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Insight into the Smart Gas Meter Global Market to 2027 - Automatic Meter Reading and Bill Generation to Contribute to Growth - ResearchAndMarkets.com
February 10, 2021 GMT
DUBLIN (BUSINESS WIRE) Feb 10, 2021
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The global smart gas meter market size is expected to reach $5.99 billion by 2027 from $3.71 billion in 2019, growing at a CAGR of 6.9% from 2020 to 2027.
The Internet of Things (IoT) ecosystem helps drive the smart gas meter market, as these can provide real-time data for various purposes and end-use industries such as residential, commercial, and industrial. By leveraging big data analytics, they can also shift from cutting costs as the main benefit of finding benefits for consumers and organizations. Some of the vendors are offering a wireless solution for smart gas metering, which consists of WAVIoT gas meters and the meter data management system that allows them
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The global market for Smart Gas is projected to reach US$29.9 billion by 2025, driven by the growing need for efficient utilization of energy and rising awareness over the importance of information management technologies in enabling intelligent metering, monitoring, measurement, and control of gas resources.
Also driving growth in the market are factors such as growing global gas demand from 3,000 Mtoe in 2015 to 4,100 Mtoe by 2035 and the ensuing need for efficient distribution networks and billing system; spiraling shale gas production with technology developments promising to tap into the over 5,770 trillion cubic feet of technically recoverable shale gas reserves worldwide; robust demand for modular & integrated gas meters; increasing adoption of SCADA; increasing integration of cloud computing, IoT & artificial intelligence in advanced metering infrastructure (AMI); and rise of smart cities to over 1