The global smart gas meter market is foreseen to reach USD 10.92 billion by 2026, displaying a CAGR of 6.3% between 2019 and 2026. This is attributable to the increasing demand for energy from residential, industrial, and commercial purposes. Gas is a primary necessity in every household for various applications such as room heating, water heating, or cooking, and others. Gas meters allow having a transparent reading of the amount of energy used, thus avoiding unaccounted consumption and evaluation of monthly tariffs. Such advantages offered by smart gas meters are likely to bode well for the market, thus promoting the smart gas metering market trends in the forecast duration.
The report published by Fortune Business Insights™ titled, “Smart Gas Meter Market Size, Share & Industry Analysis, By Type (Advanced Metering Infrastructure and Auto Meter Reading) By Application (Residential, Industrial, and Commercial), and Regional Forecast, 2019-2026” provides a comprehensive analysis on the market and its major growth trajectories. As per this report, the market stood at USD 6.76 Billion in 2018.
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Top Players Overview:
Fortune Business Insights has listed some of the prominent market players operating in the global smart gas meter market. They are as follows:
- General Electric Company
- Pietro Fiorentini
- Wasion Group Holdings
- Honeywell International, Inc.
- Diehl Stiftung GmbH & Co. KG
- Landis + Gyr Group AG
- Aichi Tokei Denki
- Zenner International GmbH & Co. KG
- Sensus U.S.A., Inc.
- Meter Italia
- Itron, Inc.
- Yazaki Corporation
- Apator SA
- Other market players
AMR Segment to Dominate the Global Market Owing to its Cost-effective Nature
In terms of type, the global smart gas meter market is grouped into advanced metering infrastructure (AMI) and automatic meter reading (AMR). Out of these, AMR is capable of collecting diagnostic, status data, and consumption from energy metering devices and water meter automatically. It then sends the data to a central database for analyzing, troubleshooting, and billing. A benefit of AMR is that it is cost-effective than AMI and hence, it is projected to lead the global smart gas meter market during the forecast period.
Rising Awareness Programs Regarding Theft Protection to Favor Growth in Asia Pacific
Geographically, the global smart gas meter market is divided into Asia Pacific, the Middle East and Africa, North America, Latin America, and Europe. Amongst these regions, North America is likely to lead the global smart gas meter market owing to the increasing interest of the consumers towards billing transparency and expensive nature of energy. Moreover, a rapid shift towards cost-effective options is positively impacting the market in this region by initiating growth in commercial and utility sectors. Europe, on the other hand, is projected to exhibit significant growth in the coming years due to mandatory rollout programs and increasing government regulations.
The report mentions that Asia Pacific possesses unique government initiatives. It is combined with people’s shift towards smart metering systems. The National Development and Reform Commission (NDRC) of China, for instance, launched time-of-use price as well as ladder pricing structure for users across utility, commercial, and residential sectors in 2015. Latin America and the Middle East is anticipated to showcase immense growth in the smart gas meter market due to increasing awareness regarding theft prevention and increasing urbanization. Besides, the governments of these regions have started a few projects for the implementation of smart meter systems.
Significant Industry Developments of Smart Gas Metal Installation Market Includes:
April 2019 – Aclara Technologies and OVO Energy collaborated for implementing the new SMETS2 meter. The companies aim at modernizing the already existing grids and combine with the smart meter rollout program of the UK.
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