Gas companies are leveraging smart gas meters to remotely monitor customers’ consumption for the efficient management of demand and the creation of accurate customer invoices. Therefore, the growing consumer awareness regarding effective gas management is expected to improve the growth prospect for the smart gas meter market. Meanwhile, consumers are taking cognizance of their usage patterns, and seeking ways to reduce their overall consumption, and bills.
Smart meters support the portable in-home display that shows real-time consumption along with energy usage and associated cost. Moreover, the burgeoning demand for end-to-end web monitoring technologies coupled with international campaigns apropos to energy-efficient measures is furthering the adoption of smart gas meters. All these trends are nurturing strong grounds for the holistic growth of the global gas meter market.
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Increased Digitization Owing to Growing IoT Adoption Accelerates Smart Gas Meter Market Growth
The growing adoption of the Internet of Things (IoT) has propagated the wave of digitization across major industries including gas and electricity. IoT communication networks are enabling energy companies and grid operators to provide advanced solutions and services such as smart gas meters. In addition to this, the rising demand for real-time data is boosting the adoption of smart gas meters. Analytics when performed on real-time data offered by the smart gas meters can be leveraged by both consumers and service providers. Moreover, hybrid cloud infrastructure with high data processing capacity and IoT aid in the flexible and efficient management of networks. Inferring the momentum of these trends, it is predicted that the global smart gas meter market is likely to witness robust expansion.
Advanced Metering Infrastructure (AMI) Technology to Gain Significant Prominence in Smart Gas Meter Market
In recent years, advanced metering infrastructure (AMI) technology has witnessed an unabated demand. AMI has numerous financial benefits attached to it. For instance, it lowers equipment and maintenance costs and allows for fast service restoration during outages. Meanwhile, consumers can utilise it to detect meter failures and improve billing accuracy. In addition to this, the AMI-based smart gas meters also offer time-based rate options, allowing customers to save money and manage their energy consumption. Apart from that, these meters ensure transparency between gas providers and their customers as both parties stay updated about precise readings. Over the forecast period, the global smart gas meter market is likely to experience robust growth on the back of growing AMI adoption.
Favourable Government Initiatives Enable North America’s Smart Gas Meter Market to Maintain Lead
Europe’s smart gas meter market holds a lion’s share in the global sphere and is expected to maintain its lead over the projected period. Of late, the number of government initiatives for the rollout of energy meters has immensely contributed to the regional market demand. That said, the rising awareness regarding the energy crisis is also playing a prominent role in the market expansion. Whereas a shift from traditional gas systems to smart gas systems has catalysed inclusive growth for Asia Pacific’s market.
Leading Market Players
Some of the major players in the smart gas meter market include Landis+Gyr, Master Meter, Aclara Technologies, Zenner, Itron, Chint Group Co. Ltd., Honeywell International, Raychem RPG, Apator Group, EDMI, Diehl Metering, and Sensus (Xylem).
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