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The smart wireless propane tank meter market size is forecast to increase by USD 13720.2 at a CAGR of 4.52% between 2023 and 2028. The market is experiencing significant growth due to several key factors. First, operational efficiency is increasing as a result of the emergence of advanced wireless propane tank meters. Second, there is a rising demand for these meters from both residential and commercial sectors. Lastly, the popularity of propane as a fuel source for heating and cooking applications continues to expand in both sectors, further driving market growth. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The market is witnessing rapid growth across residential and commercial sectors, driven by increasing demand for convenience and safety in heating applications. Leveraging smart home technologies and IoT, these meters offer real-time monitoring, replacing manual inspections and eliminating uncertain estimations. Integrated with data analytics, Smart Home Systems provide reliable data for extensive research and industry influencers to make informed decisions. As industrial adoption increases, the market's profit potential grows, emphasizing the transformative impact of smart wireless propane tank meters. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the increasing demand for smart wireless propane tank meters from residential and commercial sectors. There has been an increase in demand for smart wireless propane tank meters in both the residential and commercial sectors. Additionally, there is a growing popularity of this device among consumers as it offers numerous advantages.
Furthermore, there is a rise in the adoption of smart wireless propane tank meters among homeowners to monitor their propane usage more efficiently. The main advantage of these meters is that they can offer real-time data on propane levels ensuring that homeowners never run out of fuel unexpectedly. Hence, such factors are expected to drive market growth during the forecast period.
A major trend shaping the market growth is the introduction of new products with innovative features. Tank monitoring systems have become increasingly accurate due to the advancements in technology which have enabled the marketers of fuel oil and propane in enhancing delivery efficiency. For example, the Tank Utility Wi-Fi Enabled Propane Tank Monitor enables consumers to share their propane tank level with their preferred fuel supplier, which minimizes delivery timelines for the consumers.
Additionally, the emergence of new mobile applications also shows the propane level in the tank in terms of the percentage of remaining gas. For example, the GasWatch app shows the remaining cook time in hours and minutes and also displays the percentage of gas remaining in the propane tank. Hence, such new innovative features are expected to drive market growth during the forecast period.
The high cost of installation and maintenance is one of the key challenges hindering the market growth. Even though smart wireless propane tank meters offer several advantages including real-time monitoring of propane levels and remote access to data, the initial upfront cost associated with installation and ongoing maintenance costs can be high.
Additionally, specialized equipment and expertise are required for the installation of smart wireless propane tank meters. Furthermore, the installation is a complex process that comprises the purchase of specific hardware components, such as wireless transmitters and receivers, as well as the labor costs of the installation itself. Hence, such factors are expected to hinder market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AMETEK Inc: The company offers smart wireless propane tank products such as SmartTank ST40 monitor solution and SkyBitz data portal
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The offline segment is estimated to witness significant growth during the forecast period. The offline segment comprises the distribution of propane tank meters through physical brick-and-mortar stores and direct sales to customers via telephone or mail order. Distribution through hardware stores is a prime example of an offline channel in the global market. The main feature of these stores is that they have a special section for propane-related products, including propane tank meters.
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The offline segment was the largest segment and was valued at USD 34,080.80 in 2018. There is an increasing preference for this segment as customers can physically visit the store, browse through different options, and consult with knowledgeable staff to make an informed purchase decision. The main advantage of this segment is that it offers a tangible shopping experience to customers enabling them to see the product, compare features, and ask questions before making a purchase. Direct sales through telephone or mail orders are another prime example of the offline channels segment. The main benefit of this offline channel is that it provides convenience for customers who prefer to order products without visiting a physical store. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the main factors which are significantly contributing to the global market in North America is its technologically advanced infrastructure and increasing focus on resource efficiency.
Additionally, there is a rising demand for remote monitoring and control solutions which has significantly fuelled the demand for the market in North America. The main advantage of these meters is that it allows users to monitor the propane levels in their tanks in real time. As a result, it enhances convenience, helps optimize propane usage, and ensures timely refills. Furthermore, there is an increasing need for automated data collection and analysis in North America which is contributing to the growth of the market. hence, such factors are expected to drive market growth in the region during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Thousand" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is witnessing significant growth, driven by advancements in wireless communication technologies and the increasing adoption of IoT and smart home technologies in both the residential and commercial sectors. Companies like SmartLogix, Digi International, and Anova are at the forefront of this evolution, offering innovative solutions to enhance safety and efficiency in propane tank monitoring. Integration of Wifi Connectivity and Cellular Digital Connectivity enables seamless data transmission and remote monitoring capabilities, allowing consumers to conveniently monitor propane levels from their smartphones or tablets. Safety enhancements such as automatic leak detection and emergency shut-off mechanisms provide peace of mind to users, reducing the risk of accidents and ensuring compliance with safety regulations.
Publishers are synthesizing data from multiple sources to provide comprehensive insights into market trends, competition, and promotional strategies. The market landscape depends on the residential sector, commercial sector, publisher, synthesis, summation of data, promotions, and Safety enhancement. Market opportunities abound as the demand for smart wireless propane tank meters continues to grow, driven by the need for efficient propane management solutions in both residential and commercial settings. Despite market challenges such as competition and integration complexities, the market is poised for continued expansion, offering consumers enhanced convenience, safety, and peace of mind in managing their propane usage.
Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.52% |
Market growth 2024-2028 |
USD 13,720.2 |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.11 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 30% |
Key countries |
US, China, UK, Germany, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AMETEK Inc., Angus Monitoring Service LLC, Danfoss AS, DataOnline Corp., Flame King, Generac Holdings Inc., LCI Industries, Metromatics Pty Ltd., Monnit Corp., Mopeka Products LLC, Rollie Technology LLC, Schmitt Industries Inc., Schneider Electric SE, Superior Plus Corp., Tank Utility Inc., Thincke Electronic Technology Co. Ltd., and TVL International LLC |
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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