USD 3.4 billion
Gas Meter Market Size, Share, Growth Analysis, By Type (Basic Gas Meter, Smart Gas Meter), By Application (Residential, Commercial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25G2014 |
Region:
Global |
Published Date: November, 2024
Pages:
156
|Tables:
62
|Figures:
70
Gas Meter Market Insights
Global Gas Meter Market size was valued at USD 3.4 billion in 2022 and is poised to grow from USD 3.56 billion in 2023 to USD 5.14 billion by 2031, growing at a CAGR of 4.70% during the forecast period (2024-2031).
The gas meter market is recording phenomenal growth due to increasing consumption of natural gas and an intense promotional drive for installing smart meters. As natural gas consumption started to emerge as a more significant percentage of total energy consumption, the need for precise and efficient measuring devices increased. However, since the industry is highly capital-intensive, it faces some challenges. In other words, a potential entrant in this market may be discouraged by the high initial investment necessary to deploy an innovative technology. Smart meters are costlier to produce than traditional mechanical meters because smart meters integrate technologically advanced networking modules, sensors, and data processing capabilities. Smart meters thus represent the peak of innovation in meters. Also, these smart meters, to provide faultless data transfer, need a robust communication network, due to which the overall utility prices increase.
The industry is moving towards smart meters that can provide advanced features in the form of remote reading, two-way connectivity, and comprehensive data analytics. Utilities can distribute energy efficiently, cope with peak demand in a better way, and detect the possible problems much in advance by using these skill sets. Smart meters presently provide users with current, up-to-date information about energy usage, thus empowering them to be more conscious of the amount of energy they consume and conserve more of it. In addition, integrating gas meters into the IoT infrastructure has been granting them the ability to interact even with other intelligent devices within a residential or commercial environment, thus allowing for a more holistic and intelligent system of energy management. By keeping up with technological developments and integrating advanced solutions, manufacturers of gas meters and utility companies can ensure that they provide efficient, safe, and informative metering systems and meet ever-changing market expectations.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Residential
Fastest Growth
Smart Gas Meter
Growth Rate
4.70%
Global Gas Meter Market ($ Bn)
Country Share for North America Region (%)
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Gas Meter Market Segmental Analysis
Global Gas Meter Market is segmented by Type, Application, and Region. Based on Type, the market is segmented into Basic Gas Meter, and Smart Gas Meter (Smart Ultrasonic Gas Meter, Smart Diaphragm Gas Meter). Based on Application, the market is segmented into Residential, Commercial, and Industrial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis By Product Type
The traditional gas meters segment size is approximately USD 1.9 billion in the year 2023 and is expected to showcase a growth rate of 4.3% over the forecast period of 2024 to 2032. Traditional meters measure gas flow by relying on the movement of internal chambers or compartments that rotate or oscillate. These chambers move due to the gas filling them as it passes through the meter. Subsequently, the number of motions or rotations is converted into a volume measurement that can either be electronically recorded or shown on a moving dial. The steady market growth of traditional meter over the years has been due in large part to the fact that they are dependable and functionally quite straightforward in comparison with the rapid advances in smart meter technology.
The smart gas meter segment is expected to rise phenomenally during the period forecasted. In addition, smart gas meters, different from traditional meters, offer high-level features such as advanced data analytics and the ability for them to be read and to transfer data remotely in real-time. The meters have fitted wireless networks and can share data that allows for better monitoring of gas consumption more accurately and efficiently. As they can help users measure consumption in real time and help utilities manage energy distribution more effectively, this could lead to better energy management and possible cost savings. With the increasing emphasis on smart grid technologies and IoT, the adoption of smart gas meters is expected to witness a significant rise in the gas meter market.
Analysis By End Use
In 2023, the residential application segment dominated the market by holding a significant revenue share of 41.23%. This is because smart gas meters are being increasingly applied on account of several advantages that include better accuracy, remote meter reading, and real-time monitoring. As smart meters offer a range of advantages, from energy efficiency and cost savings to ease billing procedures, they have gained more demand from utility companies and customers. Due to the convenience and transparency in smart meters, it finds wide application in residential areas, thereby widening the category in the market.
There are several factors driving the solid growth of the commercial segment in the gas meter market. These include increasing application of smart gas meters for more accurate billing, gas consumption monitoring in real time, and improved efficiency in utility operations. Businesses, too, are finding several benefits associated with smart meters, including improved resource utilization, reduced wastage of energy, and better energy management. The demand for smart gas meters is expected to rise further as the companies seek to cut costs and raise efficiency, thereby driving the commercial gas meter market.
