Global Smart Gas Meters Market Share 2019 Competition, Trade Overview and Development to 2023
December 12th, 2019 (psrsubmission) – Market Research Future Published Research Report on Global Smart Gas Meters Market Research Report. Growing Need for Efficient Energy Usage Driving Smart Gas Meter Installations.
Given the government initiatives coming up around the world to create smart cities, smart gas meters are likely to have a critical role in the spectrum. Utility providers across the world are integrating electric and smart gas meters, to bring about an end to labour intensive periodic meter readings in home and business setups. The real time and accurate monitoring of the amount and pattern of energy use is among one of the key factors to usher the growth of the market during the forecast period.
Demand for smart gas has been on the upside due to the rising level of investments in smart grid projects. Such investments are expected to kick-start the smart city developments in different countries around the world soon. The rollouts of smart gas meters in certain countries have consequently triggered their demand in several other nations as well. The market also finds itself considerably driven by the need for efficient energy usage, as energy crises globally have reached an advanced stage. Market Research Future (MRFR) in its report projects that the global smart gas meter market will capture a CAGR of 6.60% during the forecast period (2018-2024).
The market’s growth is fuelled by the government’s rollout policies, which is a positive indicator for stakeholders. Furthermore, development of the smart gas metering projects has led to the creation of new and highly efficient wireless network, provisioning the scope of IoT in gas monitoring technology. The market in Asia Pacific (APAC) also holds tremendous potentials, smart city projects in country, such as India, China, and Thailand, are boosting the development of the market in this region.
Global Smart Gas Meter Market: Segmental Overview
By product type, the market has been segmented into rotary gas meters, turbine gas meters, diaphragm gas meters, and other. Among these, the diaphragm gas meters segment is expected to remain highly lucrative over the assessment period. Based on application, the market has been segmented into residential and commercial sectors.
Detailed Regional Analysis
Based on region, the market is segmented into APAC, North America, Africa, Europe, Middle East and rest of the world. North America and Europe currently account for noteworthy shares of the overall pie. North America remians a key market for smart gas meters and is expected to be worth more than USD 700 Mn. Fiscal incentives and government policy mandates have been the key influencers for the smart gas meter market in the region. The US is home to many manufacturers who have a positive influence on the growth of the market as well. Meanwhile, the market in APAC is set to exhibit a fast growth over the next five years. This is attributable to factors such as increased government efforts and rollouts of smart city projects. Growing number of residential gas subscriptions for heating needs and cooking will efficiently raise the demand for smart gas meters in APAC countries in the years to come.
The rising affinity for diversification in the market has indirectly enabled the players to utilize the many prospects available. This specific trend has enabled portfolio improvements along with the similarity for modification in the sector, which has helped the market players enormously. The buyouts in the market are expected to help players in expanding their offshore operations and increase their market share significantly. Companies are also focusing on strategies that assure long-term sustenance and enhance their financial liquidity.
Some of the leading market players profiled in the report include Sensus (U.S.), Apator Group (Poland), Landis+Gyr (Switzerland), Dandong Dongfa Group Co. Ltd. (China), Honeywell International, Inc. (U.S.), Itron Inc. (U.S.), Raychem RPG (India), Diehl Metering (U.K.) and EDMI Limited (Singapore).
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