Smart Gas Meters Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Smart Gas Meter Market is segmented By Reading (Circular Reading, Direct Reading) By Type (Smart Ultrasonic Gas Meter, Smart Diaphragm Gas Meter) By Component (Hardware, Software) By End-User (Residential, Commercial, Industrial) and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Smart Gas Meter Market Size

The Global Smart Gas Meter Market reached US$ 2.2 billion in 2023 and is expected to reach US$ 3.6 billion by 2031 growing with a CAGR of 6.5% during the forecast period 2024-2031.

The global smart gas meter market is experiencing increased demand across various sectors, including gas utility companies and residential and commercial areas. Smart gas meters provide accurate measurements of gas consumption, enabling consumers to monitor and manage energy usage more efficiently. The emphasis on energy efficiency drives the adoption of smart gas meters, contributing to overall growth in the market. Companies globally are prioritizing energy efficiency initiatives and striving to reduce carbon emissions.

Asia-Pacific significant is witnessing significant growth in the smart gas meter market, with countries like India, China and Japan emerging as major contributors. China, in particular, stands out as one of the largest consumers of energy and is actively deploying smart gas meters. For instance, on 19 Aug 2021, Indian utility company Indraprastha Gas Limited selected Tancy to provide smart gas meters as part of its grid modernization program. Tancy's solution offers end-to-end solutions and real-time monitoring capabilities for enhanced gas security. The initiative is expected to improve management efficiency and modernization levels in the gas sector.

Smart Gas Meter Market Scope

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Smart Gas Meter Market Dynamics

Advancements in IoT Technology Revolutionize Smart Gas Meters

The revolution in IoT technology has brought about significant advancements in smart gas meters, transforming the way they are monitored and controlled. Through IoT connectivity, smart gas meters can now be closely monitored and managed, providing utility companies and consumers with access to real-time data on gas consumption, meter readings and other critical parameters. The eliminates the need for manual readings and enables swift detection of issues or anomalies.

For instance, on 27th September 2022, Kiwi Technology, a leading IoT solutions provider, developed a Network Control Unit (NCU) using Semtech's LoRa devices to facilitate real-time connectivity and monitoring of gas meters. The NCU system deployed by Kiwi Technology allows for remote meter reading of both indoor and outdoor gas meters and provides valuable data to a Japanese gas utility company. Additionally, the smart gas solution offered by Kiwi Technology ensures gas supply and infrastructure safety by promptly detecting and alerting potential methane leaks and equipment malfunctions. The innovative system represents a significant step forward in enhancing the efficiency and safety of gas metering infrastructure.

Driving Efficiency and Cost Savings

Smart gas meters play a pivotal role in driving efficiency and cost savings within the industrial manufacturing sector, where gas consumption is substantial for various processes and operations. The advanced features of smart gas meters facilitate accurate monitoring and measurement of gas consumption, empowering businesses to optimize their energy usage effectively. By leveraging the data provided by smart gas meters, industrial facilities can identify areas of high consumption and implement targeted energy-saving measures, leading to significant cost reductions and enhanced overall efficiency.

Moreover, the adoption of smart gas meters in industrial areas enables businesses to actively participate in demand response programs. The programs incentivize companies to adjust their gas usage during peak demand periods, thereby alleviating strain on the gas supply infrastructure and mitigating the risk of potential energy shortages. The real-time data provided by smart gas meters enables businesses to monitor their gas consumption levels closely, facilitating their participation in demand response programs and allowing them to capitalize on financial incentives offered for efficient energy management. The integration of smart gas meters into industrial manufacturing processes not only drives operational efficiency but also contributes to the sustainability and resilience of the overall energy infrastructure.

Cost and Privacy Concerns 

The adoption of smart gas meters faces several limitations and obstacles that impede market growth. Firstly, the installation process of smart gas meters entails significant upfront costs. The includes expenses related to the meters themselves, communication infrastructure, data management systems and installation services, which can strain the budgets of utility companies or consumers.

Additionally, the detailed data collection capabilities of smart gas meters raise privacy concerns among certain individuals. The continuous monitoring of gas consumption patterns can provide insights into residents' daily routines and habits, potentially compromising their privacy. As a result, there are concerns about data security and the potential misuse of this information, leading to apprehensions among consumers and hindering widespread adoption of smart gas meters. The challenges present significant hurdles for the smart gas meter market, necessitating careful consideration and mitigation strategies to address these concerns.

Smart Gas Meter Market Segment Analysis

The global smart gas meter is segmented based on reading, type, component, end-user and region.

