A new report by Global Market Insights states that the global smart gas metering market will be worth $11 billion by 2024.The market research and strategy consulting firm notes that the US smart gas metering systems market will exceed $2 billion in 2024. The growth in the US market is attributed to the increasing adoption of gas as a fuel in commercial and utility applications, "owing to low prices and low emission levels will positively impact the business growth.”
Strict regulations mandated by American Recovery and Reinvestment Act (ARRA) towards accurate billing coupled with rising adoption of meters has also provided impetus for smart gas meter deployment.
Other market growth factors driving the deployment of smart gas metering globally is the rising demand for billing accuracy coupled with effective mapping of customer consumption patterns.
"Scarcity of available resources will exert additional pressure on the conservation measures adopted to control energy wastage," says a company release.
AMR systems to witness strong growth
The release adds that smart gas metering systems market size from automated metering infrastruture technology will exceed 30 million units by 2024. Adoption of AMI systems are low subject to high installation costs associated, while automatic meter reading systems will see strong gains owing to widespread adoption of the technology for the past two decades. AMR is predicted to grow over 13% over the forecast timeline owing to its wide adoption and mature technology.
[quote] Despite the expected growth of these technologies, data security concerns related to consumption tracking coupled with customer unwillingness will pose significant challenges to adoption.
Japan is a mature market as it was among the first nations in the world to adopt these systems. Tokyo Gas, one of largest gas providers in the country, has nearly 2 million subscribers and has been providing these products since 1998.
EU smart gas meter market
In the EU strict regulations towards smart system deployment to accurately track gas consumption is expected to stimulate demand. EU Directive 2009/73/EC mandates member states to educate consumers on the difference between conventional metering systems and intelligent meters.
The directive also requires regulators to protect customers from increased rates owing to time-of-use pricing data and ensuring billing accuracy.
The UK accounted for over 15% of the Europe smart gas metering systems market share in 2016. Favorable directives set by the Office of Gas and Electricity Markets (OFGEM) and the Department of Energy and Climate Change (DECC) will complement demand. Government of UK aims to install advanced meters in every household by 2020.
Residential vs commercial gas metering market
The residential smart gas metering systems market dominates the application landscape as a result of affordable gas prices and growing consumer awareness.
The release concludes: "Commercial applications are anticipated to witness strong growth during the forecast timeframe subject to rising adoption of gas as an alternative to traditional resources. Increasing demand for these products is directly linked to the developing grid infrastructure coupled with expansion of gas pipeline networks."
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