The Global Smart Gas Meter Market size is expected to reach $2.8 billion by 2027, rising at a market growth of 4.7% CAGR during the forecast period. Smart gas refers to an emerging technology that is capable of automatically measuring the primary parameters like volume, pressure, and temperature of the gas that flows in the pipeline. In order to provide gas access to each person, the implementation of smart gas meters in commercial, industrial, and residential spaces is the ideal and upcoming step.
Due to the policies and regulations of governments around the world, the smart gas meter market has been successful in contributing to the global GDP. The global GDP is also supported by the partnership of gas exploring companies with smart gas meter makers. The smart gas meter market would grow at a rapid pace over the forthcoming years due to the fact that gas meters show no discrepancy. In addition to it, the global market would witness various growth avenues due to the spike in the number of safety concerns and regulations.
Increasing consumption of energy in order to streamline two-way communication between the meter and central systems utilized by the utilities is acting as the catalyst for the growth of the global smart meter market. The development of the global smart meter market would further be boosted by the growing number of supportive government initiatives. In addition, the market would witness new growth avenues due to the rising economic growth among the emerging countries. Though, the smart gas meter market is negatively affected due to the outbreak of the COVID-19 pandemic. The stringent lockdown across the world has created disruption in the supply chain and problems in the export & import of raw materials utilized in the development of smart meters.
Based on Type, the market is segmented into Smart Diaphragm Gas Meter and Smart Ultrasonic Gas Meter. The Smart Diaphragm Gas Meter market dominated the Global Smart Gas Meter Market by Type 2020, growing at a CAGR of 4.4 % during the forecast period. The Smart Ultrasonic Gas Meter market is experiencing a CAGR of 5.1% during (2021 - 2027).
Based on Technology, the market is segmented into Automated Meter Reading (AMR) and Advanced Metering Infrastructure (AMI). The automated meter reading (AMR) segment would emerge as the dominating segment in the smart gas meter market during the forecast period. Factors such as increasing demand for affordable smart gas meters and the requirement for automatically collecting meter readings without manual work are boosting the overall smart gas meter market.
Based on Component, the market is segmented into Hardware and Software. On the basis of components, the hardware segment obtained the highest share of the smart gas meter market in 2020. The market is boosted by the massive demand for accurate smart gas meter operations. Moreover, makers are aiming for the development of hardware components with superior system integration and streamlined design in order to bring compactness and cost-efficiency to the smart gas meters.
Based on End User, the market is segmented into Residential, Commercial and Industrial. The Residential market dominated the Global Smart Gas Meter Market by End User 2020, growing at a CAGR of 4.2 % during the forecast period. The Commercial market is estimated to grow at a CAGR of 5.2% during (2021 - 2027).
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 2 Billion |
| Market size forecast in 2027 | USD 2.8 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 4.7% from 2021 to 2027 |
| Number of Pages | 234 |
| Number of Tables | 412 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling, Competitive Landscape |
| Segments covered | Type, Technology, Component, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific market dominated the Global Smart Gas Meter Market by Region 2020. The Europe market is experiencing a CAGR of 4.6% during (2021 - 2027). Additionally, The North America market is poised to grow at a CAGR of 4.5% during (2021 - 2027).
Free Valuable Insights: Global Smart Gas Meter Market size to reach USD 2.8 Billion by 2027
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Honeywell International, Inc. is the major forerunner in the Smart Gas Meter Market. Companies such as Landis+Gyr Group AG, Xylem, Inc., Itron, Inc. are some of the key innovators in the market.
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.
By Type
By Technology
By Component
By End User
By Geography
The smart gas meter market size is projected to reach USD 2.8 billion by 2027.
Increasing significance on smart grid initiatives and advancement of gas networks are driving the market in coming years, however, concerns regarding consumer health and data security & privacy have limited the growth of the market.
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.
The expected CAGR of the smart gas meter market is 4.7% from 2021 to 2027.
The Automated Meter Reading (AMR) market dominated the Global Smart Gas Meter Market by Technology 2020, and would continue to be a dominant market till 2027.
Based on end-user, the residential segment procured the biggest share of the market.
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