LONDON--(BUSINESS WIRE)--The smart wireless propane tank meter market is expected to grow by USD 11.16 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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In traditional fuel tank monitoring systems, technicians are often required to visit each tank to collect information, which also requires them to climb the tank to take measurements. This collection process for conventional fuel tanks is very time-consuming and inefficient. Hence, companies are adopting smart wireless propane tank meters that offer reliable and accurate information and facilitates remote access to fuel tanks. This helps fuel oil and propane marketers to improve delivery efficiency and gain a competitive advantage in the market. They also use a secure communication network using radio frequency to automatically send the propane usage wirelessly to the supplier. Many such operational benefits are fueling the growth of the global smart wireless propane tank meter market.
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As per Technavio, multiple environmental benefits of using propane as an energy source will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smart Wireless Propane Tank Meter Market: Multiple Environmental Benefits of Using Propane as an Energy Source
Propane is an eco-friendly option for both residential and commercial applications as it is safe, non-toxic, and burns completely. It produces minimal carbon emissions and is considered to be environmentally friendly and more efficient compared to other fuels. For example, propane water heaters are nearly twice as efficient as electric models. Many such benefits are increasing the use of propane in various residential and commercial applications. This is expected to increase the demand for smart wireless propane tank meters during the forecast period.
“Introduction of new products with innovative features and the increasing popularity of propane in backyard barbecues will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Smart Wireless Propane Tank Meter Market: Segmentation Analysis
This market research report segments the smart wireless propane tank meter market by End-user (Commercial and Residential) and Geography (North America, Europe, APAC, South America, and MEA).
The North American region led the smart wireless propane tank meter market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the proliferation of smart homes in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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