Wetgas Meters Market Research Report: By Type (Residential, Commercial, Industrial), By Gas Type (Natural Gas, Liquefied Petroleum Gas (LPG), Biogas), By Measurement Principle (Positive Displacement Meters, Turbine Meters, Ultrasonic Meters, Coriolis Meters), By Display Type (Mechanical Dial Readout, Electronic Digital Display, Remote Display), By Communication Protocol (Modbus, HART, BACnet, Wireless M-Bus) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032.

Wetgas Meters Market Overview

Wetgas Meters Market Size was estimated at 3.48 (USD Billion) in 2022. The Wetgas Meters Market Industry is expected to grow from 3.61(USD Billion) in 2023 to 5.1 (USD Billion) by 2032. The Wetgas Meters Market CAGR (growth rate) is expected to be around 3.9% during the forecast period (2024 - 2032).

Key Wetgas Meters Market Trends Highlighted

Key market drivers for wetgas meters include stringent regulations mandating accurate and reliable gas measurement, increasing demand for natural gas in power generation and industrial sectors, and the growing focus on energy efficiency and conservation.

Opportunities to be explored in the wetgas meters market include the expansion of smart grid infrastructure, the development of wireless and remote monitoring technologies, and the adoption of advanced materials and technologies that enhance meter performance and accuracy.
Recent trends in the wetgas meters market include the increasing adoption of diaphragm-type meters, the growing demand for compact and lightweight meters, and the integration of advanced sensors and communication capabilities. These trends are driven by the need for enhanced accuracy, efficiency, and remote monitoring in gas distribution and measurement applications.

Additionally, the increasing focus on sustainable energy sources and the drive towards decarbonization are creating opportunities for wetgas meters in the renewable energy sector, particularly in biogas and hydrogen applications. The integration of these meters into renewable energy systems enables accurate measurement and monitoring of gas flow, contributing to the efficient and reliable operation of these systems.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Wetgas Meters Market Drivers

Increasing Demand for Natural Gas

Natural gas is gaining popularity as a clean and efficient fuel that is used by the household, commercial, and industrial sectors . The demand for natural gas is boosting the investments in the natural gas infrastructure. Wetgas meters have high demand to measure the flow of the natural gas, which is expected to increase with the increasing demand for natural gas . The increasing demand for natural gas acts as a driver for the Wetgas Meters Market Industry.

Stringent Government Regulations

Governments around the world are implementing increasingly stringent regulations on the use of natural gas. These regulations are designed to ensure that natural gas is used safely and efficiently. This is leading to increased demand for wetgas meters, which can help companies comply with these regulations. In addition, governments are also providing incentives for the use of natural gas, which is further stimulating the demand for wetgas meters.

Advancements in Technology

Technological advancements are also driving the growth of the Wetgas Meters Market Industry. New technologies are making wetgas meters more accurate, reliable, and efficient. This is making them more attractive to companies that need to measure the flow of natural gas. In addition, new technologies are also making it easier to integrate wetgas meters into existing infrastructure. This is making it easier for companies to adopt wetgas meters, which is further driving the growth of the market.

Wetgas Meters Market Segment Insights

Wetgas Meters Market Type Insights

The Wetgas Meters Market is split by type of meter into residential, commercial, and industrial. It is expected that the residential segment will take the largest portion of the market in 2023. The reason for this is the increasing demand for wet gas meters to be installed in houses and apartment buildings. Wet gas meters are used to monitor the flow of natural gas into homes and measure how much gas has been consumed by occupants living in the house or apartment. This gas consumed serves as the source of fuel for cooking, as well as heating the house and water.

Next, the commercial segment is expected to follow, with the market share of about 30%. This growth will be driven by the increasing demand for wet gas meters to be placed in business offices. In addition, they will also be used to measure the amount of gas a commercial center is using for heating building and water for bathroom use. Finally, the industrial segment will occupy the rest of the percentage, standing at about 20%. This need for installation will increase as a result of the growing demand for wet gas meters to be installed in factories and other industries.

