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AMR-based smart gas metering systems market to depict remarkable growth over 2017-2024
Global Market Insights
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Below is the in-depth analysis of smart gas metering systems industry based on technology and application over 2017-2024:
• Utility, residential, and commercial are the main application sectors of smart gas metering systems market. Utility applications covered more than 30% of the revenue share in 2015 and will exhibit a considerable growth rate over the years ahead, owing to increasing product demand across myriad end-use industries. Residential application segment was worth USD 1 billion in 2016 and will record noticeable growth rate over the coming timeframe, augmented by the rising awareness among consumers regarding effective energy management. Commercial applications accounted for more than 33% of total smart gas metering systems industry share in 2016 and will lucratively grow over the period of 2017 to 2024. The increasing preference toward gas-powered devices will drive smart gas metering systems market growth noticeably.
• Advanced meter reading (AMR) technology will cover a size of 150 million units by 2024, primarily driven by ample product availability and reduced prices. Another flourishing technology segment in smart gas metering systems industry is automatic meter infrastructure (AMI), which will record a CAGR of more than 10% over the coming years of 2017 to 2024.
Geographical trends influencing global smart gas metering systems market are detailed as under:
• US. smart gas metering systems market will surpass a revenue of USD 2 billion by 2024, owing to its escalating demand across utility and commercial applications. Pertaining to the low emission rates and minimized costs, gas is used as a prominent fuel source in utility and commercial sectors, thereby amplifying the regional demand.
• China is expected to contribute significantly toward the regional growth.
• UK occupied more than 15% of the regional share of Europe smart gas metering market in 2016 and is forecast to record an appreciable growth over the years ahead, primarily driven by the supportive norms implemented by the Department of Energy & Climate Change and the Office of Gas & Electricity Markets.
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The noteworthy participants in smart gas metering systems market are Itron, Landis+Gyr, Siemens AG, Circutor SA, Schneider Electric SA, Holley Metering, Osaki Electric Co., Ltd., Icsa Ltd, Honeywell International, Iskraemeco, Badger Meter, Inc., Neptune Technology, Sensus Sentec, and Elster Group SE.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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