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Smart gas meter market to grow at 6.9% CAGR, says AMR
- March 16, 2021
- Steve Rogerson
The global smart gas meter market is expected to reach nearly $6bn by 2027, according to a report from Allied Market Research (AMR).
The development of communication network infrastructure, advancements in the field of advanced metering infrastructure and several government initiatives are the major factors propelling the growth of the global smart gas meter market. By end use, the residential segment held the major share in 2019. By region, on the other hand, Europe shows the fastest CAGR.
The global smart gas meter market was pegged at $3.71bn in 2019 and is estimated to hit $5.99bn by 2027, registering a CAGR of 6.9% from 2020 to 2027.
However, high installation and maintenance costs of smart gas meters restrain the growth to some extent. Nevertheless, emergence of smart city projects in emerging countries is anticipated to create lucrative opportunities in the coming years.
The Covid-19 pandemic disrupted production in the first phase of the lockdown, which hampered smart meter manufacturing units across the world. The lockdown measures also led to a steep fall in demand for industrial, commercial and residential use of smart gas meters. Nevertheless, manufacturing and supply of smart gas meters is now returning to normalcy and the market is projected to recoup very soon.
Based on component, the hardware segment accounted for nearly three-quarters of the total market revenue in 2019 and is projected to lead the trail by the end of 2027. The same segment is also expected to exhibit the fastest CAGR of 7.2% during the forecast period.
Based on end use, the residential segment contributed to nearly half of the total market share in 2019 and is projected to dominate from 2020 to 2027. The same segment would also show the fastest CAGR of 7.5% during the forecast period.
Based on geography, North America garnered the major share in 2019, holding more than two-fifths of the global market. Europe, on the other hand, will register the fastest CAGR of 7.8% by 2027. The other two regions studied through the report were Asia-Pacific and Lamea.
The leading market players analysed were Honeywell, Itron, Landis+Gyr, Schneider Electric, Siemens, Badger Meter, EDMI, Sensus, Aclara Technologies and Apator. These market players have incorporated different strategies including partnership, expansion, collaboration, joint ventures and others to brace their stand in the industry.
The report provides an in-depth analysis of the top investment pockets, winning strategies, drivers, opportunities, market size, estimations, competitive landscape and changing market trends.