The market increase will be propelled by the enlarging need for wet gas meters for residential, commercial, and industrial uses. Besides, the rising consciousness of the benefits of wet gas meters is also expected to help market growth.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Wetgas Meters Market Gas Type Insights

The Wetgas Meters Market segmentation by Gas Type includes Natural Gas, Liquefied Petroleum Gas (LPG), and Biogas. Natural Gas segment has a significant market share due to various factors such as government initiatives to reduce emissions and its availability in abundant quantities. The Liquefied Petroleum Gas (LPG) segment is witnessing steady growth rate owing to increased adoption of LPG in residential and commercial applications. Biogas segment presents ample opportunities for market growth owing to rising concerns about environmental sustainability and the growing number of biogas production facilities worldwide.

Wetgas Meters Market Measurement Principle Insights

The Wetgas Meters Market is segmented based on Measurement Principle into Positive Displacement Meters, Turbine Meters, Ultrasonic Meters, and Coriolis Meters. Among these, Positive Displacement Meters held the largest revenue share in 2023. Positive Displacement Meters are well-suited for measuring low flow rates and are less expensive than other types of meters. Turbine Meters are expected to witness the fastest growth rate during the forecast period due to their accuracy and reliability. Ultrasonic Meters are gaining popularity due to their non-invasive nature and ability to measure flow rates in harsh environments. Coriolis Meters are used for measuring mass flow rate and are expected to witness steady growth in the coming years.

Wetgas Meters Market Display Type Insights

The Display Type segment of the Wetgas Meters Market is categorized into Mechanical Dial Readout, Electronic Digital Display, and Remote Display. Electronic Digital Display is projected to hold the largest market share due to the increasing demand for advanced and user-friendly interfaces. The Wetgas Meters Market revenue for Electronic Digital Display is expected to reach USD 1.2 billion by 2024. The Remote Display segment is also expected to witness significant growth owing to the rising adoption of wireless technologies and the need for remote monitoring of wetgas meters.

Overall, the Display Type segment is driven by factors such as the increasing need for accurate and reliable measurement of wetgas flow, the adoption of advanced technologies, and the growing demand for energy efficiency.

Wetgas Meters Market Communication Protocol Insights

Wetgas Meters Market revenue from the communication protocol segment is expected to grow significantly over the forecast period. Modbus, HART, BACnet, and Wireless M-Bus are the key communication protocols used in wetgas meters. Among these, Modbus holds a dominant position in the market due to its simplicity, reliability, and wide acceptance in industrial automation systems. However, Wireless M-Bus is gaining traction owing to its ability to provide wireless connectivity, eliminating the need for physical cabling and reducing installation costs.

The growing adoption of smart grid technologies and the increasing need for remote monitoring and control of wetgas meters are driving the demand for advanced communication protocols like BACnet and Wireless M-Bus. Overall, the communication protocol segment in the Wetgas Meters Market is expected to witness steady growth, driven by the increasing demand for efficient and reliable communication solutions in the wetgas metering industry.

Wetgas Meters Market Regional Insights

The Wetgas Meters Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2023, owing to the presence of a large number of oil and gas companies and stringent government regulations regarding the measurement of gas flow. Europe is expected to be the second-largest market, followed by APAC. The APAC region is expected to witness the fastest growth over the forecast period, due to the increasing demand for natural gas in countries such as China and India.

The South American and MEA regions are expected to grow at a moderate pace over the forecast period. The Wetgas Meters Market revenue was valued at 3.61 USD Billion in 2023, and is projected to reach 5.1 USD Billion by 2032, exhibiting a CAGR of 3.9% during the forecast period. The growth of the market is attributed to the increasing demand for accurate measurement of gas flow in various industries, such as oil and gas, chemical, and power generation. Government regulations regarding the measurement of gas flow are also driving the growth of the market.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Wetgas Meters Market Key Players And Competitive Insights

Key market players of the Wetgas Meters Market continue to invest extensively in research and development to meet diverse customer expectations and broaden their product range. These companies also remain highly engaged in strategic partnerships, acquisitions, and mergers to gain steady market control. The industry is currently home to several new players, particularly in emerging economies, that benefit from supportive government regulations and high demand among local providers. This environment ensures a steady market competition, which results in high degrees of innovation and product development. Manufacturers benefit from the opportunity to improve their product range, and customers can choose among a wide range of alternatives to meet their needs.

