Smart gas meters market size to grow by USD 2.05 billion between 2022 and 2027, AEM SA, Aichi Tokei Denki Co. Ltd., among others, identified as key vendors, Technavio

NEW YORK, March 11, 2024 /PRNewswire/ -- The smart gas meters market size is set to grow by USD 2,051.13 million between 2022 and 2027. However, the market is estimated to decline at a CAGR of 7.64%. The global smart gas meters market is fragmented by the presence of global and regional vendors. Vendors focus on increasing their capacities for seamless and easy access to fast-growing markets such as China, India, and other Southeast Asian countries. Vendors compete on factors such as innovation, price, low operational cost, and high product quality. Such factors are expected to lead to high competition among vendors during the forecast period. Some of the key vendors covered in the report include:

• AEM SA: The company offers smart gas meters such as G4EUS, GNM G4J, and GNM G42l.
• Aichi Tokei Denki Co. Ltd.: The company offers smart gas meters such as NB Intelligent Gas Meter.
• Apator SA: The company offers smart gas meters such as hybridSMART.
• Diehl Stiftung and Co.KG: The company offers smart gas meter solutions such as IZAR MOBILE 2.

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Market Segmentation

• Technology 
• AMR
• AMI

The market growth in the AMR segment will be significant during the forecast period. Gas companies are using AMRs to automate gas usage readings instead of visiting each location and manually collecting data. Therefore, gas operators prefer AMR systems over traditional gas meters that require manual gas readings. Another advantage of this technology is that it enables near real-time billing based on gas usage, rather than estimating based on historical or projected usage. Such factors will drive segment growth during the forecast period.

• Component
• Hardware
• Software

The market growth in the hardware segment will be significant during the forecast period. The segment contains smart gas meter hardware components, such as the main circuit board of the electricity meter, the display, the sensor with micro-thermal properties for measuring gas volume, the meter body, and the plastic cover. With smart gas meters, gas companies can effectively manage business operations such as energy generation, distribution, and distribution while reducing costs and allocating resources as efficiently as possible. Such factors will increase segment growth during the forecast period.

• Geography 
• Europe
• North America
• APAC
• South America
• Middle East And Africa

Europe will account for 40% of the market growth during the forecast period. Factor such as the growing dependence of European countries on gas imports has significantly increased the demand for intelligent gas meters. For example, in 2020, the UK imported 32 billion cubic meters of natural gas. However, many countries have increased their gas E&P activities to reduce their dependence on imports. In addition, several initiatives have been taken by various governments in the region to ensure energy security. Such factors will increase the market growth in this region during the forecast period.

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The market is driven by the ability of smart gas meters to enable the efficient use of gas.

These devices help customers monitor and track gas usage patterns. Utility companies install these devices in residential, commercial, and industrial facilities that use natural gas. A smart gas meter offers a variety of benefits, such as improved gas consumption monitoring, billing accuracy, and customized reporting. These benefits help save costs, track consumption rates in real-time, and reduce errors. All these have gradually increased the popularity of smart gas meters and will spur the growth of the market during the forecast period.

• Upgrading to the latest wireless technologies is the key trend influencing the smart gas meters market growth.
• The high installation cost of gas meters is challenging the smart gas meters market growth.

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Analyst Review

The Smart Gas Meters Market is witnessing remarkable growth, fueled by a convergence of factors including the rise in global demand for natural gas, government initiatives promoting energy efficiency, and technologically advanced solutions offered by major players like Itron Inc. and SMS PLC. This market, particularly prominent in regions like Europe and the United Kingdom, is driven by the need for accuracy and dependability in gas consumption measurement, as well as the efficiency of gas flow within grid and distribution operations.

One of the primary driving factors behind the increased adoption of smart meters is their functional benefits over conventional meters. Smart meters enable real-time data collection, eliminating the need for manually recording monthly readings and providing utility sector entities with operational security and prioritized alarms in case of anomalies. Moreover, the implementation of smart grids and automated grid systems further enhances efficiency and safety in gas distribution.

The smart gas meter industry is witnessing significant innovations, including the integration of next-generation IoT-optimized 5G technology and smart leak detection solutions such as those offered by Sensirion and Picarro. These advancements not only improve measurement accuracy but also contribute to the reduction of greenhouse gas emissions through methane emission detection capabilities.

Despite the cost of installing smart meters, which may pose initial challenges to gas utility providers and businesses reopening after events like the outbreak of COVID-19, the cost-benefit analysis overwhelmingly favors the adoption of smart metering due to competitive prices and long-term energy efficiency initiatives. Furthermore, the slow economic recovery in certain regions is being counteracted by the economy's strength in others, leading to a steady increase in natural gas demand and the subsequent deployment of smart meter technologies.

In conclusion, the smart gas meters market presents a lucrative opportunity for both established companies and start-ups alike, driven by global demand, government support, and technological advancements aimed at enhancing energy efficiency and operational reliability in the regional gas sector.

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Market Overview

The Smart Gas Meters Market is witnessing rapid growth due to the integration of AMI Essentials for Gas technology. These meters offer unparalleled accuracy and dependability, providing utility companies with real-time data for efficient management of gas distribution. The implementation of an automated grid further enhances operational efficiency, allowing for remote monitoring and control. Regions like Berwick-on-Tweed are embracing smart meters to meet climate targets by reducing emissions. Additionally, businesses in the commercial and industrial sectors are reopening with increased confidence, supported by smart metering solutions. With an average annual rate of adoption rising, the market is poised for substantial growth, driving the demand for smart meters measured in bcm (billion cubic meters).

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Related Reports:

• The smart gas market size is estimated to grow at a CAGR of 15.22% between 2021 and 2026. The size is forecast to increase by USD 19.25 billion. The market is segmented by by device (automatic meter reading (AMR) and advanced meter infrastructure (AMI)) and geography (North America, Europe, APAC, Middle East and Africa, and South America).
• The carbon monoxide gas sensors market is estimated to grow at a CAGR of 6.8% between 2021 and 2026. The size of the market is forecast to increase by USD 100.13 million. The market is segmented by application (medical, petrochemical, industrial, and others) and geography (APAC, Europe, North America, Middle East and Africa, and South America).

Table of contents:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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