Smart Gas Meter Global Market Report 2023

NEW YORK, March 14, 2023 /PRNewswire/ -- Major players in the smart gas meter market are Cisco Systems Inc., SmartSpace Software PLC., Eutech Cybernetic Pte. Ltd., Hitachi Vantara Corporation, Huawei Technologies Co. Ltd., International Business Machines Corporation (IBM), Schneider Electric SE, Siemens AG, Adappt, Spacewell, ABB, ICONICS, Ubisense, Smarten Space, Avnet Inc. (Softweb Solutions Inc.), ReelyActive, and Microsoft Corporation.

Read the full report: https://www.reportlinker.com/p06316262/?utm_source=PRN

The global smart gas meter market grew from $3.79 billion in 2022 to $4.15 billion in 2023 at a compound annual growth rate (CAGR) of 9.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The smart gas meter market is expected to grow to $5.73 billion in 2027 at a CAGR of 8.4%.

The smart gas meter market consists of sales of smart ultrasonic gas meter, smart diaphragm gas meter, steel-case diaphragm gas meter and aluminium-case diaphragm gas meter.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

A smart gas meter refers to an electronic device that records information such as consumption of electric energy, voltage levels, current, power factor, and gas usage.This helps in providing information to the consumer, which helps to get greater clarity on the consumption and usage of gas.

It is used to measure energy consumption, calculating costs and automatic meter readings.

Europe was the largest region in the smart gas meter market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the smart gas meter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of smart gas meters are smart ultrasonic gas meters and smart diaphragm gas meters.A Smart ultrasonic gas meter is a small static gas meter that uses ultrasonic measurement for the measurement of energy in residential areas where gas is used as a source of energy.

The different components include hardware, and software, which comprise various techniques such as automated meter reading (AMR), and advanced metering infrastructure (AMI). The several applications include residential, commercial, and industrial.

The supporting government policies are expected to propel the growth of the smart gas meter market going forward.Government policies are the initiatives or policies issued by the government of any country concerning the growth of a particular market.

Many government policies are designed by different governments in support of smart gas meters. Through these policies, the government provides smart gas meters for customers at subsidy rates. For instance, In June 2020, according to a press release published by

Department for Business, Energy & Industrial Strategy, UK, the UK government announced new plans for the installation of smart metres in households across the country, ensuring that consumers may continue to reduce their energy bills and carbon emissions.This could save wise customers money up to £250 on their utility bill.

Therefore, rising demand for the smart gas meter by government initiatives drives the smart gas meter market.

Partnerships and collaborations between the companies are the latest trends gaining popularity in the smart gas meter.Major companies operating in the smart gas meter market are entering into partnerships and collaborations to sustain their business in the market.

For instance, in April 2020, Landis+Gyr, a Germany-based company that manufactures smart gas meters, collaborated with Hongkong Electric Co., Ltd. This agreement aims to make Hong Kong into a smart city by installing gas meters in households. Hongkong Electric Co. is a government organization that deals with the supply of power and gas all over Hongkong. Moreover, in May 2020, Itron Inc., a US-based company that manufactures products related to the smart grid, smart gas meter, and smart water, collaborated with EDMI Limited to develop and launch a SMETS2-compliant gas meter in the United Kingdom. EDMI Limited is a Japan-based company that provides solutions for smart meters.

In August 2021, Adani Total, an India-based company that manufactures petroleum, gas-related products, and smart gas meters, acquired Smartmeters Technologies Pvt Ltd for a deal amount of USD128,700 (1 crore). The acq

uisition strengthens Adani Total's ability to produce smart gas meters which helps to develop prepaid smart meters. Smartmeters Technologies Pvt Ltd is an India-based company that manufactures smart measuring instruments such as prepaid smart gas meters and allied goods with end-to-end solutions.

The countries covered in the smart gas meter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The smart gas meter market research report is one of a series of new reports that provides smart gas meter market statistics, including global market size, regional shares, competitors with a smart gas meter market share, detailed smart gas meter market segments, market trends and opportunities, and any further data you may need to thrive in the smart gas meter industry. This smart gas meter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Read the full report: https://www.reportlinker.com/p06316262/?utm_source=PRN

About Reportlinker

ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________

Contact Clare: [email protected]

US: (339)-368-6001

Intl: +1 339-368-6001

SOURCE Reportlinker