New York , Feb. 13, 2024 (GLOBE NEWSWIRE) -- The global gas meter market size is predicted to grow at a CAGR of over 6.19% from 2024 to 2036. The market is projected to garner a revenue of USD 13.1 billion by the end of 2036, up from a revenue of USD 6 billion in the year 2023. The growth of the market can be attributed to the several advancements in the technology of gas meters. In the last few years, the gas meter has undergone several innovations in the technology, this includes the integration of the Internet of Things (IoT) in the meters to make it even smarter. Several manufacturers in the market are investing heavily in the research and development of new innovative gas metering equipment.
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For instance, Nicor Gas and Sensus, a Xylem brand has installed the two-way Sensus FlexNet communication network and SmartPoint and with this, they commence their journey of urbanization. In addition to these, factors that are believed to fuel the growth of the market include the rising need to reduce gas leak accidents and helps avert huge gas accidents. The need to avoid accidents and make the gas chambers a safe place to work and live around is increasing the demand for gas meters. Modern gas meters are built to detect any form of gas seeping from the piping.
Gas Meter Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The smart gas meter segment to garner the highest growth
- Market in Europe to grow at a highest rate
Increasing Government Initiatives Towards Energy Efficiency across the Globe to Boost Market Growth
With increased urbanization, numerous smart cities have sprouted up. Increased integration of smart petrol meters has accelerated meter market growth as smart grid network, smart gas, smart homes, and towns with real-time monitoring, remote management, and data analysis become more popular. As urbanization rises, so will the development of many businesses such as construction, automotive, and healthcare, which will eventually provide growth chances for various uses of petrol meters in such industries. The World Bank recently released data. With cities accounting for more than 80% of global GDP, urbanization has a chance to drive long-term growth through increased productivity and innovation, if properly managed. Cities now house about half of the world's population which is 4.4 billion people, and this figure is anticipated to rise further. The urban population is predicted to more than double by 2050, with cities housing approximately 7 out of 10 people. Governments around the world are setting high energy efficiency goals in order to reduce waste and greenhouse gas emissions. Natural gas meters, notably smart meters, are critical to achieving these goals because they give accurate information in real-time that enables customers and utilities to measure and monitor gas usage. Furthermore, safety rules demand that gas distribution systems satisfy severe requirements, highlighting the importance of dependable and licensed gas meters.
Gas Meter Industry: Regional Overview
The global gas meter market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Government Initiatives and Regulation to Drive the Market Growth in Asia Pacific Region
The gas meter market in Asia Pacific region is estimated to garner the largest revenue by the end of 2036. The growth of the market can be attributed majorly to the growing government initiatives from China, India, and Japan to connect the entire nations, with gas meters. According to the Government of India's plans and objectives, around 230 cities will have gas infrastructure by 2025. Pipeline infrastructure is predicted to quadruple by 2025, while CNG stations are expected to triple by 2025 as new geographies are penetrated. The Asia Pacific region is characterized by rapid urbanization and population growth. As more people move to urban areas, the demand for gas, including natural gas for residential and commercial purposes, tends to increase. This drives the need for accurate gas metering systems. The growing economies in the Asia Pacific region often result in an increased demand for energy. Natural gas is a cleaner alternative to traditional fossil fuels, and as a result, there may be a rising demand for gas meters to measure and manage gas consumption. The growing economies in the Asia Pacific region often result in an increased demand for energy. Natural gas is a cleaner alternative to traditional fossil fuels, and as a result, there may be a rising demand for gas meters to measure and manage gas consumption.
Smart Meter Adoption to Propel the Growth in the Europe Region
The Europe gas meter market is estimated to garner the highest CAGR by the end of 2036. The increasing adoption of smart gas meters is a key driver in the European market. Smart meters provide real-time data, remote monitoring, and improved accuracy. The deployment of smart meters is driven by the EU's target to achieve 80% smart meter coverage for electricity and 70% for gas by 2020. This push toward modernizing metering infrastructure enhances energy efficiency, reduces operational costs, and enables more effective demand-side management. As Europe transitions to a low-carbon energy system, the need for accurate measurement of renewable gas consumption becomes crucial. Gas meters play a role in monitoring and managing the integration of renewable gases into the existing gas infrastructure. Governments and regulatory bodies in Europe focus on energy efficiency, leading to increased demand for accurate gas meters. Gas meters contribute to energy efficiency by providing accurate consumption data, encouraging consumers to use energy more judiciously. This aligns with the broader European goals of reducing greenhouse gas emissions and improving overall energy efficiency.
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Gas Meter, Segmentation by Type
- Traditional Gas Meter
- Smart Gas Meter
Amongst these segments, the gas meter market smart gas meter segment is anticipated to hold the largest share over the forecast period. The growth of the segment can be attributed to the rising use of smear meters by industries. industries are employing it efficiently carrying out the distribution and transmission of energy while reducing the cost and minimizing the energy consumption. Smart meters provide fantastic insights into how much energy is being used at any one time and how to reduce its usage. With narrow confidence intervals, smart meters save an average of 3.4% of power consumption and 3.0% of petrol used. Both estimations have a statistically significant level of significance. Smart gas meters provide utilities with the ability to remotely monitor and control the meters without physical access. Utilities can detect issues, such as leaks or tampering, in real-time. Remote control features enable services like remotely disconnecting or reconnecting gas supply, reducing the need for field visits. Smart gas meters are a crucial component of Advanced Metering Infrastructure (AMI), allowing for automated and remote meter reading. Smart gas meters enable utilities to collect consumption data remotely, reducing the need for manual meter readings. This data is then used for billing, analytics, and operational purposes.
Gas Meter Segmentation by End User
- Residential
- Commercial
- Industrial
Amongst these segments, the gas meter market residential segment is anticipated to hold a significant share over the forecast period. Growing consumption of gas from the residential sector is expected to boost the segment growth in the market. According to the Energy Information Administration, in 2015, around 58% of households used natural gas, in 2021, around 42% of households used natural gas. In addition to this, the rising need for reducing bill expenses is also expected to boost the growth of the segment. A smart meter saves a typical home 2% on their annual energy expenditures or 354kWh. That may not seem like much, but it's sufficient power to take 115 hot baths or listen to your favorite song on a tablet for the next 35 years.
Gas Meter Segmentation by Component
- Hardware
- Software
Few of the well-known market leaders in the global gas meter market that are profiled by Research Nester are ABB Group, Aclara Technologies LLC., Badger Meter, Inc., Diehl Stiftung & Co. KG, Honeywell International, Inc., General Electric, Landis+Gyr, KROHNE Messtechnik GmbH, Itron Inc., Apator S.A, Aichi Tokei Denki Co., Ltd., OSAKI ELECTRIC CO., LTD., Azbil Kimmon Co., Ltd., TOYOKEIKI CO., LTD, and other key market players.
Recent Development in the Gas Meter Market
- Honeywell International, Inc. unveiled its Next Generation Cellular Module (NXCM), which allows for Advanced Metering Infrastructure (AMI). This revolutionary technique converts traditional gas and water meters into smart meters without requiring any additional infrastructure. This groundbreaking module improves monitoring, security, and analytics capabilities for utility companies and their consumers by allowing meters to connect wirelessly to pre-existing public cellular networks.
- Itron, Inc. has introduced the Itron Intelis gFlex prepaid petrol meter. The next-generation meter combines cutting-edge ultrasonic solid-state measurement technology with Itron's 30-year track record in prepayment metering solutions. Consumers prepay for petrol with the Intelis gFlex, ensuring upfront money for utility companies.
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