Smart Gas Meter Market worth USD 3.55 Billion by 2027, registering a CAGR of 5.24% – Report by Market Research Future (MRFR)
New York, Aug. 16, 2021 (GLOBE NEWSWIRE) — Smart Gas Meter Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Smart Gas Meter Market Research Report, Product, Application and Region – Forecast till 2027” the market size is projected to be worth USD 3.55 Billion by 2027, registering a CAGR of 5.24% during the forecast period (2021 – 2027), The market was valued at USD 2.12 billion in 2020.
COVID-19 Analysis
Despite monetary jams, the interest in shrewd gas meters has expanded in an assortment of businesses. The novel coronavirus has featured the weakness of a shrewd meter inventory network industry as most associations rest on China as a worldwide assembling center for the brilliant meter industry and have likewise experienced disturbances in worldwide stockpile chains. Though manufacturing plants and enterprises in China are gradually resuming task, there is an effect on the brilliant gas meter industry due to COVID-19.
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Key Players
Key industry players profiled in the global smart gas meter industry report include-
- Siemens AG. (Germany)
- Schneider Electric (France)
- Landis+Gyr (Switzerland)
- Aclara Technologies LLC (U.S.)
- Xylem, Inc. (U.S.)
- Badger Meter, Inc. (U.S.)
- Itron Inc. (U.S.)
- Honeywell International Inc. (U.S.)
- EDMI (Singapore)
- DIEHL Metering (Germany)
- Apator Group (Poland)
- Kamstrup A/S (Denmark)
- Zenner (Germany), among others.
The global smart gas meter market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
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Drivers
Switch towards Clean Energy to Boost Market Growth
The inclination towards clean energy sources has boosted the need for natural gas across various end user segments. Such increased demand and government support for enhancing gas usage has fueled the adoption of natural gas. Besides, a good percentage of people have installed smart meters in their homes that have made significant changes to their energy savior behavior. Such behavioral changes in energy help in bringing down energy emissions thus boosting market growth. Many suppliers following this are now in favor of installing smart meters with exclusive plans for residential usage. This will boost the smart gas meter market share.
Opportunities
Rising Emphasis on Smart Grid Initiatives to offer Robust Opportunities
The rising emphasis on smart grid initiatives will offer robust opportunities for the market in the forecast period. Smart grids are key technologies which have modernized gas networks by offering utilities and consumers with the information for managing gas use effectively. Energy utilities across the globe are increasingly investing in smart grid technologies that allow automatic monitoring and controlling of gas consumption, reduce outages and shorten response times, and development of new business models during natural hazards.
Restraints
Privacy Issues to act as Market Restraint
The growing concerns regarding data privacy and security and consumer health may act as a market restraint over the forecast period.
Challenges
Delayed Realization of ROI to act as Market Challenge
The delayed realization of ROI owing to complexity in integration of devices may act as market challenge over the forecast period.
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Market Segmentation
The smart gas meter market has been bifurcated based on product and application.
By product, the diaphragm gas meter segment will lead the market over the forecast period and at a high CAGR.
By application, the residential segment will dominate the market over the forecast period at a 7.02% CAGR for government rollouts of smart gas meters in the residential sector and the need for efficient and accurate consumption of gas in a highly populous environment that is rapidly urbanizing.
Regional Analysis
APAC Region to Have Lions Share in Smart Gas Meter Market
The APAC region will have lions share in the market over the forecast period. The interest for brilliant meters in financially incredible nations like Thailand and India, growing awareness about smart meters, considerable investments in infrastructure made by China, favorable government policies, the country’s ambitious renewable energy program, China’s focus on embracing energy efficiency, increased energy demand, and greenhouse gas emission targets are adding to the global smart gas meter market growth in the region. Indonesia, Japan, South Korea, and India have the utmost market share.
Segmentation of Market covered in the research:
Information by Product (Diaphragm, Turbine, Rotary Piston and others), By Application (Residential, Commercial and Industrial) and Region (North America, Europe & Asia-Pacific))
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