Smart Gas Meter Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The market value of the smart gas meter market was valued at USD 5.6 billion in 2022, and a CAGR of 5.3% is expected during the forecast period. A smart gas meter is an advanced device that monitors and transmits gas consumption data remotely. It often provides real-time usage information, enhances accuracy, and enables efficient management of gas resources. The increasing need for real-time monitoring and analysis of gas consumption to enhance energy efficiency is driving the growth of the market.

Increased demand for accurate consumption data, regulatory mandates promoting energy efficiency, the need for remote monitoring and control, and advancements in IoT technology facilitating smart infrastructure. The potential for cost savings and operational efficiencies drives adoption among utility companies and consumers.

Impact of Covid-19

The COVID-19 pandemic has had a mixed impact on the smart gas meter market. Due to disruptions in the supply chain and construction activities, installation has slowed down. Increased focus on remote monitoring and data analytics for efficient energy management has accelerated the adoption of smart meters. Economic uncertainties have negatively influenced the market. Manufacturing was temporarily shut down during COVID-19, so overall, the impact of COVID-19 was negative on the smart gas meter market. Growing environmental consciousness among the users is driving the growth of the market significantly.

Growth Drivers

The increased need for real-time monitoring of gas consumption to enhance energy efficiency is driving the growth of the market. Increased global focus on energy conservation and efficiency encourages the adoption of smart gas meters for more accurate monitoring and consumption control. Government regulations promoting the deployment of smart meters to enhance resource management and reduce environmental impact contribute to market growth. Continuous improvement in sensor technology, communication protocols, and IoT capabilities enhances the functionality and appeal of smart gas meters, driving market growth.

Financial incentives and subsidies provided by governments to encourage the deployment of smart meters significantly boost market growth. Increased awareness about smart gas meters among consumers is driving the growth of the market. The synergy between smart gas meters and smart gas grids facilitates improved energy distribution, demand response, and overall grid management, contributing to market growth. Growing environmental consciousness among consumers and businesses to seek ways to minimize their carbon footprint, driving the adoption of technologies like smart gas meters for more sustainable energy practices.

With the increasing urban population, the demand for efficient and automated utility management systems, including smart gas meters, rises to meet the needs of densely populated areas. The ability of smart gas meters to provide real-time data and analytics enables better decision-making for both consumers and utility providers. Increasing demand for smart gas meters to assure energy efficiency and reduce emissions of greenhouse gases is driving market growth significantly.

Segmentation

Application

·         Residential

·         Commercial

Type

·         Smart Ultrasonic Gas Meter

·         Smart Diaphragm Gas Meter

Component

·         Hardware

·         Software

Technology

·         Automated Meter Reading

·         Advanced Metering Infrastructure

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Smart Gas Meter Market Application Segmentation

On the basis of applications, the smart gas meter market is segmented into residential and commercial. The commercial segment is leading and is expected to lead during the forecast period due to the increasing use of smart gas meters in various industries to ensure energy efficiency and reduce the greenhouse gas effect.

Smart Gas Meter Market Component Segmentation

On the basis of the components, the smart gas meter market is segmented into hardware and software. Hardware is the leading segment and is expected to dominate significantly during the forecast period. Increasing demand for precise smart gas meters is expected to propel growth in the market. Manufacturers are increasingly focusing on designing hardware components with a high level of system integration, which is expected to dominate the market significantly during the forecast period. Simplified designs are used to reduce costs and ensure energy efficiency.

Smart Gas Meter Market Technology Segmentation

On the basis of technology, the smart gas meter market is segmented into automated meter reading and advanced metering infrastructure. Advance metering infrastructure is the fastest-growing segment in the market and is expected to dominate during the forecast period due to its financial gain. It assures faster detection of meter failures and improves the accuracy of billing. It also provides leverage for customers to save money and ensure energy efficiency.

Regional Outlook

On the basis of the regions, the smart gas meter is segmented into 5 parts: Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Europe is the leading segment and is expected to lead during the forecast period. Factors such as increasing emphasis on energy efficiency, regulatory initiatives, and the adoption of smart technologies were driving this market. Different countries in Europe had varying levels of smart gas meter deployment, with some nations being more advanced than others in their adoption of the technology. Countries like Spain, France, Germany, the UK, Norway, Sweden, Denmark, and the Netherlands are the leading segments in Europe. The emphasis in Europe was to reduce greenhouse gas emissions. Growing environmental consciousness among consumers is driving the growth of the market significantly.

Due to advancements in metering technologies, the market is witnessing significant growth in North America. Countries like the United States, Canada, and Mexico are witnessing moderate growth. Improved accuracy, remote monitoring capabilities, rapid urbanization, and modernization of utility infrastructure are driving the growth of the market. The demand is also influenced by regulatory initiatives promoting the deployment of smart meters to enhance energy management and reduce environmental impacts. Rapidly growing urbanization, increasing industrialization, and increasing awareness about energy efficiency are driving market growth in Asia-Pacific regions like China, Japan, India, and South Korea. The emphasis was on ensuring the reduction of losses in gas distribution. The presence of most of the key players in Europe, North America, and the Asia-Pacific region is driving the growth of the market significantly.

Key Players

·         Landis+GIR

·         Honeywell International

·         Apator Group

·         Itron Group

·         Diehl Metering

·         Sensus

·         EDMI

·         Raychem RPG

·         CHINT

·         Zenner

·         Master Meter

·         Aclara Technologies

·         Other Players