Smart Gas Meter Market Key Players
Eminent industry players profiled in the global smart gas meter market report include Honeywell International Inc., Itron Inc., Aclara Technologies, Xylem Inc. and Landis+Gyr. Other market players include MeteRSit s.r.l, Zenner International, Apator Group, Diehl Metering, Schneider Electric, Flonidan A/S and EDMI Ltd.
Market Analysis
The smart gas meter market size will touch USD 3.55 billion at a favorable 5.24% CAGR by 2027, states the latest Market Research Future (MRFR) report.
Smart Gas Meter Market Drivers
Growing Emphasis on Smart Grid Initiatives to Boost Market Growth
The increasing emphasis on smart grid initiatives will boost market growth over the forecast period. Smart grids are leading technologies which have modernized gas networks by offering utilities and also consumers with the information to manage gas use effectively.
Besides, the inclination towards clean energy sources of late has boosted the demand for natural gas across different end user segments. This increased need coupled with government support to improve gas usage has boosted the adoption of natural gas.
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Smart Gas Meter Market Opportunities
Development of Smart City Project to offer Robust Opportunities
The development of smart city project in emerging countries will offer robust opportunities for the market over the forecast period.
Smart Gas Meter Market Restraints
Complexity in Integration of Devices
Complexity in integration of devices will act as market restraint over the forecast period.
Smart Gas Meter Market Challenges
Growing Concerns Regarding High Cost
The growing concerns regarding high cost will act as a market challenge over the forecast period. Besides, the concerns pertaining to security and data privacy and consumer health may also impede market growth.
Market Segmentation
The smart gas meter market is bifurcated based on application and product.
By product, the diaphragm gas meter will lead the smart gas meter market over the forecast period and at a high CAGR. Diaphragm gas meters integrate traditional meters with the current technologies thus making it easier for implementation and have the added perk of accuracy thus cementing its lead position.
By application, the residential segment will spearhead the smart gas meter market over the forecast period and at a 7.02% CAGR for the government rollouts of smart gas meters in the residential sector and the need for accurate and effective consumption of gas in a highly populous global environment that is rapidly urbanizing.
COVID-19 Analysis
The smart gas meter market has been impacted significantly by the COVID-19 pandemic. At the beginning of the outbreak, the key impact faced by several meter manufacturers was supply issues due to halted production. Owing to lockdown measures, the non-essential businesses and the need for residential, industrial, and commercial use of smart gas meters have gone down. The manufacturing & supply of smart gas meter consequently is returning to normal. Several manufacturers have begun witnessing recovery in sales.
Regional Analysis
North America to Command Smart Gas Meter Market
North America will command the smart gas meter market over the forecast period. The technological advances, replacement of existing infrastructure with the new technology and promoting gas usage has made the US emerge as a leading nation in gas production, rise in the deployment of smart meters, new pipeline projects, low fuel prices, growing urbanization, government initiatives favoring industrialization, growing energy demand, and shift in preferences of consumers towards natural gas consumption are adding to the global smart gas market value in the region. Besides, the gas meter industry participants investing heavily in research and development initiatives to develop superior products and increase in product portfolio to cater to the growing need are also adding to the global smart gas meter market share. These R&D initiatives are focused to develop products that are in line with specialized consumer specifications.
APAC to Have Admirable Growth in Smart Gas Meter
The APAC region will have admirable growth in the market over the forecast period. The interest for smart meters in financially incredible nations in India and Thailand, increasing awareness about smart meters, heavy investments in infrastructure made by China, the country’s ambitious renewable energy program, favorable government policies, greenhouse gas emission targets, increased energy demand, and China’s focus on embracing energy efficiency are fueling the global smart gas meter market growth in the region.
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Industry Updates
Indian utility IGL (Indraprastha Gas Limited) has chosen Tancy to supply smart gas meters for rollout in its grid modernization programme.
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