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The smart gas meters market size is poised to grow by USD 3.38 billion, with a CAGR of 10.87% from 2023 to 2028. Smart gas meters promote resource efficiency and sustainability by optimizing gas usage. Increasing industrial natural gas consumption highlights the importance of these technologies. Government regulations and incentives further drive the adoption of gas meters, emphasizing energy conservation and environmental sustainability goals.
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In the modern world of energy management and conservation, Smart Gas Meters have emerged as a game-changer. These advanced metering solutions enable real-time monitoring and analysis of gas consumption, providing valuable insights for both residential and commercial consumers. The market is experiencing significant growth due to various factors, including the increasing focus on energy efficiency, government initiatives to promote the use of smart meters, and technological advancements. The market is also driven by the ability of these meters to offer features such as automatic meter reading, remote disconnection and reconnection, and real-time leak detection. Furthermore, the integration of these meters with IoT platforms and energy management systems is expected to further fuel market growth. The Smart Gas Meters market is a dynamic and evolving space, with key players constantly innovating to meet the changing needs of consumers and the energy industry.
The ability of smart gas meters to enable efficient use of gas is notably driving market growth. Smart gas meters and smart energy meters are proving to be of great value to the judicial use of gas and leading to economic savings. These devices help customers monitor and track gas usage patterns. Utility companies install these devices in residential, commercial, and industrial facilities that use natural gas. A smart gas meter has various advantages such as improved gas consumption monitoring, billing accuracy, and customized report generation. These advantages help in saving costs, tracking real-time consumption rates, and reducing errors. All this is gradually increasing the popularity, which will boost the growth of the market during the forecast period.
Moreover, factors such as rising natural gas prices and low-interest rates have encouraged investment in the upstream shale gas sector, resulting in increased gas production and oversupply in 2020 and 2021. Demand for natural gas is increasing as it is the main fuel for the power generation and industrial sectors. Industries use natural gas as a fuel source and/or feedstock to meet various energy needs. The growth of the global manufacturing sector is expected to lead to a steady increase in demand for natural gas in the future. Energy consumption costs make up a large part of the total cost of an industrial plant. Therefore, these sectors rely heavily on gas meters to monitor natural gas consumption.
Upgrading to the latest wireless technologies is the key trend influencing the market growth. Obtaining consumption data manually has proven to be inaccurate and has raised unwanted expenses for Industries. To combat this, adopting wireless technology has proven to be efficient in generating accurate bills and controlling their expenses. Such meters are a part of the smart power network, which comprises sensors, controllers, a two-way communication network, and a data management system to get accurate data and track energy consumption in real-time. As technology advances, the demand for smart home technology solutions increases. Smart devices are also very popular with consumers in their daily life.
Additionally, property owners who invest in smart home technology will quickly see a return on their investment as they attract quality residents, pay higher rents, and benefit from lease renewals. Over 8,000 start-ups are involved in developing IoT-based hardware and software for smart home automation and security-related applications. In terms of investments, some of the most active investors in the global smart home market include Plug and Play Tech Center, HAX, Techstars, Y Combinator, and Startup Bootcamp. Smart home technology also includes the introduction in residential and commercial spaces. Hence, increasing investment in smart home technology will boost the growth of the global market during the forecast period.
The high installation cost of the gas meters is challenging the market growth. The installation cost is relatively higher than traditional meters. The return on investment for these instruments is realized within 5 to 8 years. The benefits of installing these meters are not a solid business case, especially for gas utilities that do not have the capital to make large investments. Moreover, introducing such expensive technology into a country with a large population is a huge proposition. Utilities have to invest in network technology to connect their smart meters to devices. Integration with this network technology is an integral part of installing such meters and increases the overall cost of these meters. The cost of replacing old meters is also high. All these factors hinder the deployment of these systems in certain regions. Therefore, the high capital requirements required for device installation are expected to limit the growth of the global market during the forecast period.
Further, along with all this, they use wireless technology to transmit data. If the transmitted data is unencrypted, it can be easily intercepted and vulnerable to various cyber hacker threats. Sensors are typically unmanned, allowing consumers looking to reduce their energy bills to hack, sabotage, or circumvent limits on the amount of energy consumed. Also, the lack of privacy in the transmission of this device from the user side to the utility company is very dangerous as this information can reveal personal information about the user. By leaking such information, telemarketers and advertisers also obtain information about end-her users without their consent. Such factors are likely to hamper the growth of the global market 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 market growth and trends report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies. 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.
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.
Honeywell International Inc. The company offers a wide variety of electromagnetic flow meters, ultrasonic flow meters, oil meters, water meters, and software.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 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 market growth in the Automatic meter reading (AMR) segment will be significant during the forecast period. The AMR systems establish a communication channel between gas utilities and customers. It collects and transfers gas consumption, diagnostics, and status data from gas meters to the central database automatically for analysis. Gas companies are using AMRs to automate gas usage readings instead of visiting each location and manually collecting data. For this reason, the gas operator prefers the AMR system over traditional devices that require manual gas readings. Another advantage of this technology is that it enables near real-time billing based on gas consumption rather than estimates based on past or projected consumption.
