Global Smart Gas Meter Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Global Smart Gas Meter Market Growth

A smart meter helps in measuring gas or electricity use like a traditional meter and sends its readings to the supplier automatically. Gas companies use smart gas meters to remotely monitor consumer consumption, allowing them to manage demand and operations more efficiently while also ensuring accurate billing. This capability is driving the smart gas meter demand growth.

The smart gas meter market dynamics and trends are driven by advancements in technology and the development of intelligent networks with IoT-enabled platforms. These innovations are anticipated to enhance the monitoring of gas consumption, thereby increasing global demand for smart gas meters. With smart meters, gas can be switched on and off when fitted out with a remotely controlled valve. It depends on low-voltage battery power to expand operational life and avoid ignition risks.

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Global Smart Gas Meter Market Analysis

Developing intelligent and sustainable gas management solutions for precise billing mechanisms, coupled with remote metering, is likely to promote product adoption. This is further expected to drive the growth of the smart gas meter industry in the forecast period.

The widespread adoption of advanced communication modules coupled with the availability of various meter sizes that offer broad coverage and low power consumption is expected to drive increased product usage. This trend is likely to boost the demand for the smart gas meter market in the coming years.

Smart Gas Meter Industry Outlook

According to industry reports, in 2020, the total number of IoT connections was about 5 million, evenly divided between Consumer IoT and Enterprise IoT. By 2025, IoT connections are anticipated to increase to approximately 12 million, representing more than double the 2020 statistics. Looking ahead to 2030, IoT connections are expected to exceed 22 million, with enterprise IoT accounting for the larger portion. The enterprise sector is expected to account for over 14 million connections, while consumer IoT is anticipated to expand considerably, nearing 8 million connections. This growth in the smart gas meter market revenue is driven by IoT-enabled smart gas meters, which offer real-time data on gas usage, enabling more accurate monitoring, efficient consumption, and prompt leak detection.

According to the BP Statistical Review of World Energy (2022), Canada saw a significant rise in natural gas consumption, increasing from 4.08 exajoules in 2020 to 4.29 exajoules in 2021, which translates to a 5.5% growth rate. Similarly, Mexico's natural gas consumption grew from 3.01 exajoules in 2020 to 3.18 exajoules in 2021, reflecting a 5.7% growth rate. The total natural gas consumption in North America increased slightly from 37.04 exajoules in 2020 to 37.23 exajoules in 2021, showing a modest annual growth rate of 0.8%. In South and Central America, Brazil's natural gas consumption surged from 1.13 exajoules in 2020 to 1.46 exajoules in 2021, marking a substantial annual growth rate of 29.1%. Venezuela's consumption also rose, from 0.78 exajoules in 2020 to 0.86 exajoules in 2021, resulting in an 11.5% annual growth rate.

Further, in 2021, China's natural gas consumption rose to 13.63 exajoules from 12.12 exajoules in 2020, reflecting a strong annual growth rate of 12.8%. This level of consumption represented 9.4% of the global share for 2021. India's consumption increased from 2.18 exajoules in 2020 to 2.24 exajoules in 2021, marking a 3.1% growth rate and constituting 1.5% of the global share. South Korea's consumption saw a notable rise from 2.07 exajoules in 2020 to 2.25 exajoules in 2021, translating to a 9.0% growth rate and a 1.5% share of global consumption. Malaysia's consumption rose from 1.38 exajoules in 2020 to 1.48 exajoules in 2021, marking a 7.5% growth rate. This increase is boosting the smart gas meter industry revenue, as these meters facilitate accurate billing, early leak detection, and improved monitoring, which enhances the management of natural gas resources.

Smart gas meters improve accuracy in gas measurement and reduce operational costs through automated readings.

• They offer real-time data collection and monitoring, leading to better management of gas consumption and quick detection of leaks.
• Provides consumers with detailed usage data and insights, promoting energy conservation and cost savings.

The installation of smart gas meters involves significant upfront costs, which can be a barrier to widespread adoption.

• Integration and maintenance of advanced technology can be complex and require specialised skills.
• The collection and transmission of sensitive data can pose cybersecurity risks if not properly managed.

Growing regulatory support for smart infrastructure and energy efficiency can drive smart gas meter industry growth.

• Innovations in IoT and communication technologies can enhance the capabilities and adoption of smart gas meters.
• Increasing energy demands in emerging markets present opportunities for expanding the use of smart gas meters.

Intense competition from other smart metering technologies and traditional methods could impact smart gas meter market share.

• Consumer concerns about data privacy and the potential misuse of information may affect adoption rates.
• Economic downturns can lead to reduced investments in infrastructure upgrades, slowing market growth.

Key Players in the Global Smart Gas Meter Market and Their Key Initiatives

Honeywell International Inc.

• Deployed advanced metering infrastructure for improved data accuracy.
• Developed new smart gas meter technologies to meet the growing demand of the smart gas meter market.

Schneider Electric SE

• Launched IoT-enabled platforms for efficient gas consumption monitoring.
• Developed smart metering solutions to enhance energy efficiency.

Itron Inc.

• Launched a new modular smart gas meter platform for European utilities to capture the smart gas meter market opportunities.  
• Introduced the Intelis gFlex ultrasonic prepayment gas meter.

SIEMENS AG

• Deployed Advanced Metering Infrastructure (AMI) for 200,000 smart meters.
• Implemented ADMS and smart metering infrastructure.

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Global Smart Gas Meter Industry Segmentation

“Global Smart Gas Meter Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Technology

• Automatic Meter Reading (AMR)
• Advanced Metering Infrastructure (AMI)

Market Breakup by Type

• Smart Ultrasonic Gas Meter
• Smart Diaphragm Gas Meter

Market Breakup by Component

• Hardware
• Software

Market Breakup by End Use

• Residential
• Commercial
• Industrial

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Smart Gas Meter Market Share

The residential segment is expected to hold substantial growth in the smart gas meter market share on account of the rising installation of gas meters in the residential sector. This is due to the surging trend of switching from fossil fuels to gas for household utilisation. The rising government support with subsidiaries and incentives is further promoting the usage of gas which is likely to boost the smart gas meter market growth over the coming years.

Going further, the transparency upheld, and rates imposed in accordance with smart gas usage are likely to contribute to the rise in smart meter gas growth installations. This is further expected to bolster the smart gas meter market demand.

Leading Companies in the Smart Gas Meter Market

The companies specialise in advanced technology solutions, offering innovative products and services for smart infrastructure and energy management.

• Sehaj Synergy Technologies Pvt. Ltd.
• Honeywell International Inc.
• Diehl Stiftung & Co. KG
• Sensus
• Itron Inc.