- Development of communication network infrastructure, advancements in the field of advanced metering infrastructure, and several government initiatives fuel the growth of the global smart gas meter market
PORTLAND, Ore., Dec. 1, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Gas Meter Market by Type (Automated Metering Infrastructure (AMI) and Automated Meter Reading (AMR), Component (Hardware and Software), and End Use (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global smart gas meter industry was estimated at $3.71 billion in 2019, and is anticipated to hit $5.99 billion by 2027, registering a CAGR of 6.9% from 2020 to 2027.
Prime determinants of growth-
Development of communication network infrastructure, advancements in the field of advanced metering infrastructure, and several government initiatives drive the growth of the global smart gas meter market. On the other hand, high installation and maintenance cost of smart gas meters impedes the growth to some extent. However, emergence of smart city project in emerging countries is expected to create lucrative opportunities in the industry.
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Covid-19 scenario-
- Halted production, in the first phase of the lockdown, affected the smart meter manufacturing units across the globe, which impacted the global market for smart gas meter negatively.
- The lockdown measures also led to a sharp decline in demand for industrial, commercial, and residential use of smart gas meters.
- However, manufacturing and supply of smart gas meter is now returning to normalcy and the market is expected to get back to its position soon.
The hardware segment to dominate by 2027-
Based on component, the hardware segment contributed to nearly three-fourths of the global smart gas meter market share in 2019 and is expected to rule the roost by the end of 2027. The same segment is also projected to register the fastest CAGR 7.2% throughout the forecast period. This is due to rise in need to enhance the efficiency of the big data analytics tools.
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The residential segment to maintain the dominant share-
Based on end use, the residential segment accounted for nearly half of the global smart gas meter market revenue in 2019 and is anticipated to rule the roost from 2020 to 2027. The same segment would also manifest the fastest CAGR of 7.5% during the forecast period. Rapid industrial development and surge in demand for advance gas meter from residential sectors fuel the growth of the segment.
North America garnered the major share in 2019-
Based on geography, North America held the major share in 2019, generating more than two-fifths of the global smart gas meter market. High demand for powerful smart gas meters with edge intelligence capabilities coupled with advanced data analytics drive the growth of the market in the province. Europe, on the other hand, would portray the fastest CAGR of 7.8% by 2027. Shifting toward the renewables to achieve long-term green energy target has increased smart gas meter installations across the continent.
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Key players in the industry-
- Itron Inc.
- Landis+Gyr
- Honeywell International Inc
- Siemens AG
- Badger Meter
- EDMI
- Schneider Electric SA
- Apator SA.
- Sensus
- Aclara Technologies
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