Smart Gas Meter Market size is projected to be worth USD 3.55 Billion by 2027, registering a CAGR of 5.24% during the forecast period (2021 - 2027), The market was valued at USD 2.12 billion in 2020.
In view of the most recent examination report, the smart gas meter Market Size esteem was USD 15,720 Million in the year 2017, and it is relied upon to be multiplied before the finish of 2023. Savvy meters are electronic gadgets that are utilized to record the data of electronic energy utilization, and alongside that, force factor, voltage level, and flows are likewise recorded. A smart gas meter Market Share gives more clear utilization conduct and electric stockpile for client charging and framework observing.
Worldwide Smart Meters Market is required to observe heavenly development because of the ascent popular for gadgets in each area. Brilliant meters are quickly supplanting customary meters because of their precision regarding demonstrating better data. There are various components affecting the development of the market, including monetary motivating forces, suitable arrangements of the public authority, and orders. Furthermost, the ascent in the ventures from the public authority to help the savvy meter establishment in the end-client areas like modern, private, and business are expanding the development of the worldwide keen meter market. The worldwide smart gas meter Market Revenue was $21.13 Billion in the year 2019; the high-level element in the savvy meters like programmed meter perusing and age of the bill is probably going to help the development of the market further.
This report contains all the data on the worldwide savvy meters statistical surveying and the market qualities. The smart gas meter Market Trends report likewise contains the perfection of elements, division, central participants, local investigation, and other significant variables. Furthermore, an itemized investigation of the worldwide keen meters market and figure to 2023 is additionally remembered for the report. The keen electric section represented the biggest piece of the pie in 2019, driven by the developing accentuation on unique valuing and mix of developing DER into the current force framework activities in locales like North America, Europe, and Asia Pacific. The future development of the portion can be credited to expanding interest for profoundly exact and exact estimation of utility utilization information for shoppers across end-clients like private, business, and mechanical areas.
Key players of the smart gas meter Market Growth are:
The smart gas meter Market share was extraordinarily influenced by the flare-up of COVID-19. Toward the beginning of the episode, the greatest impact looked at by many keen meter makers was supply issues because of ended creation. Because of lockdown measures, superfluous organizations, and the interest for private, business, and modern utilization of brilliant gas meters have been decreased. Therefore, the yield and supply of shrewd gas meters are getting back to ordinary levels. A few producers have started to see income recuperation.
While the COVID-19 pandemic has constrained the hands-on work of many significant keen metering ventures to end incidentally, the market is as yet expected to stay versatile, with the all-out number of shipments of keen gas meters generally unaltered for more than three years. In spite of monetary log jams, interest in shrewd gas meters has expanded in an assortment of businesses.
Coronavirus has featured the weaknesses of the shrewd meter inventory network industry, as numerous associations depend on China as a worldwide assembling center for the brilliant meter industry and have likewise experienced disturbances in worldwide stockpile chains. While manufacturing plants and organizations in China are gradually resuming tasks, there is an effect on the brilliant gas meter industry because of COVID-19.
Developing nations are relied upon to set up 148 million shrewd meters over the course of the following five arising keen meters market across the globe and are anticipated to offer undiscovered freedoms for savvy meters clients. To create progressed meters, these non-industrial nations are likewise anticipated to put about USD 91 Billion in the improvement of the savvy network foundation for battery stockpiling and framework computerization.
Prime tasks have effectively started in 2021 in a large portion of the non-industrial nations of arising areas. The ascent in the utilization of energy limits alongside government activities to assemble understanding is anticipated to set out wonderful market development open doors.
The upkeep and the high establishment cost are significant issues that can frustrate the development of the market. Alongside that similarity issue of the gadget is another significant reason for limitation, which is probably going to upset the development of the market.
The greater part of the smart gas meter Industry is viable with their own provider, which implies these sorts of savvy meters can't adjust to the association of some other or adversary providers association; it is another central explanation that can restrict the shrewd meter market development.
