The global Smart Gas Meter Market is foreseen to reach USD 10.92 billion by 2026, displaying a CAGR of 6.3% between 2019 and 2026. This is attributable to the increasing demand for energy from residential, industrial, and commercial purpose
Fortune Business Insights
7 min read
Companies Covered in Smart Gas Meter Market Research Report are Siemens, Kamstrup, Aclara, Holley Technology Ltd, Xemex, EMH metering GmbH & Co KG, ABB, Landis+Gyr, Itron, Inc., Secure Meter Limited, Xylem Inc., EDMI Limited, Jabil, Honeywell.
Pune, India, Nov. 29, 2021 (GLOBE NEWSWIRE) -- The global Smart Gas Meter Market is foreseen to reach USD 10.92 billion by 2026, displaying a CAGR of 6.3% between 2019 and 2026. This is attributable to the increasing demand for energy from residential, industrial, and commercial purposes. Gas is a primary necessity in every household for various applications such as room heating, water heating, or cooking, and others. Gas meters allow having a transparent reading of the amount of energy used, thus avoiding unaccounted consumption and evaluation of monthly tariffs. Such advantages offered by smart gas meters are likely to bode well for the market, thus promoting the smart gas metering market trends in the forecast duration.
The report published by Fortune Business Insights™ titled, “Smart Gas Meter Market Size, Share & Industry Analysis, By Type (Advanced Metering Infrastructure and Auto Meter Reading) By Application (Residential, Industrial, and Commercial), and Regional Forecast, 2019-2026” provides a comprehensive analysis on the market and its major growth trajectories. As per this report, the market stood at USD 6.76 Billion in 2018.
Growing Installations in Residential Sector Will Lead to its Domination in Market
AMI Will Lead Market Owing to Their Operational Advantages Over Other Counterparts
Rising Demand for Energy to Promote Market Growth
The increasing population and the need for energy consumption for various residential, commercial, as well as industrial applications are promoting the smart gas meter market growth. Smart gas meters offer various advantages such as detailed feedback related to the use of energy, monthly bills, and a decline in the number of monthly billing and the need for monitoring the pipeline, precise operation, and others. The increasing demand for energy to suffice to the needs of the growing population is prognosticated by analysts at Fortune Business Insights™ to boost the smart gas meter market growth in the forecast duration.
Additionally, the need for clean sources of energy, controlling greenhouse gas emissions, and the promotion of renewable energy sources for consumption are further expected to increase the overall smart gas meter installation market size during the forecast duration.
Asia Pacific Dominating Market with Increasing Demand for Improving Greenhouse Gas Emissions
Geographically, Asia Pacific is holding a dominant share with about USD 2.84 billion earned in 2018. China is the leading nation contributing a major share to the market owing to its smart electric meter’s rollout. With the success of the electric meter market in China, the government is trying to replicate the same and install smart gas meters all around the nation. Besides this, the rise in demand for greenhouse gas emission targets has also propelled the smart gas meter market growth in the region.
On the other side, the market in North America is likely to witness significant growth on account of increasing incidences of replacing infrastructures with new smart gas technology. In this region, the U.S. has been dominating the market, followed by Canada. Apart from this, the Middle East and Africa recently adopted the installation of new smart gas meter installations. Nations such as Brazil and Mexico are likely to boost the Latin America market share during the forecast period.
Fragmented Nature of Market to Intensify Market Competition
The competitive landscape of the global smart gas meter installation market is highly fragmented on account of the presence of many players. At present, players, namely Siemens, Kamstrup, GE, Landis + Gyr, ABB, form a major smart gas meter market share. This is attributable to the strong portfolio of these companies across all regions.
Significant Industry Developments of Smart Gas Metal Installation Market Includes:
April 2019 – Aclara Technologies and OVO Energy collaborated for implementing the new SMETS2 meter. The companies aim at modernizing the already existing grids and combine with the smart meter rollout program of the UK.
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