AMR-based smart gas metering systems market to depict remarkable growth over 2017-2024, U.S. to witness massive adoption rate
Changing consumer preferences toward smart gas-operated devices due to surging conventional energy costs will push smart gas metering systems market over the coming seven years. The government has been striving to launch initiatives regarding efficient energy consumption and management, prompting the usage of gas meters. To add to this, escalating innovations in the technological sphere have encouraged the integration of IoT in gas-operated systems, which will stimulate smart gas metering systems industry share. Across the globe, most of the countries have now implemented strict rules and regulations to prohibit the wastage of energy, which is bound to spur the demand for gas-powered systems. As per the report by Global Market Insights, Inc., “Worldwide smart gas metering systems market was worth 5 billion and will surpass a revenue collection of USD 11 billion by 2024 .”
U.S. Smart Gas Metering Systems Market Share (Revenue), By Application, 2016
Below is the in-depth analysis of smart gas metering systems industry based on technology and application over 2017-2024:
- Utility, residential, and commercial are the main application sectors of smart gas metering systems market. Utility applications covered more than 30% of the revenue share in 2015 and will exhibit a considerable growth rate over the years ahead, owing to increasing product demand across myriad end-use industries. Residential application segment was worth USD 1 billion in 2016 and will record noticeable growth rate over the coming timeframe, augmented by the rising awareness among consumers regarding effective energy management. Commercial applications accounted for more than 33% of total smart gas metering systems industry share in 2016 and will lucratively grow over the period of 2017 to 2024. The increasing preference toward gas-powered devices will drive smart gas metering systems market growth noticeably.
- Advanced meter reading (AMR) technology will cover a size of 150 million units by 2024, primarily driven by ample product availability and reduced prices. Another flourishing technology segment in smart gas metering systems industry is automatic meter infrastructure (AMI), which will record a CAGR of more than 10% over the coming years of 2017 to 2024.
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Geographical trends influencing global smart gas metering systems market are detailed as under:
- US. smart gas metering systems market will surpass a revenue of USD 2 billion by 2024, owing to its escalating demand across utility and commercial applications. Pertaining to the low emission rates and minimized costs, gas is used as a prominent fuel source in utility and commercial sectors, thereby amplifying the regional demand.
- Asia Pacific smart gas metering systems industry size is anticipated to exhibit considerable growth rate over the period of 2017 to 2024. China is expected to contribute significantly toward the regional growth.
- UK occupied more than 15% of the regional share of Europe smart gas metering market in 2016 and is forecast to record an appreciable growth over the years ahead, primarily driven by the supportive norms implemented by the Department of Energy & Climate Change and the Office of Gas & Electricity Markets.
The noteworthy participants in smart gas metering systems market are Itron, Landis+Gyr, Siemens AG, Circutor SA, Schneider Electric SA, Holley Metering, Osaki Electric Co., Ltd., Icsa Ltd, Honeywell International, Iskraemeco, Badger Meter, Inc., Neptune Technology, Sensus Sentec, and Elster Group SE.
Author Name :Sunil Hebbalkar