Portland.OR, March 10, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart gas meter market was pegged at $3.71 billion in 2019 and is estimated to hit $5.99 billion by 2027, registering a CAGR of 6.9% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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. On the other hand, high installation and maintenance cost of smart gas meters restrains the growth to some extent. Nevertheless, emergence of smart city projects in emerging countries is anticipated to create lucrative opportunities in the coming years.
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Covid-19 scenario-
- Disrupted production, in the first phase of the lockdown, hampered the smart meter manufacturing units across the world, which affected the global market for smart gas meter badly.
- 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 meter is now returning to normalcy and the market is projected to recoup very soon.
The global smart meter market is analyzed across type, component, end-use, and region.
Based on component, the hardware segment accounted for nearly three-fourths 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.
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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 showcase 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, would register the fastest CAGR of 7.8% by 2027. The other two regions studied through the report include Asia-Pacific and LAMEA.
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The leading market players analyzed in the global smart gas meter market report include Honeywell International Inc, Itron Inc., Landis+Gyr, Schneider Electric SA, Siemens AG, Badger Meter, EDMI, Sensus, Aclara Technologies, and Apator SA.These market players have incorporated different strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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