Smart Gas Meter Market 2019: By Product and Application | Business Development, Growth Factor, Size, Share and Global Industry Analysis till 2024
Feb 13, 2019
global smart gas meter market will capture a CAGR of 6.60%, and is expected to be worth more than USD 700 Mn during the forecast period (2018-2024)
Pune, India - February 13, 2019 /MarketersMedia/ —
Competitive Analysis
The increasing affinity for diversification in the Smart Gas Meter Market has enabled the players indirectly to use the different prospects accessible. It is this particular trend that has allowed portfolio improvements together with the similarity in the sector for modification that has helped the players in the market enormously. In the Smart Gas Meter Market, the buyouts are predicted to help players to boost up their share in the market significantly and also expand their offshore operations. The companies are laying emphasis on strategies which will improve their financial liquidity and assure long-term sustenance.
Key Players
Leading players profiled in the Smart Gas Meter Market include EDMI Limited (Singapore), Diehl Metering (U.K.), Raychem RPG (India), Itron Inc. (U.S.), Honeywell International, Inc. (U.S.), Dandong Dongfa Group Co. Ltd. (China), Landis+Gyr (Switzerland), Apator Group (Poland) and Sensus (U.S.).
Tata Communications in collaboration with Mahanagar Gas is all set in installing 5000 smart gas meters in Mumbai. It will provide households and businesses the visibility and control over the gas usage thereby allowing Mahanagar Gas in developing its operational competences. This set up will help in reducing the need of the users to track their gas meter readings manually as it will be automatically tracked by the smart system.
Market Analysis
The demand for the Global Smart Gas Meter Market is on the upside and is anticipated to grow at a commendable CAGR during the predicted years (2018-2024). A smart gas meter is an effective electronic device that is utilized for reading electricity and gas consumption in the real-time, thus helping customers in reducing costs and improving energy efficiency. Its demand is on the rise owing to the increasing investment level in the smart grid projects. These investments are likely to kick-start smart city developments within various countries the world over in the years to come. In fact, the smart gas meters rollouts in specific countries consequently triggered its demand in other nations too. Such gas monitoring solutions are on its way in turning into a norm in the near future owing to the growing concerns over natural gases’ fast exhaustion. There has been a rapid escalation in the use of the smart gas meters with businesses and households striving for control and better visibility in their gas consumption. Moreover, it is turning in to the go-to solution to address issues of unaccounted or extensive gas consumption. The best part, the smart gas meters offer accurate measurement and readings thereby removing discrepancies if any while billing.
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There are a couple of factors that is driving the growth of the Smart Gas Meter Market. Some of the market trends and factors in this market as per an analysis conducted by Market Research Future (MRFR) include increase in the demand for gas, growth in urbanization, stringent government regulations, increased investment for digitalizing gas distribution channels and requirement for efficient usage of energy. On the flip side, factors such as the complex design components and high maintenance cost are likely to hamper the growth of the smart gas meter market.
Market Segmentation
Market Research Future report provides a comprehensive segmental analysis of the smart gas meter market on the basis of product and application.
Based on Product : Diaphragm gas meters, turbine gas meters and rotary gas meters.
Based on Application : commercial and residential sectors.
Regional Analysis
Based on region, the smart gas meter market covers growth opportunities and latest trends across Asia Pacific, North America, Africa, Europe, Middle East and Rest of the World. Currently Europe and North America account for a notable share in the market. North America will remain the key market and is anticipated to be over USD 700 million. Government policy mandates and fiscal incentives are the major influencers in this region. The US is the hub for a good number of manufacturers that possess a positive impact on the smart gas meter market growth. Meanwhile, the market in Asia Pacific is anticipated in exhibiting a prompt growth in the coming years owing to the roll-outs of the smart city projects and increased government efforts. The increase in the number of gas subscriptions in residents for cooking and heating needs will raise the demand efficiently for smart gas meters in this region during the predicted years.
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Source: MarketersMedia
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