Global Gas Supply Meters Market to Grow at a CAGR of +4.4% from 2023 to 2030, Reaching 211M Units

IndexBox has just published a new report: World - Gas Supply Or Production Meters - Market Analysis, Forecast, Size, Trends And Insights.

Driven by increasing demand worldwide, the gas supply and production meter market is projected to experience significant growth in both volume and value terms by 2030. The market is expected to expand steadily, with an anticipated CAGR of +4.4% in volume and +6.6% in value over the forecast period. This growth is driven by the need for accurate measurement and monitoring of gas supply and production, indicating a promising future for the industry.

Market Forecast

Driven by increasing demand for gas supply or production meters worldwide, the market is expected to continue an upward consumption trend over the next seven years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.4% for the period from 2023 to 2030, which is projected to bring the market volume to 211M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.6% for the period from 2023 to 2030, which is projected to bring the market value to $25.7B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Gas Supply Or Production Meters

In 2023, the amount of gas supply or production meters consumed worldwide amounted to 156M units, growing by 5.3% on the previous year's figure. Overall, the total consumption indicated a prominent increase from 2013 to 2023: its volume increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by +107.5% against 2014 indices. Over the period under review, global consumption attained the peak volume in 2023 and is expected to retain growth in the immediate term.

The global gas supply meter market size amounted to $16.4B in 2023, growing by 7.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a remarkable increase from 2013 to 2023: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by +6.1% against 2019 indices. Over the period under review, the global market attained the peak level in 2023 and is likely to see steady growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2023 were China (33M units), the United States (20M units) and India (11M units), together accounting for 41% of global consumption.

From 2013 to 2023, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by the United States (with a CAGR of +13.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($3.1B) led the market, alone. The second position in the ranking was held by India ($1.2B). It was followed by China.

From 2013 to 2023, the average annual rate of growth in terms of value in the United States totaled +15.0%. The remaining consuming countries recorded the following average annual rates of market growth: India (+7.9% per year) and China (+7.0% per year).

The countries with the highest levels of gas supply meter per capita consumption in 2023 were Italy (124 units per 1000 persons), the UK (72 units per 1000 persons) and France (70 units per 1000 persons).

From 2013 to 2023, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Italy (with a CAGR of +13.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Gas Supply Or Production Meters

Global gas supply meter production expanded to 161M units in 2023, growing by 2.7% against the previous year's figure. In general, production continues to indicate a prominent increase. The growth pace was the most rapid in 2016 when the production volume increased by 42%. Global production peaked at 166M units in 2021; however, from 2022 to 2023, production failed to regain momentum.

In value terms, gas supply meter production expanded notably to $16.2B in 2023 estimated in export price. Over the period under review, the total production indicated a prominent expansion from 2013 to 2023: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by +6.0% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 67% against the previous year. Global production peaked in 2023 and is likely to see steady growth in years to come.

Production By Country

The country with the largest volume of gas supply meter production was China (42M units), accounting for 26% of total volume. Moreover, gas supply meter production in China exceeded the figures recorded by the second-largest producer, the United States (19M units), twofold. India (11M units) ranked third in terms of total production with a 6.9% share.

From 2013 to 2023, the average annual rate of growth in terms of volume in China stood at +8.5%. The remaining producing countries recorded the following average annual rates of production growth: the United States (+12.9% per year) and India (+7.8% per year).

Imports

World Imports of Gas Supply Or Production Meters

In 2023, approx. 15M units of gas supply or production meters were imported worldwide; picking up by 17% on the year before. Over the period under review, total imports indicated a notable expansion from 2013 to 2023: its volume increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, gas supply meter imports expanded rapidly to $817M in 2023. The total import value increased at an average annual rate of +2.0% from 2013 to 2023; however, the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2023, the UK (2.1M units), followed by the United States (1,360K units), China (965K units), Italy (894K units) and Russia (767K units) represented the largest importers of gas supply or production meters, together creating 41% of total imports. France (611K units), Romania (559K units), Ukraine (489K units), Spain (483K units) and Greece (480K units) took a minor share of total imports.

From 2013 to 2023, the biggest increases were recorded for Greece (with a CAGR of +52.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest gas supply meter importing markets worldwide were the UK ($142M), the United States ($90M) and Italy ($66M), together accounting for 36% of global imports. France, Russia, Romania, Ukraine, China, Greece and Spain lagged somewhat behind, together comprising a further 16%.

Among the main importing countries, Greece, with a CAGR of +33.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Italy ($74 per unit), while China ($14 per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by the UK (+9.4%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Gas Supply Or Production Meters

In 2023, the amount of gas supply or production meters exported worldwide fell to 20M units, shrinking by -6.5% against the year before. Overall, exports, however, showed a buoyant expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 47% against the previous year. The global exports peaked at 26M units in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, gas supply meter exports expanded remarkably to $855M in 2023. The total export value increased at an average annual rate of +2.9% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 12%. The global exports peaked at $904M in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

Exports By Country

China represented the major exporter of gas supply or production meters in the world, with the volume of exports recording 10M units, which was near 49% of total exports in 2023. Italy (1.3M units) took a 6.5% share (based on physical terms) of total exports, which put it in second place, followed by Poland (5%), Slovakia (4.9%) and Greece (4.7%). Malaysia (816K units), Mexico (675K units), Turkey (603K units), France (518K units) and South Korea (431K units) held a minor share of total exports.

From 2013 to 2023, average annual rates of growth with regard to gas supply meter exports from China stood at +16.6%. At the same time, Greece (+113.2%), Malaysia (+31.8%), Italy (+17.0%), Turkey (+14.6%), Mexico (+7.1%) and France (+4.4%) displayed positive paces of growth. Moreover, Greece emerged as the fastest-growing exporter exported in the world, with a CAGR of +113.2% from 2013-2023. South Korea and Poland experienced a relatively flat trend pattern. By contrast, Slovakia (-6.0%) illustrated a downward trend over the same period. From 2013 to 2023, the share of China, Italy, Greece and Malaysia increased by +28, +6.5, +4.7 and +3.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($104M), Greece ($65M) and Italy ($59M) constituted the countries with the highest levels of exports in 2023, with a combined 27% share of global exports.

In terms of the main exporting countries, Greece, with a CAGR of +72.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Greece ($69 per unit), while China ($10 per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Italy (+2.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform