Market Size of Smart Gas Meter Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 17.74 Million units |
| Market Volume (2029) | 25.71 Million units |
| CAGR (2024 - 2029) | 7.71 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Smart Gas Meter Market Analysis
The Smart Gas Meter Market size in terms of shipment volume is expected to grow from 17.74 Million units in 2024 to 25.71 Million units by 2029, at a CAGR of 7.71% during the forecast period (2024-2029).
The rise in global demand for natural gas, along with increasing demand for drill-down data among end-users, are the driving factors of the market growth.
- The adoption of smart gas meters on a large scale improves grid and distribution operations by allowing communication between other smart meters. The region under study's climate target and associated energy efficiency initiatives further encourage the adoption. Gas heating systems with smart meters use less fuel, indirectly contributing to developing a wholly automated grid. These developments are anticipated to accelerate the implementation of smart gas meters.
- Moreover, With the availability of next-generation IoT-optimized 5G technology, it is expected that there will be a shift from legacy RF platforms to emerging standards, like NB-IoT, in smart gas meters. Major companies, such as ITRON and Sensirion, are launching next-generation gas meters, like the SGM6200 series, with competitive prices and ultra-low current consumption to leverage the opportunity.
- Smart gas meters improve operational security while lowering gas companies' costs, which helps to drive the industry. The adoption of smart gas meters is fueled by the functional benefits they provide gas companies, such as the elimination of manually recording monthly readings, ongoing pipeline monitoring, and the availability of real-time data. Additionally, gas utility providers can use prioritized alarms and real-time data to raise the bar on safety.
- Moreover, Smart gas meters are technologically advanced compared with traditional gas meters. As a result, the cost of installing smart meters is typically higher than that of conventional meters, as a smart gas meter combines measurement and communication systems.
- The outbreak of COVID-19 significantly hampered the demand for gas meters from the regional gas sector. However, in 2021, the decline in COVID-19 cases led to the resumption of drilling activities and businesses reopening. This resulted in a slow economic recovery across the regions.
