Dublin, Dec. 16, 2021 (GLOBE NEWSWIRE) -- The "Global Smart Gas Meter Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
The global smart gas meter market was valued at USD 1,923.94 million in 2020, and it is expected to reach USD 2,704.7 million by 2026, registering a CAGR of 5.92%, from 2021 through 2026.
The large-scale adoption of smart gas meters enhances the distribution and smart grid operations by enabling communication between other smart meters. Furthermore, the adoption is further fueled by the UN climate target and related energy efficiency measures. Smart gas meters help reduce the fuel consumption of gas heating systems, indirectly affecting the growth of a fully automated grid. Such trends are expected to boost the adoption of smart gas meters worldwide.
Industry Highlights
Increasing demand for data among end-users drives the smart gas meter installation. According to the Department of Business Energy and Industrial Strategy United Kingdom, households paid an average of GBP 655 for gas in 2019. Approximately 23.5 million people use gas for heating and cooking in their homes. According to British Petroleum, the United Kingdom's natural gas consumption accounted for 78.8 billion cubic meters in 2019. In the wake of reducing GHG emissions, the increasing gas consumption across the household, industrial and commercial applications worldwide are prompting consumers to know their usage pattern to reduce their overall consumption and bills.
Further, the IoT ecosystem is driving the smart gas meter installation as these can provide real-time data for various purposes and end-user. By leveraging Big data analytics, they can shift from cutting costs as the main benefit of finding benefits for consumers and organizations. Vendors, such as WAVIoT, are offering a wireless solution for Smart Gas Metering that consists of WAVIoT gas meters and the Meter Data Management system allowing them to get the consumption reports from the meters remotely at the required date and time.
Smart gas meter augments operational safety and curtails the cost of gas companies that assist in driving the market. The smart gas meter deployment helps gas companies with some significant operational advantages, such as the elimination of noting monthly reading manually, continuous monitoring of pipeline, and availability of real-time data, which drive the smart gas meter adoption. Further, gas utility companies can leverage real-time data with prioritized alarms that take safety to new levels. For instance, devices and sensors enable gas utilities and municipalities to gather data even from existing residential and commercial meters, which helps to understand usage patterns and to improve operational efficiencies, such as available sensors monitor pressure and temperature levels, as well as alarms the utility company or customer, enabling quick resolution of an issue.
However, the recent COVID-19 outbreak and nationwide lockdowns have impacted the overall rollout of smart meters globally. This also affected the smart gas meter deployment in 2020. According to the data published by the Brazilian government in August 2020, in the first half of 2020, the COVID-19 also declined the gas demand for thermopower generation in the country to an average of 15Mm/d (million cubic meters/day). During 2016-2019, the annual average stood at 20Mm/d. Most of the energy and utility companies followed government regulations throughout the COVID-19 pandemic, which resulted in a reduction in the number of new installations of smart gas meters as the nation went into lockdown.
Key Market Trends
- United Kingdom Accounts for a Significant Market Share
- Asia-Pacific to Witness Significant Market Growth
Competitive Landscape
The smart gas meters market is fragmented and consists of several major players. The smart gas meter market has turned mature in certain regions. This is leading companies to strive to maintain a competitive edge in the market. Companies are leveraging strategic collaborative initiatives to increase their market share and profitability. The companies are also acquiring start-ups working on smart gas meters market technologies to strengthen their product capabilities. Key players are Landis + GYR Group AG, Wasion Group Holdings, and others.
Recent developments in the market are:
- May 2020: Itron Inc. announced a collaboration with EDMI Limited to develop and launch a SMETS2-compliant gas meter in the United Kingdom in order to address the growing demand in the region by bringing to market a complete solution to safely and reliably manage natural gas delivery.
- March 2020: Tata Communications announced the partnership with Mahanagar Gas Limited (MGL) to install 5,000 smart gas meters in Mumbai, India. The IoT network provided by Tata Communication will connect to MGL's smart gas meters allowing businesses and households to monitor gas usage. Using the network, MGL will be monitor and identify problems of the gas meters and track usage using LoRaWAN technology.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Assessment of the Impact of COVID-19 on the Industry
4.5 Natural Gas Domestic Consumption Statistics (2010-2020)
4.5.1 North America
4.5.2 Europe and CIS
4.5.3 Asia Pacific
4.5.4 Latin America
4.5.5 Middle East
4.5.6 Africa
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Demand for Drill-down Data Among End-users
5.1.2 Smart Gas Meter Augment Operational Safety and Curtail Cost of Gas Companies
5.2 Market Challenges
5.2.1 High Cost and Security Concerns Pertaining to User Data
5.2.2 Huge Capital Investment for Infrastructure Installation and Slow/Delayed ROI
6 MARKET SEGMENTATION - BY REGION
6.1 North America
6.1.1 United States
6.1.2 Canada and Central America
6.2 Europe, Middle East & Africa
6.3 Asia-Pacific
6.4 Latin America
7 KEY VENDOR PROFILES
7.1 Landis + GYR Group AG
7.2 Wasion Group Holdings
7.3 Elster Group GmbH (Honeywell International Inc.)
7.4 Itron Inc.
7.5 Azbil Kimmon Co. Ltd. (Azbil Corporation)
7.6 Sagemcom SAS
7.7 Diehl Stiftung GmbH & Co. KG
7.8 Holley Technology Ltd. (Zhejiang Huamei Holding Co. Ltd.)
7.9 Apator SA
7.10 Yazaki Corporation
7.11 Aichi Tokei Denki Co. Ltd.
7.12 Pietro Fiorentini S.p.A
7.13 AEM
7.14 Zenner International GmbH & Co. KG
7.15 Sensus USA Inc. (Xylem Inc.)
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/akmqsy
