Global Smart Gas Meter Market to Reach US$ 3.6 Billion by 2032, Fuelled by Increasing Product Utilization Across Residential Sector

February 10, 2023 | Electronics and Semiconductors

According to the latest report by IMARC Group, titled “­­Smart Gas Meter Market Report by Component (Hardware, Software), Type (Automated Metering Infrastructure (AMI), Automated Meter Reading (AMR)), End Use (Residential, Commercial, Industrial), and Region 2024-2032,” the global smart gas meter market size reached US$ 2.1 Billion in 2023. A smart gas meter is a modernized version of a conventional measuring device designed to track electrical current flow at regular intervals. It provides a clear readout of energy consumed value, voltage levels, current, and power factor and calculates monthly bills while eliminating any unexplained usage. It comprises an in-home display that offers information regarding real-time uptake and uses wireless networks to capture, store and transmit meter data directly to the central server. As compared to traditional meters, it is equipped with advanced technology that provides energy consumption in digital readings instead of analog. Apart from this, smart gas meters monitor asset performance, ensure accurate accounting of gas consumption, and allow remote monitoring with automatic billing services. As a result, they are extensively installed across various establishments to evaluate monthly tariffs and measure the pressure, volume, and temperature of the gas flowing in the pipeline.

Global Smart Gas Meter Market Trends:

The ongoing restructuring of pipeline infrastructures and gas distribution networks across the residential sector to perform various household applications, including cooking, water heating, and room heating, represents a prime factor driving the market growth. Moreover, the growing energy usage and the escalating environmental equilibrium concerns have prompted governments to promote the uptake of smart gas to counter and reduce greenhouse gas (GHG) emissions, which is another factor contributing to the market’s development. Additionally, the increasing consumer awareness regarding the efficient consumption of energy, along with the escalating need for effective real-time monitoring and transparent billing solutions, are favoring the market growth. Furthermore, the smart gas meter offers accurate readings, stores data, prevents unaccounted consumption, and eliminates the need for manual labor, which, in turn, is facilitating the product demand in the market. In line with this, the extensive integration of the internet of things (IoT)-enabled platforms with smart gas metering networks to monitor temperature, pressure, gas usage, flow, and leakages is propelling the market growth. Apart from this, rapid digitalization and the advent of remote monitoring and leakage detection solutions with smart cybersecurity systems to ensure secure consumer data consumption are positively impacting the market growth. Looking forward, the market value is projected to reach US$ 3.6 Billion by 2032, expanding at a CAGR of 6.2% during 2024-2032.

Market Summary:

  • Based on the component, the market has been bifurcated into hardware and software.
  • On the basis of the type, the market is divided into automated metering infrastructure (AMI) and automated meter reading (AMR).
  • Based on the end use, the market is segregated into residential, commercial, and industrial.
  • On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being Aclara Technologies LLC (Hubbell Incorporated), Aichi Tokei Denki Co. Ltd., Apator SA, Chongqing Shancheng Gas Equipment Co. Ltd., Diehl Stiftung & Co. KG, EDMI Limited (Osaki Electric Co. Ltd.), Honeywell International Inc., Itron Inc, Landis+Gyr, Raychem RPG Private Limited, Schneider Electric SE, Siemens AG and Wasion Holdings Limited.
     

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component, Type, End Use, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Aclara Technologies LLC (Hubbell Incorporated), Aichi Tokei Denki Co. Ltd., Apator SA, Chongqing Shancheng Gas Equipment Co. Ltd., Diehl Stiftung & Co. KG, EDMI Limited (Osaki Electric Co. Ltd.), Honeywell International Inc., Itron Inc, Landis+Gyr, Raychem RPG Private Limited, Schneider Electric SE, Siemens AG and Wasion Holdings Limited.
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Global Smart Gas Meter Market to Reach US$ 3.6 Billion by 2032, Fuelled by Increasing Product Utilization Across Residential Sector
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