The Global Smart Gas Meter Market size is expected to be valued at around USD 6.5 billion in 2023 and is estimated to grow at a CAGR of about 6% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The widespread adoption of smart gas meters significantly improves grid operations, enabling seamless communication among diverse meters. Integrating these meters into gas heating systems leads to reduced fuel consumption, fostering the progression toward a fully automated grid. These advancements accelerate the deployment of smart gas meters. Additionally, these meters empower gas utilities to enhance safety measures by utilizing prioritized alarms and real-time data.
Government policies favoring these technologies, robust communication infrastructure, and advancements in cutting-edge metering infrastructure propel the Smart Gas Meter Market share. Moreover, the emergence of IoT-optimized 5G technology is poised to replace older RF platforms with newer standards like NB-IoT in the smart gas meter domain. Leading companies like ITRON and Sensirion introduce next-gen gas meters, such as the SGM6200 series, with competitive pricing and remarkably low power consumption, capitalizing on this trend.
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Additionally, their benefits, like eliminating manual readings, continuous pipeline monitoring, and real-time data access, drive their adoption. Furthermore, utility sectors employ customer web portals and home energy reports, leveraging behavioral science to promote energy conservation. Combined with new customer care and billing systems and a meter data management system (MDMS), these technologies present a lucrative opportunity for the Smart Gas Meter Market.
Also, the surge in global natural gas demand, coupled with heightened end-user interest in detailed data, remains a pivotal factor fueling market expansion, further states the research report, “Global Smart Gas Meter Market Analysis, 2024.”
Smart Gas Meter Market Segmentation Analysis
- By Technology (Automated Meter Reading, Advanced Metering Infrastructure, Standard Meters)
- By End User (Residential, Municipal, Commercial, Industrial)
Automated Metering Infrastructure (AMI) to Flourish Across the Smart Gas Meter Market
Based on Technology, the market is bifurcated into Automated Meter Reading (AMR), Advanced Metering Infrastructure (AMI), and Standard (non-AMR/AMI) Meters. Of them, the Automated Metering Infrastructure (AMI) segment is expected to be the fastest-growing sector within the Smart Gas Meter Market during the forecast period. AMI-enabled smart gas meters offer time-based rate options, allowing customers to save money on energy while also better managing their consumption. Consequently, increasing worldwide demand for AMI-based meters has a significant impact on overall market growth.
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Europe to Dominate the Smart Gas Meter Market
Europe leads the Smart Gas Meter Market, attributed to its utility sector’s adoption of advanced technologies and amplified investments in smart grids. Strong governmental initiatives, particularly in the UK, bolster widespread energy meter deployment. The UK, leveraging its dense population and robust connectivity, is poised to finalize the smart meter installation, paving the way for favorable cost-benefit assessments that will propel market growth.
Additionally, escalating greenhouse gas emissions from residential and commercial buildings fuel the demand for smart gas meters. Also, these meters enhance gas flow efficiency, which makes them the preferable choice for individuals, thus increasing its demand, further driving the expansion of the Europe Smart Gas Meter Market.
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Itron, Elster, Pietro Fiorentini, Landis+Gyr, AEM, Meter Italia, Flonidan, Yazaki, Secure, Aichi Tokei Denki, and others, are looking forward to strengthening their market position.
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Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the Smart Gas Meter Market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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