Smart Gas Meter Market Growth Opportunities and forecast 2023 - 2030
Market Overview
Smart
Gas Meter market during the
projection period, the market is expected to grow at a CAGR of 5.20% to reach
USD 4.22 billion.
Because electronics are becoming more
popular worldwide, it is expected that the global market for smart meters will
grow at a meteoric rate. As a result of their accuracy in displaying superior
data, brilliant meters quickly replace traditional meters.
Meters that use the Internet of Things
(IoT) The public authority's efforts to promote intelligent meter implementations
in different places are the driving force behind the market's growth for smart
meters.
Along with that, a growing amount of
information is available regarding the gadget's advantages and how it may be
used to its full potential. An additional explanation for market growth can be
seen in the growing concern for environmental balance that directly drives
demand for more sustainable forms of energy generation to eradicate pollution
levels.
The gas meter that uses smart technology
The resurgence of COVID-19 significantly impacted company market shares. This
episode's largest effect was seen by numerous meter producers concerned about
supply concerns due to a lack of new meters.
Lockdown procedures have resulted in a
drop in interest in residential, commercial, and contemporary usage of bright
gas meters. Because of this, smart gas meters' output and supply are returning
to normal levels. Recuperation is beginning to take hold for a select few
manufacturers.
Key Players:
·
Siemens AG. (Germany)
·
Schneider Electric (France)
·
Landis+Gyr (Switzerland)
·
Aclara Technologies LLC (U.S.)
·
Xylem Inc. (U.S.)
·
Badger Meter Inc. (U.S.)
·
Itron Inc. (U.S.)
·
Honeywell International Inc. (U.S.)
·
EDMI (Singapore)
·
DIEHL Metering (Germany)
·
Apator Group (Poland)
·
Kamstrup A/S (Denmark)
·
Zenner (Germany), among others
Market Segmentation
The Smart Gas Meter market is divided
into innovation, application, localities, and region.
In 2020, the smart diaphragm gas meter
accounted for the biggest proportion of the smart gas meter market when broken
down by type. Residential and light commercial construction is fueling the need
for smart diaphragm gas meters, which in turn is fueling the development of
this particular market sector.
A high CAGR is projected for the smart
diaphragm gas meter market in Europe during the forecast period. The smart
diaphragm gas meter market is predicted to grow due to the rising need for gas
in domestic and industrial sectors and the need to offer a gas supply with
excellent dependability.
In 2020, the residential sector will
dominate the smart
gas meter market size.
The industry is projected to be propelled forward by a growing emphasis on
renewable energy. The deployment of smart gas meters on a wide scale in
developed areas like North America And Europe is helping the development of the
industry.
Regional Classification
Market growth patterns for smart gas
meters throughout the globe are segmented into four regions: the Americas,
Europe; Asia Pacific; and other regions worldwide. During the study period, the
Asia Pacific region is expected to have the most severe offerings in the market
for smart meters. The growth of the smart meters market in this region may
largely be attributed to a rise in demand for smart meters in economically
amazing countries like India and Thailand. A CAGR of 9.91 percent is expected
in the Asia Pacific smart meter market during the assessment period.
Industry News
In June 2019, Itron signed a deal with
Liberty Utilities Company to implement OpenWay Riva, an open, standards-based
Internet of Things solution that incorporates an open network for electricity,
gas, and water. Customer satisfaction and operational efficiency were both
improved due to the approach. In addition, Itron supplied business solutions
and cloud web hosting to guarantee that the network's deployment and the
operation went as smoothly as possible.
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