Smart gas meters are classified into two types: advanced metering infrastructure and auto meter reading. Unlike traditional meters, smart meters are equipped with technology that provides energy consumption in digital readings rather than analog readings. It is built with integrated sensors and computation hardware to precisely measure the amount of gas consumed. Smart gas meters are widely used to detect toxic and explosive gases, measure gas concentrations, and gain a better understanding of consumer behaviour.
Global Smart Gas Meter Market Driving Factors and Challenges
The global increase in natural gas demand is one of the primary forces driving the market expansion for smart gas meters. Natural gas is in high demand due to its dominance as a fuel for electricity generation and the industrial sector. Furthermore, the strength of the economy has an impact on natural gas. During an economic expansion, increased demand for goods and services from the commercial and industrial sectors may increase natural gas consumption. The industrial sector, where natural gas is used as a fuel and feedstock to make a variety of products, is one where economic growth can be exceptionally high.
The data collected by a smart gas meter can be used to track consumer behaviour. Smart gas meters can reveal much more information about consumers, such as the use of household appliances and housework activities. This utility consumption data has a high commercial value, for example, in marketing and advertising. Smart gas meters can also be used as a surveillance infrastructure. The total cost of installing and maintaining smart gas meters is extremely high. The majority of countries do not provide subsidies, and there are no legally mandated goals or requirements for installing smart gas meters.
Impact of COVID-19 on Global Smart Gas Meter Market
As a result of the COVID-19 pandemic, the global economy has been thrown into disarray. A sudden downturn in infrastructure development and installation projects is expected to have a negative impact on the market for smart Gas meters in the residential and commercial sectors. The industry has handled the increased demand well, allowing new technologies to be introduced into a receptive market. To gain an advantage, top producers must ensure that their goods meet both legal and security requirements as well as consumer expectations.
Smart Gas Meter Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Aclara Technologies LLC, Aichi Tokei Denki Co. Ltd., Apator SA, Chongqing Shancheng Gas Equipment Co. Ltd., Diehl Stiftung & Co. KG, EDMI Limited (Osaki Electric Co. Ltd.), Honeywell International Inc., Itron Inc, Landis+Gyr, Raychem RPG Private Limited and Wasion Holdings Limited.
Global Smart Gas Meter Market Segmentation:
By Technology: Based on the Technology, Global Smart Gas Meter Market is segmented as; AMR and AMI.
By Type: Based on the Type, Global Smart Gas Meter Market is segmented as; Smart Ultrasonic Gas Meter and Smart Diaphragm Gas Meter.
By Component: Based on the Component, Global Smart Gas Meter Market is segmented as Hardware and Software.
By End User: Based on the End User, Global Smart Gas Meter Market is segmented as; Commercial, Industrial and Residential.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.