regular intervals, there is minimal risk of missed reading or over calculation that are associated with manual meters.

Due to a host of advantages of smart meters among which accurate reading is prominent several countries worldwide have formulated regulations that mandate installation of smart meters. Thus, regulations favori