NOIDA, India, July 22, 2021 /PRNewswire/ -- A comprehensive overview of the Global Smart Gas Meter Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the smart gas meter market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Global Smart Gas Meter Market at regional and country levels. The Global Smart Gas Meter Market is expected to grow at a CAGR of 6.75% from 2021-2027 to reach USD 6.11 billion by 2027.
Global market for smart meter is expected to witness healthy growth, on account of rising demand for natural gas, surging capital expenditure on gas infrastructure, increased focus on development of sufficient and efficient gas distribution networks, and technological advancements. Demand for the smart gas meter is expected to improve significantly in the future, driven by the strong capital investment in gas infrastructure to meet the growing production and supply of natural gas globally.
For instance, European Union (EU) has announced a mandate which requires utility companies or DISCOMS of all member states to provide smart metering solutions to 80% of their electricity consumers by 2020. Furthermore, in 2008, the UK government announced an investment of US$ 19.5 billion to deploy 53 million smart electric and gas meters in homes and businesses by 2019. However, the deadline for the completion of the project was extended to 2020 to accommodate technological challenges. It is further estimated that market for smart meters in the Central and Eastern Europe alone would reach US $10.3 billion by 2023.
Covid-19 pandemic have impacted all section of the society and industry and Smart Gas Meter market is no exception. The global demand for smart gas meter decreased in 2020 and is expected to witness the trend in the FY2021. Covid-19 pandemic has resulted in slow growth of the energy and power sector in most of the economies globally, as many countries are resorting to nationwide lockdowns to prevent a spread of the virus.
Global Smart Gas Meter Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Technology, the market is primarily bifurcated into:
Automated Meter Reading (AMR)
Advanced Metering Infrastructure (AMI)
Advanced Metering Infrastructure (AMI) segment dominated the Global Smart Gas Meter Market in in 2020.
By Type, the market is mainly segmented into:
Smart Ultrasonic Gas Meter
Smart Diaphragm Gas Meter
Amongst type, the Smart Diaphragm Gas Meter dominated the market in 2020. Demand for Smart Diaphragm Gas Meter is expected to increase to cater to the increasing demand for gas among residential and commercial sector.
By Component, the market is primarily studied into:
Increasing demand for precise gas meter is expected to drive the market for hardware segment. For instance, in 2017, Diehl Metering partnered with NEC Europe to integrate metering systems in its Smart City Platform (CCOC). Hardware component accounted for more than 70% share in 2020.
By End-User, the market is primarily studied into:
Currently residential segment dominates the market and is expected to maintain its dominance during the analyzed period. In the Netherlands, the government has announced its plans to deploy smart metering solutions and replace more than 7.5 million electric meters and 7 million gas meters throughout the country by the end of 2017.
Global Smart Gas Meter Market Geographical Segmentation Includes:
North America (United States, Canada, Rest of North America)
Europe (Germany, United Kingdom, France, Netherlands, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
Rest of World
Based on the estimation, North America dominated the market in 2020, and is expected to maintain its dominance during the forecast period. Several countries have endorsed legislation mandating adoption of smart metering solution as part of broader clean energy initiatives and Europe is one of the major regions which is driving the demand for smart metering solutions including smart gas meter.
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Smart Gas Meter Market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
What are the latest trends, new patterns, and technological advancements in the Global Smart Gas Meter Market?
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