The shortfall of acknowledgment about the advantages of the gadget and assembly request is the significant difficulties influencing the brilliant meter market development. Furthermore, the necessity of the immense interest in the underlying stage and more than normal expense identified with the establishment of the gadget can likewise influence the market development. The difficulties for the central members are to make mindfulness programs in which there is an unmistakable exhibit about the high-level savvy meters to an enormous scope local area that trusted in conventional meters more.
The worldwide smart gas meter Market Outlook is projected to arrive at USD 34,635.7 Million by 2025 with a CAGR of 9.55% during the conjecture time frame. To handle the unsafe impacts of contamination, shrewd power meters are being embraced around the world by different nations to receive outflow control guidelines. The Asia pacific keen meters market is projected to enlist a 9.91% CAGR during the appraisal time frame because of the great speculations and expansion in the shrewd meter market size in this locale.
Value Chain Analysis
As indicated by the reports, the worldwide smart gas meter Market Outlook is sectioned based on type, innovation, application, and locales. Based on the sort, the market is sub-sectioned into electric meters, gas meters, and water meters. The electric meter sectioned has represented the biggest keen meters piece of the pie. The electric meter is anticipated to ascend at a 55.6% CAGR in the conjecture time frame, and the gas meter is relied upon to ascend at a 9.56% CAGR during the development time frame.
Based on the innovation, the market is sectioned into programmed meter perusing (AMR) and progressed metering foundation (AMI). The AMI innovation holds the biggest offer on the lookout, and it is relied upon to ascend at a 9.77% CAGR during the audit time frame.
Based on the end-client application, the market is divided into private, mechanical, and business. The private portion is relied upon to hold the biggest piece of the pie, and it is required to ascend at a 9.81% CAGR during the evaluation time frame as far as the keen meters market income.
In view of the application, the smart gas meter Market Analysis is portioned into electric meters, gas meters, and water meters.
In view of the impetus types, the market is sectioned into three sorts private, modern, and business.
Based on the areas, the worldwide smart gas meter Market Growth pattern is divided into the Americas, Europe, Asia Pacific, and the remainder of the world. The Asia Pacific market is relied upon to hold the most extreme offers in the keen meters market during the survey time frame. The ascent in the interest for brilliant meters in financially incredible nations, for example, India and Thailand, is the significant reason for the development of the shrewd meters market in this locale. The Asia pacific shrewd meter market is anticipated to enlist a 9.91% CAGR during the evaluation time frame.
The European fragment is expected to hold the second-biggest offer in the worldwide savvy meters market. The ascent in the shrewd meters industry in this locale is probably going to help the market development. North America is another developing business sector in the worldwide brilliant meters market in this district. It is projected to help the shrewd meters market drifts in this district.
The report highlights smart gas meter Market Growth potential in terms of its revenue hike by the end of the forecast years in 2028.
The segmentation table is as follows:
|CAGR||5.24% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Siemens AG. (Germany), Schneider Electric (France), Landis+Gyr (Switzerland), Aclara Technologies LLC (U.S.), Xylem, Inc. (U.S.), Badger Meter, Inc. (U.S.), Itron Inc. (U.S.), Honeywell International Inc. (U.S.), EDMI (Singapore), DIEHL Metering (Germany), Apator Group (Poland), Kamstrup A/S (Denmark), Zenner (Germany)|
|Key Market Opportunities||Needs For Efficient Energy Usage|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The lack of awareness in third-world countries is projected to create impediments in the growth of the market as a broad consumer base is till unaware of the benefits.
The market players in the market such as Aclara Technologies, Itron Inc., Honeywell International Inc., Xylem Inc. and Landis+Gyr are optimizing their strategies to meet the opportunities that may come in the future.
The need to gain overall energy savings is expected to spur the Asia Pacific region into a favorable position during the forecast period.