Global Gas Meter Market By Product Type
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Gas Meter Market Regional Insights
North America, with the largest share of about 35.39%, dominated the global gas meter market in 2023. The region's governments are involved in implementing plans and policies for the penetration of smart gas meters. The incentives, legislation, and energy efficiency goals at the national level are all part of it. For instance, the United States encourages utilities to develop plans for the wide diffusion of smart meters to reach ambitious environmental objectives along with improved grid management. In addition, the trend is encouraged by government programs for sustainability and efficiency in energy use; the advent of smart metering technologies enables real-time monitoring and optimization. These changes are driven by the necessity for minimizing losses upon transmission and distribution of gas.
Due to the national and EU legislation targeted at a reduction of carbon emissions and increased energy efficiency, Europe is expected to lead the market. The Third Energy Package of the European Union mandated the installation of smart meters for gas and electricity, which led to its high usage among the member states. The legal framework has clearly mandated utilities to invest in smart grid and smart technology. Growth in the UK gas meter market is expected to be witnessed during the forecast period. Smart gas meters are largely dependent on smart grid infrastructure development in the UK. Smart gas meters facilitate demand response programs, grid optimization, and integration with renewable sources. The UK government's initiatives to promote a low-carbon economy create further opportunities for the deployment of smart meters as part of sustainable energy practices. It is estimated that, between 2024 and 2030, the gas meter market is expected to witness growth in Germany. The country of Germany has hugely invested in both solar and wind energies.
Global Gas Meter Market By Geography
- Largest
- Fastest
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Gas Meter Market Dynamics
Drivers
- Increasing Adoption of Smart Gas Meters
One of the major growth drivers in the gas meter market is increasing adoption of smart gas meters. The smart meters are also attracting customers and energy providers due to their potential for real-time monitoring, remote meter reading capabilities, and accuracy. The move toward smart meters will be facilitated by the increasing demands for energy efficiency, lower financial expenditure, and faster speeds in billing processes. With technological advancement, smart meters are getting cheaper and, therefore, easily available. In addition, the fact that smart meters also grant utilities more control over their operations, help reduce energy waste and improve customer service encourages their adoption and fuels market growth.
- Increasing Energy Efficiency and Conservation Awareness
Another crucial driver in the gas meter market is increased energy efficiency and energy conservation awareness. Governments and other regulating agencies have over the years been advocating policies and programs that would either consume less energy or were sustainable in practice. Meters, especially gas meters, are important in this area of energy efficiency due to their important role in regulating and monitoring energy consumption. It can be expected that advanced gas meters will be increasingly used in the coming times as awareness of energy conservation spreads across the globe. More importantly, the energy-efficient behavior contributing towards mitigating climate change through assurance of sustainable reduction of greenhouse gas emissions is expected to encourage gas meter uptake and therefore market development.
Restraints
- Exorbitant Installation Charges
The high cost of installation is one of the major issues to hamper growth within the gas meter market. For certain households and small-scale businesses, the initial installation of gas meters, especially smart meters, becomes very costly. The interference in the cost barrier may slow down the implementation of advanced gas meters, reducing market growth. The requirement for a communicational network and other supporting infrastructure might increase installation costs. Since these are huge initial costs, the profits may be realized after a relatively long period; thus, making the wide diffusion hard to achieve. To further complicate matters, installation costs may vary depending on the location and the type of meter.
- Issues Regarding Security and Technological Malfunctions
Another factor that obstructs the growth of the gas meter market is security and technological malfunctions. The complex communication and technology involved in operating smart gas meters make them vulnerable to cyber-attacks, data breaches, and technical failures. Such potential fears about smart meters can lead to a lack of trust in their implementation by energy companies and consumers, thereby slowing down the implementation of smart meters. Moreover, the technical glitches which could include incorrect meter readings, faulty billing, and service disruption can weaken the efficiency of the gas meters. Addressing these issues of technology and related security will be crucial in making the gas meters more reliable for consumer confidence and maintaining momentum in the market.
