Europe to drive global smart gas metering system market over 2017-2024, heavy demand across utility sector to push the growth

Publisher : Fractovia | Published Date : April 2017 | Price : $4500
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Smart gas metering system market is treading on a strong growth path, with gas meters evolving efficiently over the years to aid consumers in accurate billing and consumption pattern mapping. Presently, our civilization consumes over 17.7 Terawatts of power taken from all sources of energy such as natural gas, oil, coal, and alternative energies such as hydropower, solar, wind and other. 17.7 Terawatts is a huge quantity. Say, for a clear picture, 1 Terawatt can power 10 billion, 100 watt bulbs at once!
 

Poor and inaccurate resource tracking system are responsible for the loss of millions of dollars annually, from the government’s treasury. This has prompted the governments across the globe to undertake corrective measures for tracking energy consumption. In 2009, the European Union adopted the Open Public Extended Network (OPEN) metering plan to regulate gas usage and provide maximum transparency. Furthermore, in 2013, the EU Gas Directive aimed to install over 50 million gas meters in UK, Ireland, Italy, and the Netherlands by 2020. Such decrees are likely to foster smart gas metering system market growth over the years. As per a report by Global Market Insights, Inc., “Smart gas metering system market is set to surpass 190 million units over the period of 2017-2024.”
 

U.S. Smart Gas Metering Systems Market Share (Revenue), By Application, 2016
U.S. Smart Gas Metering Systems Market Share (Revenue), By Application, 2016
 

In-depth analysis of the smart gas metering system market based on technology, application, and regions is as mentioned below:

  • Global smart gas metering system industry comprises two types of technologies. Automatic Meter Infrastructure (AMI) technology is gaining popularity owing to the undertaking of the Smart Grid initiative, and is slated to witness a CAGR of 10% over the period of 2017-2024. Driven by its low cost and affordability, advanced meter reading (AMR) market size is set to exceed 150 million units by 2024.
     
  • In 2016, commercial application accounted for more than 33% of the overall smart gas metering system industry share and is anticipated to exceed 250 million units by 2024.
     
  • Residential applications, worth over USD 1 billion in 2016, is poised to witness a massive growth over the coming years. Rising awareness regarding efficient energy management and demand for accurate billing is likely to contribute toward smart gas metering system market from residential applications.
     
  • Utility application in the smart gas metering system market covered 30% of the overall industry share, owing to increasing adoption of devices by end use industries.
     
  • In terms of regional spilt, U.S. smart gas metering system industry is estimated to surpass USD 2 billion by 2024, subject to the growing adoption of smart gas meters in utility & commercial applications and stringent government norms.
     
  • In 2009, Sweden was among the first countries to roll out smart meters and achieve 100% installation in the same year. Furthermore, in 2013, Italy followed the bench mark set by Sweden, by achieving full capacity installation of smart meters.
     

Notable industry participants accumulating significant smart gas metering system industry share include Schneider Electric, Landis+GYR, Iskraemeco, Siemens AG, Itron, Circutor, Osaki Electric, Icsa, and others.
 

Written By : Ojaswita Kutepatil

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