Smart Gas Meter Market

The global smart gas meters market is expected to grow at about 6.60% CAGR during the forecast and reach USD 3,072.0 million by 2024. The smart gas meters market is expected to grow at a rapid pace primarily due to government roll-outs, and implementations of mandates & policies, in developed economies. Advantages of smart gas meters such as accurate billing, enhanced customer experience, and improved customer service are expected to be the driving factors for smart gas meters market in developing countries.

On the basis of product, the smart gas meters market has been segmented as Diaphragm gas meters, Turbine gas meters, Rotary gas meters and others. With the advent of technology manufactures have been investing heavily in order to broaden their product portfolios to expand their market share. The diaphragm gas meters dominate the market on the basis of product type segment and are expected to continue to do so in the forecast period.

On the basis of application, the smart gas meters market has been segmented as Residential, Commercial, and Industrial. Residential accounted for the largest market share of 56.97% in 2017, with a market value of USD 1,118.9 million and is projected to grow at the highest CAGR of 7.02% during the forecast period. Commercial was the second-largest market in 2017, valued at USD 585.9 million in 2017; it is projected to grow at a CAGR of 6.11%.

· Market Size

· 2017: USD 1,964.0 Million

· 2024: USD 3,072.0 Million

· CAGR

· 6.60%

· Key Geographies

· North America: 37.0%

· Europe: 31.3%

· Asia Pacific: 26.7%

· Rest of the World: 5.0%

· Key Leading Regions

· U.S.

· U.K

· China

· France

· Key Market Drivers

· Government Roll Outs

· Increasing Investment in Smart Grid Projects

· Key Market Opportunities

· Needs for efficient energy usage

· Key Vendors

· Ladnis+Gyr

· Itron Inc.

· Honeywell International Inc. (Elster Group)

· Aclara Technologies LLC

· Xylem Inc.