Ottawa, July 26, 2023 (GLOBE NEWSWIRE) -- The global gas meter market size was valued at USD 11,440 million in 2022. Smart gas meters automatically monitor the temperature and pressure of the basic properties of the gas flowing through the pipeline. Installing industrial, smart gas meters in commercial, and residential settings is the next step in guaranteeing that everyone has access to gas. The most common types of gas meters are ultrasonic gas meters, rotary gas meters, diaphragm gas meters and turbine gas meters. Turbine gas meters calculate the flow of gas on a volumetric basis, whereas turbine flow meters calculate the flow of gas using a tiny helix or turbine.
The key factors influencing the market size for smart gas meters include benevolent government regulations, the expansion of communication network infrastructure, and quick improvements in sophisticated metering infrastructure. Additionally predicted factors for the market's expansion are automated meter reading and bill generation.
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Key Insights:
- By Type, the basic meter type segment led the market with the highest market share of 74% in 2022.
- By Type, smart meter is expected to lead the market from 2023 and 2032
- By Application, the residential segment dominated the market with the highest market revenue share in 2022.
- By Application, the commercial segment is expected to increase its market share from 2023 to 2032.
Regional Snapshot
North America dominated the market with the largest market share in 2022. The region is expected to continue its dominance with the increasing residential sector in urban areas. An increase in research and development programs results in the growth of the gas meter market. The increasing demand for smart gas meters that give real-time data monitoring and improve the billing process is expected to fuel the market’s growth in North America. Increasing investment in the development and manufacturing of the gas meter is expected to boost the demand for the market.
Europe is anticipated to experience a noticeable growth in the market during the forecast period. The retrofitting of houses for installing advanced devices is fueling the adoption of smart gas meters in the residential sector of Europe. Substantial government support, willingness of adopting to new applications, and the presence of potential key players in the region play a vital role in the growth of the market in Europe.
Report Highlights:
- By type, the basic meter type segment dominated the market with the largest market share in 2022. The growth of the segment is attributed due to its ease of use and cost-effectiveness. The demand for advancements in gas meters by various end-user industries promotes the growth of the smart meter segment.
- By application, the residential segment dominates the market with the highest revenue share in 2022. Several governments are focused on promoting the use of gas pipelines in residential sectors, this element is fueling the growth of the segment.
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Scope of the report
| Coverage | Details |
| Market Size by 2032 | USD 22.400 Million |
| Market Size in 2023 | USD 12.230 Million |
| Growth Rate from 2023 to 2032 | CAGR of 6.95% |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Segments Covered | By Type, By Application, and By Region |
| Key Players | Honeywell International Inc., Itron Inc, Apator SA., Diehl Stiftung & Co. KG, Sensus (Xylem Inc.), and Others |
Market Dynamics
Drivers:
Rising demand and development of smart homes
The expanding need for gas meter systems that are both economical and energy-efficient for smart home and smart city development is driving up demand for the smart gas meters market. This provides remote management and real-time monitoring capabilities. The demand for gas meters is rising globally due to governments' increased attention to lowering carbon emissions and encouraging sustainable energy options. the creation of sophisticated gas measurement technology, including smart and ultrasonic meters. The adoption of these technologies is being sped up by the increased precision and effectiveness of gas metering. The global real estate industry is experiencing a significant boost after the Covid-19 pandemic, the advancements in industry along with the willingness to offer advanced home services and applications in the new homes for consumers. This element is observed to propel the growth of the market by raising the adoption of gas meters in new homes.
Restraints:
Lack of uniformity and compatibility
Since constructing gas metering infrastructure necessitates a substantial upfront investment, gas utilities and businesses in the gas meter sector confront several difficulties. The lack of uniformity and compatibility in gas measurement equipment across many regions and nations is a significant hurdle for manufacturers and suppliers. The increased competition from renewable energy sources like wind and solar is causing problems for the gas measuring business. As a result, it changes consumer demand. Gas meters require regular calibration and maintenance to maintain accurate readings. Gas suppliers and customers face difficulties as a result of the increase in gas metering expenses. Such compatibility issues turn into a hindering factor for the market.
Opportunities:
Increase in the research and development programs
Smart gas meters have been developed as a result of technological advancements. There are several chances for industry players to start and invest in research and development programs that create superior, innovative goods that meet client demand while lowering production and operational expenses. Although smart gas meters are currently not generally used by end-use sectors, they are expected to experience substantial expansion in the next years. This growth potential provides a wealth of growth and development opportunities for the gas meter industry.
Challenges:
Disruption in the functionality
Gas meters, when connected for multiple gas connections may result in disrupted functionality. Multiple other factors can cause a malfunction in the operation of gas meter, this can result in false outcomes. Faulty meters can also cause disruptions in functionality. Such factors can limit the adoption of gas meters by creating a challenge for the market.
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Recent Development
- In May 2023 ONGC, India’s biggest oil and gas manufacturer finally launched its long-time awaited commencement of production from its KG basin gas seeking only 12 USD fuel price.
- In June 2023 Gazprom aimed to launch the plant to produce LNG with the help of coalbed methane was postponed and scheduled for 2026. The first stage capacity is predicted to be 3 tonnes per hour and it is expanded by 24 tonnes in the second stage.
- In June 2023, Russian President Vladimir Putin approved and signed the agreement on collaboration between Russia and China for the supply of natural gas via the Far East Route. By the news Russian Ministry of Energy, there is an opening of the Far East Route, the pipeline will increase its size for supplying natural gas to China.
Market Segmentation:
By Type
- Basic
- Smart
By Application
- Residential
- Commercial
- Industrial
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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