Emerson remains highly visible on the Wetgas Meters Market and has attracted the attention of most customers because of the robustness of its product portfolio and the integrated range of gas measurement solutions developed for use in multiple industries. The technological innovativeness has also become a crucial component in the company’s market leading position. At this point, Emerson not only benefits from its well-developed distribution network but also the global extend of its operations. Emerson’s market performance is also supported by a strong emphasis on customer service and a heightened commitment to help its customers achieve their goals. The company, however, needs to invest more actively in research to improve its Wetgas Meters Market performance.

Another notable competitor in the Wetgas Meters Market is Sensus. The company’s product range includes a range of wet gas meters developed to meet other industry’s specific needs and benefits, from residential to commercial and industrial areas. The focus on advanced metering infrastructure solutions was a significant benefit to the company’s market position, allowing it real-time data collection and analysis. In addition, Sensus also engages in partnerships with utilities and energy providers to increase its decision-making and product control capabilities. The company is also committed to providing superior levels of customer satisfaction and, thus, designs its products and services to meet all needs and preferences reported by its customers.

Key Companies in the Wetgas Meters Market Include

• Siemens


• Honeywell


• National Oilwell Varco (NOV)


• Halliburton


• Baker Hughes


• 3M


• GE Oil Gas


• ABB


• Danaher


• Weatherford


• Flowserve


• Schlumberger


• Emerson


• Yokogawa


• Endress+Hauser

Wetgas Meters Market Industry Developments

The global wet gas meters market is projected to reach a value of USD 5.1 billion by 2032, exhibiting a CAGR of 3.9% during the forecast period 2024-2032. The market growth is primarily driven by the increasing demand for accurate and reliable measurement of wet gas in various industries such as oil and gas, chemical processing, and power generation.

Recent news developments and current affairs in the global wet gas meters market include:

Technological Advancements: Key market players are investing in research and development to introduce advanced wet gas meters with enhanced features such as higher accuracy, improved durability, and remote monitoring capabilities.
 Growing Adoption in Oil and Gas Industry: The increasing exploration and production activities in the oil and gas industry have led to a rise in the demand for wet gas meters for accurate measurement of gas flow rates in pipelines and production facilities.
 Expansion in Chemical Processing: The growing chemical processing industry globally has created a demand for wet gas meters to measure the flow of gases used in various chemical reactions and processes.
 Government Regulations: Stringent government regulations on environmental protection and energy efficiency have encouraged the adoption of wet gas meters for accurate monitoring and control of gas emissions in power plants and industrial facilities.

Wetgas Meters Market Segmentation Insights

1. 
   

   Wetgas Meters Market Type Outlook

   
   
   
   
   1. Residential
   
   
   2. Commercial
   
   
   3. Industrial
   
   
   
   

2. 
   

   Wetgas Meters Market Gas Type Outlook

   
   
   
   
   1. Natural Gas
   
   
   2. Liquefied Petroleum Gas (LPG)
   
   
   3. Biogas
   
   
   
   

3. 
   

   Wetgas Meters Market Measurement Principle Outlook

   
   
   
   
   1. Positive Displacement Meters
   
   
   2. Turbine Meters
   
   
   3. Ultrasonic Meters
   
   
   4. Coriolis Meters
   
   
   
   

4. 
   

   Wetgas Meters Market Display Type Outlook

   
   
   
   
   1. Mechanical Dial Readout
   
   
   2. Electronic Digital Display
   
   
   3. Remote Display
   
   
   
   

5. 
   

   Wetgas Meters Market Communication Protocol Outlook

   
   
   
   
   1. Modbus
   
   
   2. HART
   
   
   3. BACnet
   
   
   4. Wireless M-Bus
   
   
   
   

6. 
   

   Wetgas Meters Market Regional Outlook

   
   
   
   
   1. North America
   
   
   2. Europe
   
   
   3. South America
   
   
   4. Asia Pacific
   
   
   5. Middle East and Africa