An income worth USD 3.55 Bn is expected to be gained by the end of 2027, due to the increasing consumption of utilities.
The absence of mindfulness in underdeveloped nations is projected to make obstructions in the development of the market as a wide shopper base is still ignorant of the advantages.
Global Smart Gas Meters Market: Competitive Landscape
Landis+Gyr (Switzerland), Xylem, Inc. (U.S.), Aclara Technologies LLC (U.S.), Honeywell International Inc. (U.S.), and Itron Inc. (U.S.) are the five major players in the global smart gas meters market. Landis+Gyr & Itron Inc. holds the first position among the top five players, commanding 32.0% market share as of 2016 followed by Honeywell International Inc. with 18.0% market share. These companiers are likely to maintain their strong global presence through expansion, merger & acquisition, partnership & collaboration, and extensive product portfolio.
Itron Inc. a prominent player in smart gas meters market specializes in advanced metering, network communications, smart grid, home area networking, smart metering, gas meters, meter data management, and thermal energy measurement and control. The firm invests heavily in research and development to develop and deliver high-quality products to their customers. The firm mainly caters to specific industries, which include Gas, Water, Electricity, Thermal Energy, Internet of Things and Smart Cities. Over time, the firm has managed to establish operations, across the globe, specifically in the United States, EU, Asia Pacific and other regions.
Landis+Gyr is a leading solution provider for electricity, gas, heat/cold, and water utilities worldwide. It offers electricity meters, such as commercial and industrial, grid, residential, and prepayment meters; MV/LV monitoring and control terminals; gas meters; communication units; and heating and cooling meters. Landis+Gyr operates in over 30 countries, across the five continents of Americas, Asia Pacific, Europe, Middle East and Africa with more than 6,000 employees.
Honeywell International Inc. a diversified technology and manufacturing company founded in 1906. The company is headquartered in New Jersey, US, they have a unique blend of physical products and software that enable end-users to improve homes, buildings, factories, utilities, vehicles, and aircraft. The company operates through four operating segments of aerospace, home and building technologies, performance materials and technologies, and safety and productivity solutions. Home and Building Technologies is a leading global provider of products, software, solutions and technologies. The segment offers products and services such as controls and displays for heating, cooling, indoor air quality, ventilation, humidification, lighting and home automation, advanced software applications for home/building control and optimization. It also includes products, services and solutions for measurement, regulation, control and metering of gases and electricity; metering and communications systems for water utilities and industries; access control, and others.
Aclara Technologies LLC, a prominent provider of smart infrastructure solutions (SIS) pertaining to water, gas, and electric utilities worldwide. The company offers a comprehensive suite of solutions comprised of meters and edge devices, Advanced Metering Infrastructure (AMI), installation services and provision of labor with a single point of accountability to utilities. Aclara Technologies LLC has its offices in the U.S., the U. K, Taiwan, Philippines, and Taiwan. The company currently has a workforce of over 900 people.
Xylem, Inc. is one of the leading global water technology providers, enabling efficient transport, treatment, testing of water. The company has various brands such as Bell & Gossett, Sensus, AC Fire, Flojet, and Flowtronex, which operate in more than 150 countries such as U.S., India, Canada, U.K. and others. The company operates through three segments, namely, Water Infrastructure, Applied Water, and Sensus. The Sensus segment delivers communications, smart metering, measurement and control technologies and services that allow customers to use their distribution networks more effectively, for delivery of critical resources such as water, electricity and natural gas.
The growth of the market vendors is dependent on market conditions, government support, and industry development. Players focus on strengthening their presence worldwide through expansion followed by mergers & acquisitions during the forecast period. These strategies are widely adopted to increase their presence, customer base, and achieve the operational efficiency. The competitive environment in the market is likely to intensify further due to the increase in new product developments and business expansions. Companies continue to emphasize on the adoption of new growth strategies to gain a greater foothold in the market on a global level.