Smart Gas Meter Market Worth $2.5 Billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 5, 2021 /PRNewswire/ -- According to the new market research report "Smart Gas Meter Market by technology (AMR and AMI), Type (Smart Ultrasonic Gas Meter and Smart Diaphragm Gas Meter), Component (Hardware and Software), End User (Residential, Commercial, and Industrial), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Smart Gas Meter Market size is expected to grow from an estimated USD 2.0 billion in 2021 to USD 2.5 billion by 2026, at a CAGR of 4.7%, during the forecast period. The key drivers for the Smart Gas Meter Market include digitalization of distribution grids and optimization of network operations; asset management of advanced metering infrastructure (AMI); and increasing investment in smart grid technologies to measure and analyze data. Growing emphasis on smart grid initiatives and modernization of gas networks, and integration of artificial intelligence (AI) into smart gas meter operations offer high-growth opportunities for the Smart Gas Meter Market.
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By end user, the residential segment is the largest contributor in the Smart Gas Meter Market during the forecast period.
The residential segment is estimated to lead the Smart Gas Meter Market. Asia Pacific was the largest market for residential end user segment in 2020. Increasing focus on energy efficiency is expected to drive the Smart Gas Meter Market. The other key drivers for the growth of the Smart Gas Meter Market for the residential sector are the introduction of mandates and regulations in support of smart gas meters at residential facilities. Countries such as Australia, China, Japan, the UK, France, and Italy have mandated the installation of smart gas meters at residential buildings.
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By technology, the automated meter reading (AMR) segment is expected to grow at the fastest rate during the forecast period.
The automated meter reading (AMR) segment accounted for the highest share of the Smart Gas Meter Market, by technology during the forecast period. The market for gas smart gas meter is driven by the growing demand for cost-effective smart gas meters and the need for automated collection of meter readings without physical inspection.
By type, the smart diaphragm gas meter segment is expected to be the largest contributor during the forecast period.
The smart diaphragm gas meter held the lagest share of the Smart Gas Meter Market, by type in 2020. The growth of the smart diaphragm gas meter segment is driven by the increasing number of residential & light commercial buildings to propel demand for smart diaphragm gas meter. The market for the smart diaphragm gas meter segment in Europe is expected to grow at the highest CAGR during the forecast period. To cater to the increasing demand for gas in residential and commercial areas and to provide gas supply with high reliability, is expected to drive the smart diaphragm gas meter market.
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Asia Pacific is expected to be the largest and fastest-growing market during the forecast period.
Asia Pacific accounted for the largest share of the global Smart Gas Meter Market in 2020. The region has been segmented, by country, into China, Japan, Malaysia, Australia, Indonesia, Singapore, and the Rest of Asia Pacific. China is the largest and fastest-growing market in the region. The country currently leads the table for new investments in smart grid technologies. China managed to become the major consumer of smart grid technology because of the massive transformation taking place in the country's energy landscape. The country's ambitious renewable energy program will generate a tremendous need for smart grid technologies. The requirement for the smart grid market is further supported by China's focus on embracing energy efficiency, thus, increasing demand for Smart Gas Meter Market.
Major players operating in the Smart Gas Meter Market include companies such as Landis + Gyr (Switzerland), Itron (US), Honeywell International (US), Apator Group (Poland), and Diehl Metering (Germany).
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