Pune, India, Sept. 10, 2018 (GLOBE NEWSWIRE) -- The global smart gas meter market size can mushroom to USD 3.07 billion by 2024, as per a new report by Market Research Future (MRFR). It can achieve this by expanding at a 6.60% CAGR from 2018-2024 (forecast period). Fiats and government policies making it mandatory for accurate billing information is expected to be the primary driver of the market. Commercialization of technologies and communication protocols such as Wi-Fi and ZigBee will reduce the installation costs of these devices and act as a bellwether for future trends.
Smart Gas Meters Market Scope
The demand for energy has commenced the race for renewable sources of energy. While oil & gas companies look for energy reserves, countries are investing in technologies to conserve the remaining vestiges of power. Smart gas meters are electronic devices which are Internet-enabled and pivotal in managing the natural resources. The benefits of these meters include real-time prices of utilities, inbuilt wireless communication receptors, and various designs.
Development of smart cities and investments in smart grid infrastructures is expected to be instrumental in shaping the future market scenario. Countries such as Japan and the United Kingdom (U.K.) are planning to replace traditional systems with these devices. The plan by various companies to start operations on the 470-510 MHz bandwidth is predicted to spur innovation among companies to entice future customers.
Industry News
Advanced metering infrastructure (AMI) technology has garnered high acclaim, with nearly 13% of the global demand to be met by China and Japan. Development of second-generation AMI devices are expected to be the rage in the coming years. This is evident by the recent partnership by the Energy Efficiency Services Limited (EESL) and public sector divisions of the Bihar government in India to install smart gas meters in more than 130 towns and cater to 1.8 million people.
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Competition Analysis and Key Players in Market
Collaborations and extension of the current product and service offerings are the plans of various companies operating in the market space. Firms are investing heavily to establish themselves as prime leaders in advanced metering, data management, and thermal energy measurement & control. In 2016, Honeywell accepted the proposal by the city of Memphis, U.S., to replace more than 1 million meters under the jurisdiction of the Memphis Light, Gas, and Water (MLGW) division.
Top ten players operating in the smart gas meter market include MeteRSit, Aclara Technologies LLC, Flonidan A/S, Landis+Gyr, Itron Inc., Honeywell International Inc., EDMI, DIEHL Metering, Zenner, Apator Group, and Xylem, Inc. Partnerships and acquisitions are strategies being employed by these players to gain a larger share of the market.
Astute Precision of Smart Gas Meters Guaranteed to Find Takers in the Residential Sector
By product, the Smart Gas Meter Market is segmented into rotary gas meters, turbine gas meters, and diaphragm gas meters. The diaphragm gas meter segment accounted for the highest market share in 2017. It is expected to exhibit an above-average growth rate during the forecast period owing to its ability to integrate traditional meters with digital accuracy.
Major market applications include industrial, commercial, and residential. The residential segment is on an upward growth trajectory owing to the burgeoning global population coupled with the number of consumers left to replace their traditional metering systems with advanced ones. Requirement of accurate and efficient consumption of gas amid the rapid urbanization is likely to bolster the segment demand over the forecast period.
Browse the market data and information spread across 111 pages with 62 data tables and 27 figures of the report “Smart Gas Meters Market Report - Forecast 2018-2024” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/smart-gas-meter-market-1686
Regional Analysis
The smart gas meters market covers the trends of the following regions - Asia Pacific (APAC), Europe, North America, South America, and the Middle East & Africa (MEA).
Among these regions, North America accounted for a third of the market in 2017 and stood at USD 725.9 million in 2017. This can be credited to more than 30 private electric and gas companies residing in the U.S. The number of households about to employ the use of smart gas meters is expected to touch 90 million by 2020. This factor is ensured to fuel the market growth by 2024.
The Europe market is expected to explode owing to various energy conservation schemes and individual renewable energy goals of countries in the European Union (EU). Deployment of smart grids and distribution of sufficient infrastructure to support these goals is predicted to bode well for the market in the forthcoming years.
The APAC market has the latent growth potential thanks to huge economies of India and China. Favorable government policies and intentions of these countries to create smart cities to support their population and make it easy for tourists is likely to augur well for the market.
Browse Related Reports:
Smart Meters Market Research Report by Type (Electric Meters, Gas Meters and Water Meters), Technology (Automatic Meter Reading (AMR) and Advanced Metering Infrastructure (AMI)), Application (Residential, Commercial and Industrial), and Region – Forecast to 2023
https://www.marketresearchfuture.com/reports/smart-meters-market-4569
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