Global Smart Gas Market Expected to Reach USD 41.65 billion by 2026|Top Key players such as - ABB, Capgemini and Verizon

According to the report published by Allied Market Research "The Global Smart Gas Market Expected to Reach USD 41.65 billion by 2026|Top Key players such as - ABB, Capgemini and Verizon." These players have adopted different strategies such as new product launches collaborations expansion joint ventures agreements and others to increase their market share and maintain dominant shares in different regions.

Development of communication network infrastructure, advancements in the field of advanced metering infrastructure, and several government initiatives drive the growth of the global smart gas meter market. On the other hand, high installation and maintenance cost of smart gas meters impede the growth to some extent. However, the emergence of smart city project in emerging countries is expected to create lucrative opportunities in the industry.

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Based on end use, the residential segment accounted for nearly half of the global smart gas meter market revenue in 2019 and is anticipated to rule the roost from 2020 to 2027. The same segment would also manifest the fastest CAGR of 7.5% during the forecast period. Rapid industrial development and surge in demand for advanced gas meter from residential sectors fuel the growth of the segment.

Based on component, the hardware segment contributed to nearly three-fourths of the global smart gas meter market share in 2019 and is expected to rule the roost by the end of 2027. The same segment is also projected to register the fastest CAGR of 7.2% throughout the forecast period. This is due to the rise in need to enhance the efficiency of the big data analytics tools.

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Based on geography, North America held the major share in 2019, generating more than two-fifths of the global smart gas meter market. High demand for powerful smart gas meters with edge intelligence capabilities coupled with advanced data analytics drive the growth of the market in the province. Europe, on the other hand, would portray the fastest CAGR of 7.8% by 2027. Shifting toward the renewables to achieve long-term green energy target has increased smart gas meter installations across the continent.

Some of the key smart gas industry players profiled in the report include ABB, Capgemini, Diehl Stiftung & Co. KG, General Electric, Itron Inc., Landis+Gyr, Oracle, Schneider Electric, Sensus, a Xylem brand, Verizon.

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Covid-19 scenario-

● Halted production, in the first phase of the lockdown, affected the smart meter manufacturing units across the globe, which impacted the global market for smart gas meter negatively.

● The lockdown measures also led to a sharp decline in demand for industrial, commercial, and residential use of smart gas meters.

● However, manufacturing and supply of smart gas meter is now returning to normalcy and the market is expected to get back to its position soon.

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