Smart Gas Meters Market Size was valued at USD 1.67 billion in 2023. The smart gas meters market industry is projected to grow from USD 1.73 billion in 2024 to USD 2.35 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.40% during the forecast period (2024 - 2032). Needs for efficient energy usage and increasing investment in smart grid projects are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Basic characteristics of the gas flowing in the pipeline, including pressure, volume, and temperature, are automatically measured by smart gas meters. The next stage is ensuring everyone has access to gas is installing smart gas meters in industrial, commercial, and residential settings. Government rules and regulations have forced the market for smart gas meters to increase the world's GDP. Collaboration between gas exploration firms and manufacturers of smart gas meters also helps with this. The market will grow quickly in the coming years because there are no discrepancies in gas meters. In addition, rising safety regulations and concerns have caused the market for smart gas meters to grow by double digits over the past few years.
Digital technologies are predicted to improve global systems' connectivity, efficiencies, dependability, and sustainability in the upcoming years. New digital applications like shared mobility, smart appliances, and 3D printing are made possible by technological data analytics and communication improvements. The ongoing and continual development of the communication network infrastructure aids the production of advanced-level gas meters. The development of gas meters is accelerated by the availability of network infrastructure such as 5G, 4G, radio frequency, and others. The smart gas meters industry is expanding due to the manufacturers' ongoing manufacturing of advanced-level smart gas meters by the expanding network infrastructure.
Installing smart gas meters is motivated by end customers' rising desire for data. In 2019, households spent an average of GBP 655 on gas, according to the United Kingdom's Department of Business, Energy, and Industrial Strategy. In their homes, almost 23.5 million people utilize gas for cooking and heating. British Petroleum estimates that the United Kingdom consumed 78.8 billion cubic meters of natural gas in 2019. As a result of the reduction in GHG emissions, consumers are urged to understand their usage patterns to lower their overall consumption and bills. Gas consumption is rising globally across home, industrial, and commercial applications, enhancing the Smart Gas Meters Market CAGR in recent years.
Favorable government policies, the growth of communication network infrastructure, and rapid advancements in sophisticated metering infrastructure are the main drivers of the market size for smart gas meters. Utilities are implementing these technologies due to their numerous advantages. For instance, in May 2020, Indianapolis Power & Light, a U.S. utility, chose Landis+Gyr to enhance its program for advanced metering infrastructure. To optimize data telemetry from already installed smart gas meters, they would deploy 350,000 smart meters and upgrade the utility's current network. This is expected to improve the management of energy distribution, the integration of renewable resources, consumer energy efficiency, and service quality. The market for smart gas meters is growing due to increased development and the need for advanced metering infrastructure, another factor driving the growth of the smart gas meters market revenue.
The Smart Gas Meters Market segmentation, based on product, includes diaphragms, turbines, rotary pistons, and others. The diaphragms segment held the majority share in 2021 of the Smart Gas Meters Market revenue. Diaphragm meters are positive displacement natural gas flow meters similar to rotary gas meters. They are generally utilized in residential and small business installations to measure a minimal gas flow for billing purposes.
The Smart Gas Meters Market segmentation, based on application, includes residential, commercial, and industrial. The residential sector segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Due to the rising trend of using gas instead of fossil fuels for domestic purposes, smart gas meters are being installed more frequently in the residential sector. The government's subsidies and incentives for promoting gas consumption further strengthen the residential sector. The continued transparency and prices based on smart gas usage also contribute to the rise in smart gas meters growth installations. Smart gas meters also aid in locating the most densely populated locations, which raises awareness of the need to cut down on energy waste, and positively impacts market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific Smart Gas Meters market accounted for USD 1.23 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. China holds a significant market share for smart gas meters in the Asia Pacific. With the introduction of its smart electric meters, the nation saw success. Due to the growing energy consumption and regional aims for reducing greenhouse gas emissions, the deployment of smart gas meters has accelerated.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe smart gas meters market accounts for the second-largest market share. The number of smart gas meters installations has increased as we move toward renewable energy sources to meet our long-term and short-term green energy goals. Europe has been one of the target regions to increase sales of smart gas meters due to the presence of major market players and ambitious gas meter rollouts. Further, the Germany smart gas meters market held the largest market share, and the UK smart gas meters market was the fastest-growing market in the European region.
