What Has Been The Evolution of the Smart Gas Meter Market in Recent Years?
The smart gas meter market has seen considerable growth due to a variety of factors.
• The market for smart gas meters has been expanding significantly in previous years. The market will escalate from a value of $4.4 billion in 2024 to approximately $4.71 billion in 2025, with a compound annual growth rate (CAGR) of 7.1%.
The surge in growth during the historical timeframe can be ascribed to regulatory directives, energy efficiency initiatives, escalating urbanization, deteriorating infrastructure, and advances in data analytics.
What Is the Forecasted Market Size and Growth Rate for The Smart Gas Meter Market?
The smart gas meter market is expected to maintain its strong growth trajectory in upcoming years.
• The market for smart gas meters is predicted to witness robust expansion in the coming years, reaching $6.46 billion by 2029 with a compound annual growth rate (CAGR) of 8.2%.
Factors underpinning this growth in the forecast period include advancements in Internet of Things (IoT) and connectivity, an increase in data-led decisions, heightened consumer awareness, improved gas leak detection, and demand for smart grids. The forecast period will also see key trends such as mobile applications and customer engagement, energy management platforms, digital twins, blockchain-based billing, and monitoring of green gas.
What Factors Are Driving Growth In The Smart Gas Meter Market?
The anticipated expansion of the smart gas meter market is slated to be driven by conducive government regulations. These regulations, formed by the leadership of various nations, are specifically aimed at fostering the development of a particular market. When it comes to smart gas meters, numerous governments have crafted policies to promote their use. Such policies enable governments to offer smart gas meters to their constituents at subsidized rates. For example, in January 2023, the Indian government revealed its smart meter national program (SMNP), a venture intended to switch out the country's 250 million traditional meters for smart ones. As such, the increasing demand for smart gas meters spurred by governmental initiatives is propelling the smart gas meter market.
What Are The Main Segments Of The Global Smart Gas Meter Market?
The smart gas meter market covered in this report is segmented –
1) By Type: Smart Ultrasonic Gas Meter, Smart Diaphragm Gas Meter
2) By Component: Hardware, Software
3) By Technology: Automated Meter Reading (AMR), Advanced Metering Infrastructure (AMI)
4) By Application: Residential, Commercial, Industrial
Subsegments:
1) By Smart Ultrasonic Gas Meter: Fixed Ultrasonic Gas Meters, Portable Ultrasonic Gas Meters, Multi-jet Ultrasonic Gas Meters
2) By Smart Diaphragm Gas Meter: Single-Stage Diaphragm Gas Meters, Multi-Stage Diaphragm Gas Meters, Electronic Diaphragm Gas Meters
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What Emerging Trends Are Influencing The Growth Of The Smart Gas Meter Market?
Key players in the smart gas meter market, such as Italy's Italgas S.p.A., are committing significant funds to maintain their competitive stance. For example, in July 2022, this manufacturer of smart gas meters shared plans to pour €8.6 billion (or US$8.8 billion) into its smart gas meters business and other technological initiatives. Investment will be directed towards the development of aptly advanced gas networks, digitization of organizational procedures and systems, as well as the launch of a Power-to-Gas pilot program designed to change renewable energy sources into hydrogen and ensure its storage. Moreover, the investment will also serve to replace the previous GPRS meters, which telecommunications companies are progressively substituting with smart meters for a more precise monitoring of gas consumption and accurate billing.
Who Are the Key Players in the Smart Gas Meter Market?
Major companies operating in the smart gas meter market include:
• Cisco Systems Inc.
• ABB Ltd.
• Adappt Pte. Ltd.
• Avnet Inc.
• Eutech Cybernetic Pte. Ltd.
• Hitachi Vantara Corporation
• Huawei Technologies Co. Ltd.
• ICONICS Inc.
• International Business Machines Corporation
• Microsoft Corporation
• ReelyActive Inc.
• Schneider Electric SE
• Siemens Aktiengesellschaft
• Smarten Spaces Pte. Ltd.
• SmartSpace Software plc
• Spacewell International NV
• Ubisense Group plc
• Aclara Technologies LLC
• Itron Inc.
• Apator SA
• Arad Group Ltd.
• B METERS S.r.l.
• Badger Meter Inc.
• Diehl Metering GmbH
• Diehl Stiftung & Co. KG
• EDMI Limited
• Elster Group GmbH
• GWF MessSysteme AG
• Holley Technology Ltd.
• Honeywell International Inc.
• Iskraemeco d.d.
• Kamstrup A/S
• Landis+Gyr AG
• Maddalena S.p.A.
• Master Meter Inc.
What Is The Most Dominant Region In The Smart Gas Meter Market?
Europe was the largest region in the smart gas meter market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart gas meter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
