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LONDON, GREATER LONDON, UK, September 12, 2024 /EINPresswire.com/ -- The smart gas meter market has experienced robust growth in recent years, expanding 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.
Strong Future Growth Anticipated
The smart gas meter market is projected to continue its strong growth, reaching $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 iota and connectivity, data-driven decision making, consumer awareness, gas leak detection, demand for smart grids.
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Growth Driver Of The Smart Gas Meter Market
The rising demand for smart homes is expected to propel the growth of the smart gas meter market going forward. A smart home refers to a residence that incorporates various technologies and devices through a network, typically the internet of things (IoT), allowing homeowners to control and monitor various aspects of their home remotely or through centralized systems. Smart gas meters play a vital role in helping homeowners achieve energy efficiency, lower utility costs, and create safer and more environmentally conscious living environments within their smart homes.
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Major Players And Market Trends
Key players in the smart gas meter market include Cisco Systems Inc., ABB Ltd., Adappt Pte. Ltd., Avnet Inc., Eutech Cybernetic Pte. Ltd., Hitachi Vantara Corporation, Huawei Technologies Co. Ltd., ICONICS Inc.
Major companies operating in the smart gas meter market are focusing on innovative products such as ultrasonic prepayment gas meter to drive revenues in their market. An ultrasonic prepayment gas meter is a specialized type of gas meter used for measuring and monitoring the consumption of natural gas in residential, commercial, or industrial settings.
Segments:
1) By Type: Smart Ultrasonic Gas Meter, Smart Diaphragm Gas Meter
2) By Component: Hardware, Software
3) By Technology: Automated Meter Reading (AMR), Advanced Metering Infrastructure (AMI)
4) By Application: Residential, Commercial, Industrial
Geographical Insights: Europe Leading The Market
Europe was the largest region in the smart gas meter market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart gas meter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Smart Gas Meter Market Definition
A smart gas meter refers to an electronic device that records information such as consumption of electric energy, voltage levels, current, power factor, and gas usage. This helps in providing information to the consumer, which helps to get greater clarity on the consumption and usage of gas. It is used to measure energy consumption, calculating costs and automatic meter readings.
Smart Gas Meter Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Smart Gas Meter Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on smart gas meter market size, smart gas meter market drivers and trends, smart gas meter market major players, smart gas meter competitors' revenues, smart gas meter market positioning, and smart gas meter market growth across geographies. The smart gas meter market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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