New York, US, March 01, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Smart Gas Meters Market Research Report Information by Product, Region, and Application– Market Forecast Till 2030”, the smart gas meters market is projected to flourish considerably during the assessment era from 2022 to 2030 at a robust growth rate of approximately 5.20%. The market was worth around USD 2.81 billion in the year 2021. The reports further project the market to attain a valuation of around USD 4.22 billion by the end of 2030.
Smart Gas Meters Market Overview:
Smart gas meters repeatedly measure the basic parameters like temperature, volume, and pressure of the gas flowing in the pipeline. Installation of smart gas meters across residential, commercial, and industrial spaces is the next step toward offering access to gas for each individual. The government's policies and standards have pushed the smart gas meter market to boost-up the global GDP. Collaboration of gas exploring organizations with smart gas meter producers also contributes. No discrepancy in gas meters has guaranteed the market to drive rapidly over the assessment era.
Competitive Analysis
The catalog for the prominent participants across the global market for smart gas meters includes companies such as:
- Apator Group (Poland)
- Siemens AG. (Germany)
- Kamstrup A/S (Denmark)
- Badger Meter Inc. (U.S.)
- Schneider Electric (France)
- Itron Inc. (U.S.)
- Landis+Gyr (Switzerland)
- Honeywell International Inc. (U.S.)
- Aclara Technologies LLC (U.S.)
- EDMI (Singapore)
- Xylem Inc. (U.S.)
- DIEHL Metering (Germany)
- Zenner (Germany)
- Among others.
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Furthermore, over the review era, the rise in safety standards and concerns has caused the global smart gas meter market to showcase substantial development. In addition, the increasing investment in smart grid projects and the requirement for efficient energy usage are also likely to influence the market's growth positively over the coming years.
Smart Gas Meters Market USP Covered
Market Drivers
Installation of a smart gas meter across residential, commercial, and industrial spaces is the next step toward offering access to gas for each individual. The government's policies and standards have pushed the smart gas meter market to boost-up the global GDP. Collaboration of gas exploring organizations with smart gas meter producers also contributes. No discrepancy in gas meters has guaranteed the market to drive rapidly over the assessment era. Furthermore, over the review era, the rise in safety standards and concerns has caused the global smart gas meter market to showcase substantial development. In addition, the increasing investment in smart grid projects and the requirement for efficient energy usage are also likely to influence the market's growth positively over the coming years.
The market has experienced several new technological advances in recent years, which are also projected to catalyze the development of the market over the assessment era. Collaboration among gas exploration firms and smart gas meter manufacturers also assists with this.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: 4.22 billion |
| CAGR during 2022-2030 | 5.20% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, and Region |
| Key Market Opportunities | Needs for efficient energy usage |
| Key Market Dynamics | Government roll outs Increasing investment in smart grid projects |
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Market Restraints
On the other hand, several aspects may restrict the development of the market. The primary challenge faced by the global market is the
COVID-19 Impact
The worldwide health crisis in the form of COVID-19 has massively impacted most industry sectors. Considering the fast spread of the infectious disease, various governments across the globe revealed partial or complete lockdowns for a fairly long time. Accordingly, industry operations were halted, and some businesses shut down. The smart gas meters market confronted numerous unforeseen challenges during the pandemic due to the abrupt fall in vehicle demand and the travel restrictions enforced.
Smart Gas Meters Market Segment Analysis
Among all the products, the diaphragms segment secured the top place across the global market for smart gas meters in 2021. Diaphragm meters are positive displacement natural gas flow meters like rotary gas meters. They are usually used in small business and residential installations to measure a minimal gas flow for billing purposes.
Among all the application areas, the residential sector segment held the top spot across the global market for smart gas meters in the year 2021 and is also projected to showcase the maximum growth rate over the coming years. the vital aspect supporting the development of the segment is the rising trend of using gas instead of fossil fuels for domestic purposes. Furthermore, the government's subsidies and incentives to promote gas consumption further boost the segment's development. Moreover, the continued transparency and prices depending on smart gas usage are also anticipated to catalyze the development of the segment over the coming years.
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Smart Gas Meters Market Regional Analysis
The global market for smart gas meters is analyzed across five major regions: Asia-Pacific, Europe, Latin America, North America, and the Middle East & Africa.
The MRFR analysis reports that the Asia-Pacific region held the top spot across the global market for smart gas meters by contributing the largest share of approximately USD 1.23 billion. The region has China as the leading growth contributor. The regional market's growth is ascribed to the aspects such as the growing energy consumption and the introduction of its smart electric meters.
The European regional market for smart gas meters is also likely to display considerable development over the review timeframe, given aspects such as an increased number of smart gas meter installations and the presence of major market players.
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The North American smart gas meters market is predicted to grow significantly over the coming years, given the efforts to promote gas use and replace outdated infrastructure with modern technologies.
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