Growing Adoption of Smart Metering Networks in the Residential and Commercialisation Sector Drives Smart Gas Meter Market Growth
Smart meters are the new generation of gas and electricity meters. Smart meter measures how much gas and electricity one uses and securely shares this directly with the energy supplier. And the portable in-home display shows consumption in near real time - how much energy we are using as well as the associated cost. Smart meters, thus, monitor and encourage good energy habits. Greater selection of tariffs on offer - many suppliers favour smart meters and offer exclusive tariffs to households with smart meters, thereby giving plenty of choice. Moreover, smart gas meter adoption on a large scale improves the distribution and smart grid operations by allowing communication between other smart meters. Growing consumer awareness regarding effective gas management, combined with rising demand for end-to-end web monitoring technologies, will propel the growth of smart gas meter market.
Besides, the UN climate target and related energy efficiency measures are driving adoption. Smart gas meters aid in lowering the fuel consumption of gas heating systems, indirectly influencing the development of a fully automated grid. Such trends are expected to influence the growth of smart gas meter market. Rising demand for data among end users drives the installation of smart gas meters. As per the UK's Department of Business, Energy, and Industrial Strategy, households paid an average of GBP 655 for gas in 2019. Nearly 23.5 million people use gas in their homes for heating and cooking. According to British Petroleum, the UK consumed 78.8 billion cubic meters of natural gas in 2019. Following the reduction of GHG emissions, rising gas consumption in the household, industrial, and commercial applications worldwide is prompting consumers to understand their usage patterns to reduce their overall consumption and bills.
The IoT ecosystem is driving the installation of smart gas meters, which can provide real-time data for a variety of purposes and end-users. They can shift from cutting costs to finding benefits for consumers and organisations by leveraging big data analytics. WAVIoT, for instance, offers a wireless solution for smart gas metering that consists of WAVIoT gas meters and the meter data management system, allowing them to remotely obtain consumption reports from the meters at the required date and time. Digitalisation also involves hybrid cloud infrastructure, which will enable networks to be managed in an increasingly flexible and efficient manner by leveraging high data processing capacity and IoT. For instance, in 2020, Microsoft (US) and SNAM (Italy) launched their first joint IoT and cloud project for the technological and sustainable development of energy networks.
Advanced Metering Infrastructure (AMI) Technology Segment to Lead the Smart Gas Meter Market
Advanced Metering Infrastructure (AMI) is projected to be the fastest-growing segment of the smart gas meter market during the forecast period. AMI technology gives financial benefits to utilities and gas companies by lowering equipment and maintenance costs and allowing for faster restoration of services during outages. Customers benefit from AMI by detecting meter failures and improving billing accuracy. In addition, the AMI based smart gas meters support time-based rate options, which can assist customers in saving money and managing their energy consumption. Another significant benefit of advanced metering infrastructure meters is that they maintain customer-gas company transparency. This keeps both parties up to date on the precise readings and eliminates any miscommunication.
Increased Government Initiatives for the Simultaneous Rollout of Energy Meters to Enhance European Smart Gas Meter Market Growth
Europe has a significant market share owing to the rising number of government initiatives for the simultaneous rollout of energy meters, which are primarily supported by transforming infrastructure. The UK government recently launched the Smart Metering Implementation Program, which aims to replace more than 53 million conventional electricity and gas meters in over 30 million residential premises by 2020. The country's accelerated progress toward smart gas meter deployment as part of smart meters is expected to aid market growth. The Department of Energy and Industrial Policy is in charge of the country's rollout strategy. Significant factors influencing the growth of smart gas meters have been identified as the accelerating smart meter rollout, increasing awareness of the energy crisis, and the European directive to reduce 80% of the total carbon emissions by 2050.
British Gas, owned by Centrica, claims to have installed nearly 5.6 million domestic smart meters and is looking for 590,000 deployments across the U.K. According to the U.K. Department of Business, Energy, and Industrial Strategy (BEIS), 457,900 gas meters were installed between January 2019 and the end of March 2019. Regional market players are seizing several growth opportunities provided by the country to expand their market presence through strategic partnerships or collaborations. Itron, Inc., for instance, collaborated with EDMI Limited, a global provider of smart metering solutions, to develop and release a SMETS2-compliant gas meter. Further, Pietro Fiorentini has also been involved in Hy4Heat, a United Kingdom program aimed at establishing the possibility and convenience of replacing natural gas with hydrogen in residential and commercial buildings, as well as gas appliances. The initiative would assist the country in becoming fossil-fuel independent and producing no net greenhouse gas emissions by 2050.
The rapid growth of the smart gas meter market in the Asia Pacific can be ascribed to the increasing instances of infrastructure replacement with new smart gas technology. China is the leading country contributing a major share to the market due to its smart electric meter rollout. The government is attempting to implement smart gas meters across the country to replicate the success of the electric meter market in China. Furthermore, the surge in greenhouse gas emission targets has fuelled the region's smart gas meter market growth.
Global Smart Gas Meter Market: Competitive Landscape
In May 2020, Itron Inc. announced a partnership with EDMI Limited to create and introduce a SMETS2-compliant gas meter in the UK to meet the region's rising demand by bringing to the sector a complete solution to maintain the natural gas delivery safely and reliably. On the other hand, in March 2020, Tata Communications and Mahanagar Gas Limited (MGL) announced a collaboration to install 5,000 smart gas meters in Mumbai, India. Tata Communication's IoT network will connect to MGL's smart gas meters, enabling businesses and households to monitor gas usage. MGL will use the network to monitor and identify problems with gas meters as well as track usage using LoRaWAN technology.
Few of the players in the Smart Gas Meter market include Aclara Technologies, Landis+Gyr, Master Meter, Itron, Zenner, Honeywell International, Chint Group Co. Ltd., Apator Group, Raychem RPG, Diehl Metering, EDMI, and Sensus (Xylem).
Global Smart Gas Meter Market is Segmented as Below:
Key Elements Included In The Study: Global Smart Gas Meter Market
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