Transparency Market Research

More Countries on Brink of Mandating Deployment of Smart Gas Meters as Need for Energy Efficiency and Security Grows, Reports TMR

Transparency Market Research has published a new report "Smart Gas Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023" to its report store.

 

Albany, NY -- (SBWIRE) -- 08/11/2016 -- According to TMR, the global smart gas market stood at US$944.67 mn in 2014. Exhibiting a CAGR of 32.2%, the market is expected to reach US$10.5 bn by the end of 2023.

The smart gas market is currently booming and exhibits the presence of a large number of companies wanting to gain an early adopter advantage. Intense rivalry among the key market players has made the market's vendor landscape highly competitive. Transparency Market Research (TMR) finds in a new report that the top three companies held over 54.8% of the market in 2014. Among these enterprises, Itron, Inc. held the dominant share of over 25% in the same year.

Complete Report with TOC : http://www.transparencymarketresearch.com/smart-gas-market.html

Products manufactured by the majority of the key players have similar designs and minimal differences in their engineering quality. This lack of evident product differentiation has resulted in the need to innovate if players are to gain in terms of sales. "The most prominent companies are mainly engaged in mergers and acquisitions to expand their presence in the global market," notes the author of the TMR study. TMR projects the vendor landscape of the market to remain highly competitive through the forecast period from 2015 to 2025, as they continue following aggressive marketing strategies to strengthen their presence in the market.

Demand for Improved Efficiency in Gas Usage Bolsters Installation of Smart Gas Meters

Installation of smart gas meters improves the efficiency of gas usage. This is a key factor fuelling demand from the global smart gas market. International authorities and governments around the world have launched several programs to encourage the installation of smart gas meters across energy industries. The implementation of mandates for the reduction of carbon footprint and greenhouse gas emission also accelerates deployment of smart gas meters.

Additionally, the rising demand for energy security is likely to boost sales opportunities for smart gas meter manufacturers. Energy security is considered indispensable to prevent unintended interruptions in power supply. It also provides protection to electrical appliances during prolonged periods of power cuts, which bolsters its demand globally. "Smart gas meters offer end users with greater control over their electricity usage, providing them numerous options for managing their electricity consumption and bills. This is a key factor boosting sales of smart gas meters worldwide," said a lead TMR analyst.

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High Initial Investment for Installation Limits Scope for Market's Expansion

Despite the overall growth prospects for the market being positive, the high initial investments required for installing smart gas meters are limiting their installation especially across developing and less developed economies. The distribution cost of automation devices compatible with smart gas meters are higher as compared to the electricity meters. This emerges as a majot bottleneck for the market.

Besides this, the production from smart gas meters should be consistent and sufficient for the commercial sector to recover the cost incurred on their installation. Furthermore, absence of proper investment schemes and regulatory framework is also inhibiting the market's trajectory in the Middle East and other emerging regions.

Demand for Gas-derived Energy in Asia Pacific to Bolster Deployment of Smart Gas Meters

Nevertheless, the expansion of gas driven energy market in Asia Pacific is expected boost growth opportunities for the smart gas market. Several governments in the region are gearing to roll out smart gas meters as a key initiative to curb emission of harmful gases. This augurs well for the market's growth prospects.

The rising energy demand from countries such as Japan, South Korea, and Japan is also expected to boost installation smart gas meters across Asia Pacific.

By end use, the residential segment emerged as the market leader, holding a share of 73.85% in 2014. While the segment is expected to remain dominant through the forecast period, prospects for the market are also expected to gradually rise in the commercial sector as well. Regionally, North America dominates the global smart gas market. Based on revenue, it held over 54.41% of the market in 2014.

Key Takeaway:

Smart gas market revenue to surpass US$10.5 bn globally by the end of 2023

Accounting for over 73.85% of the market, the residential sector emerged as leading application segment in 2014

North America was the largest market for smart gas in 2014 with a share of 54.41%

The report segments the global smart gas market as:

Smart Gas Market: By Device Type (USD Million)

Traditional Metering System
Gas Warning Device
AMI Communication Module

Smart Gas Market: By Technology (USD Million)

Meter Data Management (MDM)
Supervisory Control and Data Acquisition (SCADA)
Geographic Information System (GIS)
Others

About Transparency Market Research
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.