What is Global Gas Volume Converters Market?
The Global Gas Volume Converters Market is a specialized sector that focuses on the production and distribution of devices known as gas volume converters. These devices are crucial in the gas industry as they help in converting the volume of gas under varying conditions of temperature and pressure to a standard volume. This conversion is essential for accurate measurement and billing purposes. The market is a global one, meaning it spans across continents, catering to the needs of various industries and households worldwide. The value of this market was pegged at US$ 267.7 million in 2022, and it is projected to reach US$ 324.8 million by 2029. This projection is based on the Compound Annual Growth Rate (CAGR) of 3.1% that the market is expected to witness between 2023 and 2029.
Single-channel EVC, Double-channel EVC in the Global Gas Volume Converters Market:
The Global Gas Volume Converters Market is segmented into Single-channel Electronic Volume Converters (EVC) and Double-channel EVC. Single-channel EVCs are devices that have one input and one output for gas flow, making them suitable for simple, straightforward gas conversion needs. On the other hand, Double-channel EVCs have two inputs and two outputs, making them ideal for more complex gas conversion needs where two separate gas flows need to be measured and converted simultaneously. The top four manufacturers of these devices, which include Honeywell, Elgas, and Dresser Utility Solutions, hold a combined market share of approximately 55%. This indicates a high level of market concentration, with these key players dominating the market.
Residential, Commercial, Industrial in the Global Gas Volume Converters Market:
The Global Gas Volume Converters Market finds its applications in various areas, including residential, commercial, and industrial sectors. In the residential sector, these devices are used in homes for domestic gas supply systems to ensure accurate measurement and billing of gas consumption. In the commercial sector, they are used in businesses such as restaurants and hotels that use gas for cooking and heating purposes. The industrial sector uses these devices in various industries such as power generation, chemical, and manufacturing, where gas is used as a fuel or raw material. The usage of gas volume converters in these sectors ensures that the gas volume is accurately measured and converted, leading to fair billing and efficient utilization of resources.
Global Gas Volume Converters Market Outlook:
The market outlook for the Global Gas Volume Converters Market is quite promising. The market, which was valued at US$ 267.7 million in 2022, is expected to grow at a CAGR of 3.1% and reach a value of US$ 324.8 million by 2029. This growth is driven by the increasing demand for these devices in various sectors, including residential, commercial, and industrial. The largest market for these devices is Europe, which holds a market share of about 41%. This is followed by Asia Pacific and North America, which hold market shares of around 26% and 24% respectively. The dominance of these regions in the market can be attributed to the high demand for gas volume converters in these regions due to the widespread use of gas in various sectors.
| Report Metric | Details |
| Report Name | Gas Volume Converters Market |
| Accounted market size in 2023 | US$ 269.8 million |
| Forecasted market size in 2029 | US$ 324.8 million |
| CAGR | 3.1 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Sales by Region |
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| By Company | Honeywell, Elgas, Dresser Utility Solutions, ITRON (Dresser Utility Solutions), RMG (Dalian Energas), Pietro Fiorentini, PLUM, Tancy Instrument (Goldcard), Cangnan Instrument, Shanghai Fiorentini, Wigersma & Sikkema, CHINA-HTDL, RMFTEK, vemm tec Messtechnik GmbH, Galvanic Applied Sciences, SIS, Winelan, Turbulentnost-Don |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
