Smart Gas Meter Market – Overview
Increased need to ensure efficiency and reduce the wastage of resources have led to the rise in popularity of the Smart Gas Meter Industry. Market reports linked to the energy and power sector made available by Market Research Future along with published reports on other sectors have been recently published along with a report on this market. The industry is estimated to expand at an approximate 7 percent CAGR during the forecast period and will earn $ 3.5 billion in revenue by 2022.
Increased government focus and initiatives are expected to boost demand for this sector significantly in the forecast period. Heightened awareness for the need to conserve energy resources is expected to fuel the growth of this industry. Moreover, developments in the Smart Gas Meter product offerings will enable further roll out and use of the meters in new set ups. Major promotion of the usage of smart gas meters by key suppliers will help the industry to grow at an increased pace during the forecast period.
The Smart Gas Meter Market has been segmented into tape backing material, product type, application, end user and regions.
On the basis of Product Type the industry includes filament tapes, adhesive transfer tape, duct tapes, aluminum tapes, and others. On the basis of tape backing material the segment includes paper, polypropylene, polyvinyl chloride and others. The application segment of the Smart Gas Meter Industry includes packaging, electrical and electronic, masking and others. The end users segment of the industry includes automotive, construction, electrical, logistics and others. The regions covered in the market for smart gas meter industry are Europe, Asia Pacific, North America and rest of the world.
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Detailed Regional Analysis
While assessing the regional markets for the Smart Gas Meters Industry, the North American and European regions are projected to hold a major share in the industry. U.S. is another key market for Smart Gas Meters industry. The Government policy mandates and fiscal incentives have been one of the main drivers for the demand for Smart Gas Meters Market. Moreover, the region is also the hub for main producers which is a positive influence on the development of the industry. The European region is estimated to have the most rapid growth in the next half a decade. However, the Asia-Pacific region is also estimated to reach a considerably high growth rate throughout the forecast period. Growing investments due to government initiatives and roll-outs are estimated to be a key driving factor for the expansion of the European market.
Global Competitive Analysis
Contenders who are a part of the industry have devised their corporate strategy blueprint in a way that that can bring the best outcomes for development in the current scenario. With the ability to sustain their competitive edge being one of the primary factors driving their efforts, the scope for growth in the industry appears to be promising through the forecast period. The rising affinity for diversification in the market, has indirectly enabled the players to utilize the many prospects available. This specific trend has enabled portfolio improvements along with the affinity for diversification in the sector, which has helped the market competitors tremendously in this industry. The companies in this particular industry are also trying to maintain and enhance financial liquidity that can be instrumental to invest in growth strategies as and when they become available.
The prominent competitors in the Smart Gas Meter Market are Itron Inc. (U.S.), Apator Group (Poland), Landis+Gyr (Switzerland), Honeywell International, Inc. (U.S.), Dandong Dongfa Group Co. Ltd. (China), Raychem RPG (India), Sensus (U.S.), Diehl Metering (U.K.) and EDMI Limited (Singapore) to name a few.
Apr 2018 Tata Communications will work with Mahanagar Gas (MGL) to install 5,000 smart gas meters in the city of Mumbai. The telecom operator has stated that the new smart meters will give businesses and households’ control and visibility over their gas usage, allowing MGL to develop its operational competences. Tata Communications’ public Internet of Things (IoT) network will deliver connectivity to MGL’s smart meters. This setup is built on a long-range network, ultra-low-power which will enable MGL to monitor thousands of smart meters at the same time. It will reduce their users need to manually check their gas meter readings as the smart system will automatically track their gas usage.
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