Smart Gas Meter Market: Size, Dynamics, Regional Insights, and Market Segment Analysis (by Product Type, Technology, End-Use, and Region)

Smart Gas Meter Market was valued at USD 5.14 Bn in 2022, and it is expected to reach USD 15.45 Billion by 2029, exhibiting a CAGR of 17% during the forecast period (2023-2029)

Overview:

Smart gas metres provide a clear readout of the quantity of energy consumed, eliminating unexplained usage and the calculation of monthly bills. Such benefits provided by smart gas metres are projected to bode well for the market, encouraging smart gas metering market trends throughout the forecast period. Furthermore, the UN climate objective and related energy efficiency measures are driving high demand. Smart gas metres aid in lowering the fuel usage of gas heating systems, thereby influencing the development of a fully automated grid. Such factors are projected to increase the global deployment of smart gas metres.To know about the Research Methodology :- Request Free Sample Report
Smart Gas Meter Market Dynamics
Drivers:

Rising Demand for Energy to Promote Market Growth

The growing population and the demand for energy usage for different residential, commercial, and industrial applications are driving the growth of the smart gas metre market. Smart gas metres provide several benefits, including comprehensive feedback on energy usage, monthly bills, and a reduction in the number of monthly billings and the requirement for pipeline monitoring, among others. The increasing need for energy to meet the demands of the growing population is expected to drive the smart gas metre market growth over the forecast period. Additionally, the demand for clean energy, the reduction of greenhouse gas emissions, and the growth of renewable energy sources for consumption are likely to boost the total smart gas metre installation market size throughout the forecast period.

The growing use of smart metering networks in the residential and commercial industries drives the growth of the smart gas metre market.

The next generation of gas and electricity metres is known as smart metres. A smart metre detects how much gas and electricity is used and securely transmits this information to the energy source. And the portable in-home display reveals usage in real-time time, including how much energy we use and the accompanying cost. Thus, smart metres monitor and promote good energy practises. Greater tariff choices - many providers prefer smart metres and offer specific pricing to households with smart metres, providing numerous options. Furthermore, the widespread implementation of smart gas metres enhances distribution and smart grid operations by enabling communication between devices. Additionally, the widespread implementation of smart gas metres enhances distribution and smart grid operations by enabling communication with other smart metres. Growing consumer awareness of the need of good gas management, along with increased demand for end-to-end online monitoring technologies, is expected to drive the smart gas metre market during the forecast period (2022-2029)
Smart Gas Meter: Trends and Opportunities
Increased Demand for Smart Gas Meters in the Oil and Gas Industry

Operational benefits such as eliminating the need to manually record monthly readings, continuous pipeline monitoring, real-time data availability, and precision in operation are projected to increase the adoption of smart gas metering and, as a result, drive the smart gas metre market. The cost savings associated with a one-time investment in installing smart gas metres for residential, commercial, and industrial reasons are expected to boost market growth. Along with the benefits given to gas providers, the smart gas metre provides certain benefits for customers, including the ability to adjust monthly payments, comprehensive feedback on energy consumption, and a decrease in system failure. During the forecast period, these factors may provide significant revenue for the smart gas metre market.

However, in recent years, there has been a growth in demand for natural gas, which is expected to immediately impact demand for smart gas metres throughout the forecast period.

Restraints:

Several negative aspects are hampering the smart gas metre market's growth. The initial investment is quite significant, including the cost of purchase and installation, followed by maintenance fees and other expenses. Also, security worries about data privacy as smart metre devices collect user data are projected to hinder smart gas meter market growth.
Smart Gas Meter Market Segment Analysis
The advanced metering infrastructure technology segment dominated the industrial alcohol market in 2022, accounting for more than xx% of the market.

During the forecast period, Advanced Metering Infrastructure is expected to be the fastest-growing segment of the smart gas metre market. AMI technology saves utilities and Gas Company money by cutting equipment and maintenance costs and enabling speedier service restoration during outages. AMI helps customers by identifying metre problems and increasing billing accuracy. Secondly, the AMI-based smart gas metres enable time-based rate choices, which may help consumers save money and better manage their energy use. Another key advantage of advanced metering infrastructure metres is that they keep the customer-gas company relationship transparent. This keeps both parties informed of the exact readings and prevents misinterpretation.
Smart Gas Meter Market Regional Insights
The Europe smart gas metre market is expected to grow significantly as a result of the creation of numerous metering programs and the ongoing replacement of old devices with intelligent IoT-based metering solutions. Strict government mandates by the EU government to deliver smart metering systems to about 80% of end-users will drive market growth. Likewise, numerous governments have enacted security mandates and directives to ensure the encryption of sensitive customer data, which is expected to boost the sales of the smart gas meter.