Advantages of Smart Gas Meters in the Residential Sector

The residential sector is expected to be the fastest growing segment with 1/3rd of the market during the forecast period 2024-2031. Smart gas meters offer numerous advantages in residential areas, particularly in enhancing billing accuracy and energy management. By eliminating the need for manual meter readings, smart meters significantly reduce the potential for human errors and eliminate estimated billing practices. The ensures that customers receive accurate and timely bills based on their actual gas consumption, thereby enhancing overall customer satisfaction and minimizing disputes related to billing discrepancies. 

Furthermore, with access to real-time consumption data provided by smart meters, residential consumers can proactively identify energy-saving opportunities and make informed decisions to optimize their usage patterns accordingly. For instance, on March 30, 2023, Rochester Gas and Electric (RG & E) announced plans to adopt smart gas meters and replace existing electric and natural gas meters across residential homes within the next two years. The smart gas meters are specifically designed to accurately measure energy usage and provide valuable insights to consumers for better utility management.

Smart Gas Meter Market Geographical Penetration

Surge in Demand for Smart Gas Meters in the Asia-Pacific

Asia-Pacific is experiencing a notable surge in demand for smart gas meters, driven by advancements in innovation and technology, particularly in countries such as China, India and Japan. Governments in the region have taken proactive steps to modernize infrastructure and promote clean energy initiatives. For example, the Indian government has launched programs like the smart gas distribution project, aimed at providing clean and efficient natural gas to households, thereby fostering demand for smart gas meters.

Moreover, collaborative efforts between governments and industry players have further fueled the growth of the smart gas meter market in these countries. The collaboration has facilitated the development of robust infrastructure and the implementation of innovative solutions. For instance, on 7th March 2023, Vikas Limited, along with its subsidiary company Genesis Gas Solutions and Indraprastha Gas Ltd, announced a joint venture to establish India's first integrated smart gas meter manufacturing plant. The strategic partnership aims to cater not only to the domestic market but also to the international market. The smart meters produced by this venture offer advanced features such as smart analytics, dashboards and maintenance protocols, demonstrating a commitment to technological advancement and market leadership.

Smart Gas Meter Market Competitive Landscape

The major global players in the market include Itron, Honeywell International, EDMI, Diehl Metering, ZENNER, Xylem Inc, Apator Group, Raychem RPG, CHINT, Master Meter.

COVID-19 Impact Analysis OnSmart Gas Meter Market

The global pandemic has underscored the critical importance of remote monitoring and control of utility services, prompting a significant uptick in the adoption of smart gas meters. The advanced meters enable the remote collection of data, reducing the need for manual meter reading and minimizing physical contact between utility workers and consumers. The has not only enhanced operational efficiency but also contributed to the overall growth of the smart gas meter market.

Moreover, as consumers spent more time at home during lockdowns and restrictions, there has been a notable shift in energy consumption patterns. Smart gas meters play a vital role in this scenario by providing accurate and real-time data, ensuring that consumers are billed correctly based on their actual usage. The heightened awareness of energy consumption and conservation during the pandemic has further propelled the demand for smart gas meters.

Russia-Ukraine War Impact

The conflict between Russia and Ukraine has led to economic instability and cost fluctuations, significantly impacting the overall demand for smart gas meters. Trade restrictions and limitations resulting from the conflict have disrupted the supply chain management of smart gas meters between countries, further exacerbating the challenges faced by market players. Additionally, government policies influenced by the conflict have contributed to the slowdown in the growth of the smart gas meter market.

Moreover, the war has caused extensive damage to existing gas infrastructure, including pipelines and distribution networks. The damage has hindered the deployment of smart gas meters, as the infrastructure must be repaired or replaced before the meters can be installed effectively. As a result, the growth of the smart gas meter market has experienced a notable downturn due to these factors.

Key Developments

• On May 24, 2023, Colong, a metering company, launched a new project introducing smart meters designed specifically for Africa. The project includes the iDM APEX1 and iDMAPEX3, which are single and triple-phase smart meters offering advanced features and cellular connectivity.
• On September 21, 2022, Laison, a leading manufacturer, introduced its new generation prepaid smart water meter, the Paris series. The product comes with several upgrades, providing multiple communication options and flexibility in connectivity.
• On December 2023, Honeywell launched what it calls the first 100% hydrogen-capable gas meter. The EI5 smart gas meter, which is being piloted in the Wagenborgen hydrogen demonstration by Enexis in the Netherlands, is stated capable of measuring both hydrogen and natural gas.

Why Purchase the Report?

• To visualize the global smart gas meter market segmented based on reading, type, component, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of smart gas meter market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key product of all the major players.

The global smart gas meter market report would provide approximately 70 tables, 60 figures and 199 Pages

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies