Global Smart Gas Market – Key Trends
Governments around the world are exploring various ways of improving energy efficiency and security during prolonged power-cuts. This has created lucrative prospects for the smart gas meter manufacturers. As per Transparency Market Research (TMR), the market is also likely to gain impetus from the favorable policies drafted in various nations to curb the carbon footprint. Furthermore, smart gas meters offer end users greater control over their electricity consumption and bills. Spurred by these factors, the global smart gas market is expected to report a CAGR of 32.2% between 2015 and 2023.
Despite witnessing promising growth opportunities, the high initial investment required for installing smart gas meters limits the market’s trajectory to an extent. Nevertheless, the rising energy demand in Asia Pacific is likely to boost opportunities for the market in the near future.
As per TMR, the global smart gas market stood at US$944.67 mn in 2014. The market is expected to reach US$10.5 bn by the end of 2023.
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High Demand from Residential Segment Emerges as Primary Driver
The global smart gas market is segmented into residential, commercial, and industrial sectors. Of these, the market is currently dominated by the residential segment, which held approximately 73.85% of the market in 2014. As compared to commercial users, the consumers in the residential segment pay lesser for installation of smart gas meters. This is one of the key factors leading to the widespread deployment of smart gas meter across the residential sector.
However, during the course of the forecast period, several regulations are likely to be implemented, obligating the installation of smart gas meters across the commercial and industrial segment. Installing smart gas meters enable energy savings by providing the ability to control gas usage. This is a primary factor that will boost the deployment of smart gas in the industrial and commercial segment.
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Some of the leading players operating in the smart gas market include Itron, Inc., Elster Group GmbH, General Electric, EnerNOC Inc., and Sensus Metering Systems, Inc.