Global Smart Gas Meters Market – Overview
Smart gas meters have increasingly substituted existing meters. Smart gas meters are helpful tools for the end users as provide energy efficiency, monitoring and enables the end users to keep on top of the gas bills. Smart meters provide a two way communication between the meter and the central system.
According to a recent study report published by the Market Research Future, The global market of Smart Gas Meters is booming and expected to gain prominence over the forecast period. The global Smart Gas Meters market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR of 5.37% during the estimated period (2016 – 2023).
Increasing government roll outs across the globe is the major factor driving the growth of the market. EU alone has made big strides in the government roll outs with 1.5 million smart gas meter already installed in households. Additionally, need for efficient energy usage and conservation of energy has induced a significant demand in the smart gas meter which enables the customers to be on top of their energy consumption and production.
Landis+Gyr (Switzerland), Itron Inc. (U.S.), Apator Group (Poland), Honeywell International, Inc. (U.S.), Diehl Metering (U.K.), Raychem RPG (Taiwan), Sensus (U.S.), Dandong Dongfa Group Co. Ltd. (China), EDMI Limited (Singapore), and Chongqing Shancheng Gas Equipment Co. Ltd. (China) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Smart Gas Meters Market.
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Smart Gas Meters Global Market – Competitive Analysis
Global Smart Gas meters Market appears to be highly fragmented and competitive owning to the presence of numerous large and small players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, Smart Gas Meters strive to develop products that can deliver optimal efficient, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality. Manufacturers strive to develop their product portfolio with a wide range of Smart Gas Meters for every application.
In October 2017, Landis+Gyr, global provider of energy management solutions, announced the introduction of the next generation of smart meters for electricity and gas in the UK. The first of the new model UK smart meters is now installed and live in a British Gas customer’s home.
In September 2017, Honeywell announced that it is providing Honeywell smart meters, software and communication networks that will enable two municipal utilities to upgrade from a traditional grid to smart grid infrastructure, allowing them to deliver enhanced reliability and service to their customers.
In October 2016, Honeywell announced that it has been awarded the contracts for two smart grid projects in Mexico by the country’s federal electrical company. Smart Energy division is responsible for delivering gas and electricity meters, as well as providing data analytic solutions.
In February 2016, Feb 2016, Honeywell was selected by Memphis Light, Gas and Water (MLGW) for a five-year project worth more than $200 million to fully deploy Honeywell’s Elster EnergyAxis AMI advanced metering technology throughout MLGW’s service territory. MLGW is the largest three-service public utility in the United States, with more than 1 million utility meters.
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Smart Gas Meters Market:
The global smart gas meter market is expected to grow at about 7% CAGR during the forecast and reach almost $ 3.5 billion by 2022. The smart gas meter market is expected to grow at a rapid pace primarily due to government roll-outs, and implementations of mandates & policies, in developed economies.
Government mandates are another source of increasing demand acting as a market driver. Government policies specifically in North America, Europe and Asia-Pacific region are targeting maximum roll outs of smart gas meters in households to ensure efficient energy usage. The development of smart grids is widely considered to be a key enabler of the transition towards a low carbon economy.
Market Research Analysis:
Both North America and Europe are estimated to hold a dominating share within the smart gas meter market. European region is expected to have the fastest growth in next half a decade. However, Asia-Pacific region is also projected to register a considerably high growth rate during the forecast period. Increasing investments on account of government initiatives and roll-outs is expected to be a major driving factor for the growth of the European market
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