The North America Smart Gas Meters Market is expected to grow at the fastest CAGR from 2022 to 2030. The US has become one of the world's top gas producers because of efforts to promote gas use and replace outdated infrastructure with modern technologies. Moreover, the US smart gas meters market held the largest market share, and the Canada smart gas meters market was the fastest-growing market in the North America region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the digital gas meter market grow even more. Market participants are also taking various strategic initiatives to grow their global footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the smart gas meters industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the global smart gas meters industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the smart gas meters industry has provided some of the most significant benefits. The smart gas meters market major player such as Siemens AG. (Germany), Schneider Electric (France), Landis+Gyr (Switzerland), Aclara Technologies LLC (U.S.), and others are working on expanding the market demand by investing in research and development activities.
With its headquarters in Munich and branch offices worldwide, Siemens AG is a German multinational conglomerate business and the biggest industrial manufacturing enterprise in Europe. The company's main divisions, which correspond to its primary business operations, are Industry, Energy, Healthcare, and Infrastructure & Cities. In August 2020, the purchase of Varian Medical Systems by Siemens AG, valued at $16.4 billion in all-stock transactions, was announced.
Also, European multinational Schneider Electric is a leader in digital automation and energy management. It addresses homes, buildings, data centers, infrastructure, and industries by utilizing energy technologies, real-time automation, software, and services. A Fortune Global 500 corporation, Schneider Electric is listed on the Euronext Exchange and is a part of the Euro Stoxx 50 stock market index. In January 2023, Schneider Electric unveiled its "smart home" energy products to improve electrical consumption and handle potential power outages. These goods primarily aim to assure "sustainable." More specifically, these "smart electrical panels" and "switches" that an app can control make up smart home energy products.
March 2019: Wasion Group and Guizhou Power Grid Corporation agree to create communication and terminal items with clever force configurations and meters.
April 2019: OVO Energy and Aclara Technologies have a deal to install the latter's new SMETS2 meter. OVO Energy plans to offer a dual fuel smart metering service for its gas and electric meters with these meters. This action is being taken to comply with the UK's smart meter rollout program and upgrade the grids.
December 2019: Nippon Gas Co. announced that it would give all of its current gas meters in Japan a smart upgrade. By the end of 2020, the SPACE HOTARU IoT-based reader is expected to be completely operational. It is claimed to be the largest smart utility deployment to date, upgrading about 8,50,000 gas meters.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 1.67 billion |
| Market Size 2024 | USD 1.73 billion |
| Market Size 2032 | USD 2.35 billion |
| Compound Annual Growth Rate (CAGR) | 3.40% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Siemens AG. (Germany), Schneider Electric (France), Landis+Gyr (Switzerland), Aclara Technologies LLC (U.S.), Xylem, Inc. (U.S.), Badger Meter, Inc. (U.S.), Itron Inc. (U.S.), Honeywell International Inc. (U.S.), EDMI (Singapore), DIEHL Metering (Germany), Apator Group (Poland), Kamstrup A/S (Denmark), and Zenner (Germany) |
| Key Market Opportunities | Needs for efficient energy usage |
| Key Market Dynamics | Government roll outs Increasing investment in smart grid projects |
Frequently Asked Questions (FAQ) :
The Smart Gas Meters Market size was valued at USD 1.67 Billion in 2023.
The global market is projected to grow at a CAGR of 3.40% during the forecast period 2024-2032.
Increasing Investment In Smart Grid Projects, Government Roll Outs and Needs For Efficient Energy Usage are the driving factors of smart gas meter market.
Asia-Pacific had the largest share in the global market.
The key players in the smart gas meters market are Siemens AG. (Germany), Schneider Electric (France), Landis+Gyr (Switzerland), Aclara Technologies LLC (U.S.), Xylem, Inc. (U.S.), Badger Meter, Inc. (U.S.), Itron Inc. (U.S.), Honeywell International Inc. (U.S.), EDMI (Singapore), DIEHL Metering (Germany), Apator Group (Poland), Kamstrup A/S (Denmark), and Zenner (Germany).
The diaphragm category dominated the market in 2021.
The residential sector had the largest share in the global market.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