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Gas Meter Market Competitive Landscape
Itron, Honeywell International Incorporation, Xylem Incorporation, Apator SA, Diehl Stiftung & Co.KG, and ABB Limited are some of the key players in the gas meter market. In the year 2023, these companies together have held around a 5–10% share in the market. The market consists of many industrial business companies from both domestic and foreign markets. Advanced Metering Infrastructure (AMI) is one of the key offerings of most of these companies, wherein remote data collection and analysis would be enabled. The market serves the needs of innovation for gas meters and provides satisfaction to various needs within the industry.
Top Player’s Company Profiles
- Siemens AG (Germany)
- Badger Meter, Inc. (US)
- KROHNE Group (Germany)
- Schneider Electric (France)
- Apator SA (Apator Group) (Poland)
- Endress+Hauser (Switzerland)
- Diehl Metering GmbH (Diehl Group) (Germany)
- ABB (Switzerland)
- Aichi Tokei Denki Co., Ltd. (Japan)
- Chongqing Shancheng Gas Equipment Co., Ltd. (China)
- Zenner International GmbH & Co. KG (Germany)
- Flonidan A/S (Denmark)
- EMH metering GmbH & Co. KG (Germany)
- Badger Meter, Inc. (US)
- Wasion Group Holdings Limited (Star Treasure Investments Holdings Limited) (China)
- Meter Italia S.p.A. (Italy)
- Holley Technology Ltd. (Holley Group) (China)
- Pietro Fiorentini S.p.A. (Italy)
- Raychem RPG Pvt. Ltd. (India)
Recent Developments
- In April 2024, the joint venture between Genesis Gas Solutions Pvt Ltd, known as GGSPL, and Indraprastha Gas Ltd-IGL, Vikas Lifecare Ltd (VLL), will invest around USD 1 million in constructing a gas meter manufacturing factory in Noida, India. This investment would allow the company to raise its market share toward its objective of producing one million meters of gas annually.
- In January 2024, an agreement was signed between Itron and the Sevier County utility district to deploy Itron's AMI necessary for gas, including 30,000 Itron Cellular 800G gas models. This deployment will improve the utility district gas operations and meter readings of Sevier County, making its gas distribution infrastructure more visible.
- In November 2023, Honeywell Inc. in the Netherlands, presented a 100% capable hydrogen diaphragm EI5 Gas Meter. This action has been done to support the region's goals under the European Green Deal. The new gas meter will be able to measure both hydrogen and natural gas. The meter requires less maintenance and does not need any replacement in the future.
Gas Meter Key Market Trends
- Combination of Cloud and IoT Technologies: IoT and cloud computing are becoming integral to the gas meter market. The connection has made gas meters more accurate and effective. Simultaneously, it allows for data analytics, remote meter administration, and real-time monitoring. IoT-enabled gas meters can transmit the data directly to the cloud for analytics that would help utility providers monitor usage trends, identify leaks, and optimize their distribution networks. By this trend, in such cases, the adoption of smart gas meters is expected to enable utilities to enhance operational efficiency, reduce energy waste, and improve customer service. As the IoT and cloud computing continue to develop, it is envisioned that its applications in gas meters will also be more integrated.
- Conveyance of Prepayment Gas Meters: Another evolution within the gas meter market is the trend toward prepayment gas meters. Customers who use a prepayment meter can budget and have more control over their energy expenses by paying in advance for the gas consumed. This trend has been driven by demands from increasing cost reductions and energy efficiency. Utility businesses benefit from the prepayment gas meters, too, since they improve cash flow and reduce risks related to non-payment. Besides, prepayment meters stand in line with the smart meter technology that allows for real-time monitoring and remote meter reading. The industry is expected to grow as the demand for prepayment gas meters rises, especially with more customers becoming aware of their energy consumption.
Gas Meter Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the gas meter market is anticipated to witness considerable growth due to the increasing demand for smart gas meters, more energy efficiency concerns, and integration with cloud and IoT technologies. Advanced functionalities associated with higher accuracy, real-time tracking, and cost-effectiveness, will attract more deployment of the drawbacks caused by sophisticated gas meters, though high installation cost and technical issues are still challenges. An across-the-board take-up of prepayment meters, smart gas meters, and advanced technologies bring about energy saving and management with the growth of this industry. The gas meter market looks bright for a promising future replete with opportunities for growth and innovation.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.4 billion |
| Market size value in 2031 | USD 5.14 billion |
| Growth Rate | 4.70% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Gas Meter Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Gas Meter Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Gas Meter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Gas Meter Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Gas Meter Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Gas Meter Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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