Smart gas metering system measures daily gas consumption of a building or a home and communicates the same to the utility infrastructure.
Increasing need for energy conservation, favorable government initiatives, and increasing demand for intelligent metering systems are major factors driving growth of the global smart gas metering systems market. In addition, increasing adoption of internet of things (IoT) in utility sector across the globe is another key factor propelling growth of the global market. Major factors hampering growth of the global market are high capital investments, high maintenance costs, and data security and privacy concerns.
The global market is segmented on the basis of application and region. On the basis of application, the global market is segmented into residential, commercial, and industrial. Among the application segments, the residential segment accounts for highest market share in terms of revenue and is expected to witness highest growth during the next 10 years.
On the basis of region, the global smart gas metering systems market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America smart gas metering systems market accounts for highest share in the global market, followed by the market in Europe and Asia Pacific respectively. Increasing demand for environmental stability and government initiatives to offer smart meters by 2020 to small businesses in countries in the Europe region are major factors driving growth of the Europe smart gas metering system market.
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The Asia Pacific smart gas metering systems market is expected to witness highest growth in terms of revenue during the forecast period. This growth can be attributed to increasing deployment of smart cities in countries such as China, Japan, and India.
Key players in the global market are Elster Group GmbH, Itron Inc., Honeywell International, Inc., Aclara Technologies LLC, General Electric Company, Toshiba Corporation, Siemens AG, Badger Meter, Inc., Schneider Electric SE, Sensus Metering Systems, Inc., and other prominent players.