United Kingdom Accounts for Significant Market Share

Thanks to a rising number of government programmes for the simultaneous implementation of energy metres, mostly backed by altering infrastructure, the United Kingdom accounts for a large market share. The UK government has launched the Smart Metering Implementation Program, with the goal of replacing over 53 million conventional energy and gas metres in over 30 million residential premises by 2020. The country's increased progress toward smart gas metre rollout as part of smart metres is likely to boost market growth. The Department of Energy and Industrial Policy is in charge of the country's rollout strategy. Significant reasons affecting the growth of smart gas metres include the increasing smart metre installation, rising awareness of the energy problem, and the European requirement to cut carbon emissions by 80% by 2050. 5.6 million Household smart metres have reportedly been placed by Centrica-owned British Gas, the country's energy provider, and 590,000 deployments are being sought nationwide. The UK Department of Business, Energy, and Industrial Strategy (BEIS) reports that between January 2019 and the end of March 2019, the country installed 457,900 gas metres.

Regional market companies are seizing many growth chances presented by the country in order to extend their market presence through strategic alliances or collaborations. Itron, Inc., for example, teamed with EDMI Limited, a global provider of smart metering system, to develop and commercialise a SMETS2-compliant gas metre. Pietro Fiorentini has also been involved with Hy4Heat, a United Kingdom effort aimed at establishing the potential and ease of replacing natural gas with hydrogen in residential and commercial buildings, as well as gas appliances. The plan would assist the country in becoming independent of fossil fuels and producing no net greenhouse gas emissions by 2050.

Asia Pacific is expected to hold a significant market share during the forecast period.

The pipeline network in China is expected to develop by 40,000 km per year, with an annual growth rate of over 10%. Furthermore, natural gas services will be provided to 470 million people, 42% higher than the baseline of 140 million, resulting in 10% yearly increase. To achieve these goals, China will import more natural gas, upgrade its peak-load control infrastructure, and digitalize urban natural gas services.

Additionally, the Hazira basin, Mumbai offshore, KG basin, and the North East Region are among the western and southeastern regions of India where domestic gas is sourced from oil and gas sources (Assam and Tripura). It is provided and dispersed in accordance with the pricing and use standards that are periodically established by the government. Domestic gas output in FY 2018–2019 was around 90.05 MMSCMD (Metric Standard Cubic Meter Per Day). In June, the Indian government unveiled new initiatives to increase the proportion of gas in the country's energy mix. By 2030, it is intended to boost gas's contribution from 6 to 15 percent. According to the Petroleum and Natural Gas Regulatory Board (PNGRB), a new pipeline tariff strategy to rationalise gas pricing across the country may be introduced soon.

There are now 29 natural gas fields in countries such as Bangladesh. The Gas Act, 2010 was enacted to govern the transmission, distribution, marketing, supply, and storage of natural gas and liquid hydrocarbons throughout Bangladesh's land territory, as well as its defined marine limits and economic zones.

On the other hand, the market in North America is expected to grow significantly as more infrastructures are replaced with new smart gas technology. The United States has dominated the market in this region, followed by Canada.

Scope of the Report

This research evaluates current activities and developments in each sub-sector, as well as revenue growth at the global, regional, and global levels (2023-2029). For this analysis, MMR divided the Smart Gas Meter market into product type, technology, End- Use and geographic locations. The market analysis also contains expected market estimates and trends for 17 countries spread throughout the world's primary geographic zones. The value for the aforementioned categories is provided in the report (in USD million).

The research also aids in understanding the Smart Gas Meter Market trends, structure, and size projections by evaluating market segments. The research serves as an investor's guide by providing a clear depiction of competition analysis of major competitors in the Smart Gas Meter Market by financial situation, product portfolio, growth plans, and geographical presence.
Global Smart Gas Meter Market Scope: Inquire before buying



Global Smart Gas Meter Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 5.14 Bn.


Forecast Period 2023 to 2029 CAGR:
17%
Market Size in 2029:
US $ 15.45 Bn.


 Segments Covered:
by Technology
• Diaphragm Gas Meters
• Turbine Gas Meters
• Rotary Gas Meters


by Type
• Smart Ultrasonic Gas Meter
• Smart Diaphragm Gas Meter


by Component
• Hardware
• Software


by End-User
• Commercial
• Industrial
• Residential



Smart Gas Meter Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Smart Gas Meter Market Key Players Are:
• Apator SA
• ABB
• GE
• Siemens
• Landis+Gyr
• Honeywell International Inc.
• Kamstrup
• Itron, Inc.
• Xylem Inc.
• Aclara
• Secure Meter Limited
• Holley Technology Ltd.
• Jabil
• Xemex
• EDMI Limited
• EMH metering GmbH & Co KG
• Others
Frequently Asked Questions:
1] What segments are covered in the Global Smart Gas Meter Market report?
Ans. The segments covered in the Smart Gas Meter Market report are based on Product, Source, Application, and Region.

2] Which region is expected to hold the highest share in the Global Smart Gas Meter Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Smart Gas Meter Market.

3] What is the market size of the Global Smart Gas Meter Market by 2029?
Ans. The market size of the Smart Gas Meter Market by 2029 is expected to reach USD 15.45 Bn.

4] What is the forecast period for the Global Smart Gas Meter Market?
Ans. The forecast period for the Smart Gas Meter Market is 2022-2029.

5] What was the market size of the Global Smart Gas Meter Market in 2022?
Ans. The market size of the Smart Gas Meter Market in 2022 was valued at USD 5.14 Bn