The Asia Pacific Smart Gas Meter Market would witness market growth of 4.8% CAGR during the forecast period (2021-2027). The most common benefit of smart metering is that manual meter reading is not essential anymore. This decreased the inconvenience to customers and provides financial advantages to the utility that does meter reading (Energy Company, network operator, or measuring company).
This financial advantage does not generally offset the cost of implementing smart meters. Though, the application of smart metering also helps in enhancing the automation of the billing process. This decreases costs and decreases errors which, as a result, cut down the costs. Due to the automation of the billing process, payment arrears can be managed in a better way, causing a smaller number of payment arrears, a more customer friendly disconnection policy, and an improved image of the energy utility.
Another benefit of smart metering is that it is fairly simple to change supplier in a liberalized market. This improves competition between companies, thereby helping in cutting down the costs. Therefore, all these advantages of smart metering would help the global smart gas meter market to flourish more during the forecast period.
Initiatives are increasingly taken in order to cut down the greenhouse gas emissions; the utilization of natural gas for every kind of application has achieved significance. This, along with the latest and coming technologies will allow users to get a record of energy consumption is boosting the growth of the market. However, this technology is relatively new and available only in some countries; its operating benefits and economic feasibility would assist the market to have a broad reach in various countries during the forecast period. Gas is the basic requirement in today’s times for household applications like water heating, cooking, room heating, and others. Due to these reasons, gas pipelines are being established in various countries so that natural gas can be made available for all individuals in the country. Preventing manual involvement, accurate reading, maintaining data of usage, measuring monthly tariffs, and preventing unaccounted consumption are some of the benefits of the gas meter.
The Hardware market dominated the South Korea Smart Gas Meter Market by Component 2020, thereby, achieving a market value of $46.3 million by 2027. The Software market is expected to witness a CAGR of 6.7% during (2021 - 2027).
Based on Type, the market is segmented into Smart Diaphragm Gas Meter and Smart Ultrasonic Gas Meter. Based on Technology, the market is segmented into Automated Meter Reading (AMR) and Advanced Metering Infrastructure (AMI). Based on Component, the market is segmented into Hardware and Software. Based on End User, the market is segmented into Residential, Commercial and Industrial. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Smart Gas Meter Market is Projected to reach USD 2.8 Billion by 2027, at a CAGR of 4.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Honeywell International, Inc., Fujitsu Limited, Xylem, Inc. (Sensus), Landis+Gyr Group AG, Itron, Inc., Apator S.A., Diehl Stiftung & Co. KG, Wasion Group (Star Treasure Investments Holdings Limited), Arad Group, and Hubbell, Inc.
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