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Smart Gas Meter Market 2024: Innovations, Trends, and Growth Insights
Smart Gas Meter Market 2024
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According to The Business Research Company's, The smart gas meter market size has grown strongly in recent years. It will grow from $4.14 billion in 2023 to $4.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to regulatory mandates, energy efficiency, growing urbanization, aging infrastructure, data analytics.
The smart gas meter market size is expected to see strong growth in the next few years. It will grow to $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to iot and connectivity, data-driven decision making, consumer awareness, gas leak detection, demand for smart grids. Major trends in the forecast period include mobile apps and customer engagement, energy management platforms, digital twins, blockchain for billing, green gas monitoring.
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Market Drivers and Trends:
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 January 2023, the government of India announced the smart meter national program (SMNP), intends to replace India's 250 million conventional meters with smart meters. Therefore, rising demand for the smart gas meter by government initiatives drives the smart gas meter market .
Major companies operating in the smart gas meter market are having investments to sustain their business in the market. For instance, in July 2022, Italgas S.p.A. an Italy-based company that manufactures smart gas meters announced that it is planning to invest €8.6 billion (US$8.8 billion) in smart gas meters as well as other technology and initiatives. The funding would go toward creating intelligent gas networks, digitizing corporate procedures and networks, and starting a Power-to-Gas pilot project that will convert renewable energy sources into hydrogen and enable its storage. Additionally, the investment will be utilized to replace the earlier generation GPRS meters that the telcos are gradually replacing with smart meters that can accurately monitor gas consumption and offer accurate invoicing .
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Major Key Players of the Market:
Cisco Systems Inc., ABB Ltd., Adappt Pte. Ltd., Avnet Inc., Eutech Cybernetic Pte. Ltd., Hitachi Vantara Corporation, Huawei Technologies Co. Ltd., ICONICS Inc., International Business Machines Corporation, Microsoft Corporation, ReelyActive Inc., Schneider Electric SE, Siemens Aktiengesellschaft, Smarten Spaces Pte. Ltd., SmartSpace Software plc, Spacewell International NV, Ubisense Group plc, Aclara Technologies LLC, Itron Inc., Apator SA, Arad Group Ltd., B METERS S.r.l., Badger Meter Inc., Diehl Metering GmbH, Diehl Stiftung & Co. KG, EDMI Limited, Elster Group GmbH, GWF MessSysteme AG, Holley Technology Ltd., Honeywell International Inc., Iskraemeco d.d., Kamstrup A/S, Landis+Gyr AG, Maddalena S.p.A., Master Meter Inc.
Smart Gas Meter Market 2024 Key Insights:
• The smart gas meter market size is expected to see strong growth in the next few years. It will grow to $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Government Policies Fueling Growth In The Smart Gas Meter Market
• Investment Initiatives Propel Growth And Innovation In The Smart Gas Meter Market
• Europe was the largest region in the smart gas meter market in 2023
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