GLOBAL SMART GAS METER MARKET IS EXPECTED TO FORESEE SIGNIFICANT GROWTH. ASIA-PACIFIC TO LEAD THE GROWTH!
Global Smart Gas Meter Market is expected to reach the market valuation of US$ 6.11 billion by 2027 expanding at a reasonable CAGR of 6.75% during the forecast period (2021-2027) from US$ XX million in 2020. Owing to the increased government spending and digitalization of energy sector, market for smart metering solutions including smart gas meter is expected to grow at a rapid pace during the forecast period.
The global gas utility industry would follow the footsteps of the electric smart grid industry while upgrading its networks, communications, metering devices, pilots, and ultimately deployments. Smart gas grid sector would implement same devices as the smart electricity grid would and would integrate advanced communications with energy measurement to drive greater operational efficiencies for gas utilities as well as reduced energy consumption. The Global Smart Gas Meter Market is experiencing significant growth due to a combination of policy support, improvements in technology. Digitalization of power distribution grids and optimization of network operations is one of the major drivers for the growth of smart gas meter market globally. As per one of the top market research firm, only 10% of the smart gas meters shipped in 2018 were equipped with cellular IoT; however, the number is expected to increase to 30% by 2025. Hence, it can be stated that digitalization would offer several benefits for day-to-day operations, including superior control over gas quality and cost.
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Covid-19 pandemic have impacted all section of the society and industry and Smart Gas Meter market is no exception. The global demand for smart gas meter decreased in 2020 and is expected to witness the trend in the FY2021. Covid-19 pandemic has resulted in slow growth of the energy and power sector in most of the economies globally, as many countries are resorting to nationwide lockdowns to prevent a spread of the virus. As per the IEA Energy Efficiency Report 2020, countries around the world are preferring the use of more efficient energy source. Electricity use among the residential sector in the first half of 2020 witnessed an increase of 20%, compared to a decline of 10% among the commercial sectors.
Based on technology the global smart meter market is bifurcated into Automated Meter Reading (AMR) and Advanced Metering Infrastructure (AMI). Currently, Automated Meter Reading (AMR) segment dominate the market and is expected to maintain its dominance during the forecast period. Based on type the global smart meter market is segmented into Smart Ultrasonic Gas Meter and Smart Diaphragm Gas Meter. Demand for Smart Diaphragm Gas Meter is expected to increase to cater to the increasing demand for gas among residential and commercial sector and to provide gas supply with high reliability.
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Based on component, the market is bifurcated into Hardware and software component. Increasing demand for precise gas meter is expected to drive the market. Furthermore, smart gas meter manufactures are focusing more on reducing the hardware component with high level of system integration and simplifying design, this would further accelerate the market growth. Based on end-user the market is bifurcated into residential, commercial, and industrial end-users. Currently residential segment dominates the market and is expected to maintain its dominance during the analyzed period.
For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, France, Netherlands, Spain, United Kingdom, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), and Rest of World. North America dominated the market in 2020, owing to large scale adoption and deployment of smart metering solutions in countries such as US and Canada. Some of the major players operating in the market include Landis+Gyr, Itron, Honeywell International, Apator Group, Diehl Metering, Elster Group, Southern California, DTE Energy, American Gas Association, Badger Meter.
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Global Smart Gas Meter MarketSegmentation
Market Insight, by Technology
- Automated Meter Reading (AMR)
- Advanced Metering Infrastructure (AMI)
Market Insight, by Type
- Smart Ultrasonic Gas Meter
- Smart Diaphragm Gas Meter
Market Insight, by Component
Market Insight, by End-User
Market Insight, by regions
- North America Smart Gas Meter Market
- United States
- Rest of North America
- Europe Smart Gas Meter Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Smart Gas Meter Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Smart Gas Meter Market
Top Company Profiles
- Honeywell International
- Apator Group
- Diehl Metering
- Elster Group
- Southern California
- DTE Energy
- American Gas Association
- Badger Meter