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The Automatic meter reading (AMR) segment was valued at USD 2.54 billion in 2018. The smart meters market prioritizes safety and efficiency in the utility sector through technologically advanced solutions like real-time data transmission from residential building. Companies such as Sensirion and Temetra offer products like the SGM6200 series and U6 gas meter, which provide high accuracy and ultra-low current consumption. These smart meters enable automatic meter reading, elimination the need for manual readings and ensuring proper billing. Moreover, smart meters facilitate smart grids and leak detection, providing prioritized alarms for safety concerns. The shipment volume of smart meters is increasing despite the slow economic recovery, with SMS PLC companies and start-ups playing significant roles in this growth. Real-time methane emission detection networks are also being integrated into these systems, further enhancing their capabilities. The hardware segment of the global market is expected to grow significantly with the prosperity of the Oil and Gas industry, which uses these meters to measure the consumption of (LPG) and (NG) during the forecast period.
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Europe is estimated to contribute 42% to the growth of the global market during the forecast period, while ROW will contribute 58%. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2023, Germany and the UK from Europe region will contribute significantly to the market growth in this region. The growing dependence of European countries on gas imports has significantly increased the demand for intelligent devices.In Europe's energy sector, the adoption of smart gas meters is on the rise, driven by the dependence on gas imports and the need for energy efficiency initiatives. In 2020, the UK imported 32bcm of natural gas, while Russia's gas imports reached 48%. The EU's LNG imports were 18%. To reduce import dependence, many countries have increased drilling activities.
Smart gas meters offer functional benefits, including accuracy and dependability, communication, and drill-down data. The automated grid and high connectivity enable real-time meter data collection and ongoing pipeline monitoring. Businesses' reopening and the economy's strength contribute to the cost-benefit analysis. Gas utility providers and electrical utilities are implementing this technology to improve operational security and energy consumption costs. Gas companies face costs associated with gas heating systems and supplies.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is experiencing a surge in demand due to the growing need for accurate and dependable efficiency of the gas flow measurement, especially with the rise in natural gas consumption. Government initiatives worldwide prioritize the deployment of this technology to enhance operational efficiency and reduce greenhouse gas emissions. Major players like Sensirion and SMS PLC are leveraging next-generation IoT-optimized technologies to meet the increasing demand for this device across residential, commercial, and industrial sectors globally. The market is witnessing a surge in demand due to various driving factors, including the economy's strength and the need for increased efficiency in gas flow. Drilling activities and the efficiency of gas heating systems further contribute to the market's growth. As energy efficiency initiatives gain momentum, gas utility providers are embracing this device for their functional benefits and operational security.
Further, in the modern energy landscape, the adoption is a significant trend. These advanced metering solutions offer numerous benefits, including real-time consumption data, improved accuracy, and enhanced energy management. The market is witnessing robust growth, driven by various factors such as government initiatives, increasing consumer awareness, and technological advancements. The market is segmented based on technology, application, and region. The major technologies used are Ultrasonic, RF, and Pulse. The primary applications include residential, commercial, and industrial sectors. The market is expected to continue its growth trajectory, with key players focusing on innovation and expansion. The Smart Gas Meters market is a dynamic and evolving sector, offering exciting opportunities for stakeholders.
Additionally, the implementation of these gas meters offers high connectivity and real-time data for efficient monitoring and management of gas supplies. Major companies and utility sectors are prioritizing the installation of these meters, especially in residential and commercial buildings. With technologically advanced features such as prioritized alarms and methane emission detection, these meters enhance safety and reliability in the gas sector. In regions under study, ongoing pipeline monitoring and the adoption of such grids drive the deployment of smart gas meters. As global demand for natural gas increases, the shipment volume of smart meters is expected to rise, providing ample opportunities for manufacturers and end-users alike to capitalize on the benefits of this technology.
Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.87% |
Market Growth 2024-2028 |
USD 3.38 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.53 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 42% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AEM SA, Aichi Tokei Denki Co. Ltd., Apator SA, Diehl Stiftung and Co. KG, EDMI Ltd., Fanna Technology, Flonidan AS, GenesisGas, Holley Technology Ltd., Honeywell International Inc., Hubbell Inc., Itron Inc., Landis Gyr AG, Pietro Fiorentini Spa, Raychem RPG Pvt. Ltd., Sagemcom Broadband SAS, Wasion Holdings Ltd., Xylem Inc., Yazaki Corp., and ZENNER INTERNATIONAL GMBH and CO.KG |
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 the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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