Global Smart Gas Meters Market to Reach $8 Billion by 2026

SAN FRANCISCO, June 29, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Smart Gas Meters - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 19; Released: April 2021
Executive Engagements: 50233
Companies: 75 - Players covered include ABB Ltd.; Aclara Technologies LLC; Aidon Oy; Badger Meter, Inc.; Capgemini SA; CGI Group Inc.; Chongqing Shancheng Gas Equipment Co., Ltd.; CyanConnode Holdings PLC; Dandong Dongfa (Group) Co., Ltd.; Diehl Metering GmbH; DTE Energy Co.; EDMI Ltd.; GE Grid Solutions; Holley Technology Ltd.; Iskraemeco d.d.; Itron, Inc.; Landis+Gyr; Schneider Electric SE; Sensus; Tantalus Systems, Inc.; Trilliant Holdings, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Technology (Automatic Meter Reading (AMR), Advanced Meter Infrastructure (AMI)); End-Use (Residential, Commercial, Industrial)
Geographies: World; USA; Canada; Japan; China; Europe; France; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-

Global Smart Gas Meters Market to Reach $8 Billion by 2026
Gas utilities the world over are however facing mounting challenges in ensuring safe, efficient, and cost-effective delivery of natural gas. Few of the many economic and environmental challenges faced by gas utilities include volatile gas prices; expanding population and the resulting need to meet new gas infrastructure and replace aging infrastructure; need for improving safety standards; safeguard limited natural gas resources; and meet stringent existing and upcoming regulations, among others. Against the backdrop, smart gas solutions emerge as the perfect platform for enabling proactive monitoring, metering, measuring, regulating, and safeguarding of gas resources. The increasing adoption of sophisticated technologies such as advanced metering infrastructure, which is revolutionizing the electric power sector, is now having positive impact on water and gas sectors.

Amid the COVID-19 crisis, the global market for Smart Gas Meters estimated at US$5.8 Billion in the year 2020, is projected to reach a revised size of US$8 Billion by 2026, growing at a CAGR of 5.7% over the analysis period. Automatic Meter Reading (AMR), one of the segments analyzed in the report, is projected to record 4.9% CAGR and reach US$6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Advanced Meter Infrastructure (AMI) segment is readjusted to a revised 7.7% CAGR for the next 7-year period.

The U.S. Market is Estimated at $1.1 Billion in 2021, While China is Forecast to Reach $2.8 Billion by 2026
The Smart Gas Meters market in the U.S. is estimated at US$1.1 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.8 Billion by the year 2026 trailing a CAGR of 6.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 4.5% respectively over the analysis period.

The market is expected to witness healthy growth, supported by rising demand for natural gas, surging capital expenditure on gas infrastructure, the increasing focus on development of sufficient and efficient distribution networks, and technological advancements. Demand is expected to improve significantly in the near term, driven by the strong capital investment in gas infrastructure worldwide to meet the growing production and supply of natural gas. As efforts to cut down greenhouse gas emissions gain traction around the world, natural gas is becoming a preferred fuel for utilities. The growing use of gas as fuel and advent of advanced technologies to track energy consumption are driving growth in the smart gas meters market. The growing shift towards clean energy solutions including natural gas is thus expected to stimulate demand for smart gas meters. Favorable government policies and mandates as well as the improved need for accurate billing and enhanced customer services are contributing to increased demand for smart gas metering solutions. Smart meters are critical for reducing instances of theft and leakage, and hence assist in safeguarding revenues of utilities. Data transmitted from smart meters to utilities helps in timely actions to be taken based on gas consumed by the consumer. Dynamics of the global smart gas meters market is significantly influenced by the investments in gas pipeline networks, as well as government efforts to promote smart cities and smart grid infrastructure facilities.

By End-Use, Residential Segment to Reach $5.5 Billion by 2026
The Residential (End-Use) segment is estimated at US$3.9 Billion in 2020, and is projected to reach US$5.5 Billion by 2026 reflecting a compounded annual growth rate of 6.1% over the analysis period. China constitutes the largest regional market for Residential segment, accounting for 33.2% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 7.2% to reach US$2.1 Billion by the close of the analysis period. More

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Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com 
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