Market Trends of Smart Gas Meter Industry
This section covers the major market trends shaping the Smart Gas Meter Market according to our research experts:
The Rise in Global Demand for Natural Gas to Drive the Market Growth
- One of the fundamental forces driving the market expansion for smart gas meters is the increase in natural gas demand on a global scale. Due to its dominance as a fuel for the production of electricity and the industrial sector, natural gas is in greater need.
- The International Energy Agency predicts that between the current year and 2025, the world's natural gas consumption will increase at an average annual rate of 0.8%, reaching about 4,240 bcm.
- Additionally, natural gas is impacted by the economy's strength. Increased demand for goods and services from the commercial and industrial sectors might increase natural gas consumption during economic expansion. The industrial sector, where natural gas is used as a fuel and feedstock to create numerous products, is one where the growth in consumption tied to the economy can be exceptionally high.
- Energy consumption costs account for a sizeable portion of all expenses made by industrial establishments. As a result, these industries frequently utilize gas meters to track natural gas consumption.
- Due to the high volume of natural gas consumption, accuracy in the measurement of gas consumption would result in significant anomalies in the billing amount. In manufacturing plants or electrical utilities, this could be harmful.
- The production plant or power supplier might install gas meters to ensure accuracy and dependability in both use and metering. This will guarantee that these discrepancies are kept to a minimum. These developments are fueling the market's growth.
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Europe to Hold Significant Market Growth
- In Europe, the United Kingdom accounts for the most significant single country share due to the government initiatives for the simultaneous rollout of energy meters supported by current infrastructure.
- The Department of Energy and Industrial Policy is in charge of the nation's crystal-clear rollout plan. According to the National Audit Office (NAO), the United Kingdom is set to complete the installation process of smart meters. Over 27.8 million smart meters were installed in the United Kingdom by the end of 2021. Additionally, due to a high population density and high connectivity, the country has a good cost-benefit analysis, further adding to the growth.
- The utility sector in the region is adopting sophisticated technologies, and the increasing investments in smart grids are further expected to accelerate the adoption of smart gas meters in the country.
- Also, the increasing greenhouse gas emissions from residential and commercial buildings in the country are expected to drive the adoption of smart gas meters further. They help maintain the efficiency of the gas flow.
- Further, the region is witnessing various developments for installing gas meters for larger gas supplies. For instance, in Oct 2022, the UK's first U16 gas smart meter was placed in Berwick-on-Tweed, Northumberland, at a residential building. The SMS PLC company installed the U16 gas smart meter, which is nearly twice as large as the U6 gas meter. Customers can now switch to smart meters if they have a more excellent gas supply than 16 cubic meters per hour, such as large residential or commercial premises.
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