The Smart Gas Meter Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Smart Gas Meter Global Market Report 2024, The smart gas meter market size has grown strongly in recent years. It will grow from $4.14 billion in 2023 to $4.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to regulatory mandates, energy efficiency, growing urbanization, aging infrastructure, data analytics.
The smart gas meter market size is expected to see strong growth in the next few years. It will grow to $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to iot and connectivity, data-driven decision making, consumer awareness, gas leak detection, demand for smart grids. Major trends in the forecast period include mobile apps and customer engagement, energy management platforms, digital twins, blockchain for billing, green gas monitoring.
The supporting government policies are expected to propel the growth of the smart gas meter market going forward. Government policies are the initiatives or policies issued by the government of any country concerning the growth of a particular market. Many government policies are designed by different governments in support of smart gas meters. Through these policies, the government provides smart gas meters for customers at subsidy rates. For instance, in January 2023, the government of India announced the smart meter national program (SMNP), intends to replace India’s 250 million conventional meters with smart meters. Therefore, rising demand for the smart gas meter by government initiatives drives the smart gas meter market
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The smart gas meter market covered in this report is segmented –
1) By Type: Smart Ultrasonic Gas Meter, Smart Diaphragm Gas Meter
2) By Component: Hardware, Software
3) By Technology: Automated Meter Reading (AMR), Advanced Metering Infrastructure (AMI)
4) By Application: Residential, Commercial, Industrial
Major companies operating in the smart gas meter market are having investments to sustain their business in the market. For instance, in July 2022, Italgas S.p.A. an Italy-based company that manufactures smart gas meters announced that it is planning to invest €8.6 billion (US$8.8 billion) in smart gas meters as well as other technology and initiatives. The funding would go toward creating intelligent gas networks, digitizing corporate procedures and networks, and starting a Power-to-Gas pilot project that will convert renewable energy sources into hydrogen and enable its storage. Additionally, the investment will be utilized to replace the earlier generation GPRS meters that the telcos are gradually replacing with smart meters that can accurately monitor gas consumption and offer accurate invoicing
The smart gas meter market report table of contents includes:
1. Executive Summary
2. Smart Gas Meter Market Characteristics
3. Smart Gas Meter Market Trends And Strategies
4. Smart Gas Meter Market – Macro Economic Scenario
5. Global Smart Gas Meter Market Size and Growth
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26. South America Smart Gas Meter Market
27. Brazil Smart Gas Meter Market
28. Middle East Smart Gas Meter Market
29. Africa Smart Gas Meter Market
30. Smart Gas Meter Market Competitive Landscape And Company Profiles
Top Major Players:
- Cisco Systems Inc
- ABB Ltd
- Adappt Pte. Ltd
- Avnet Inc
- Eutech Cybernetic Pte. Ltd
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