Smart Gas Metering Market Size, Share, Growth, and Industry Analysis, By Type(IC Card Smart Gas Meter, CPU Card Smart Gas Meter, Radio Frequency Card Smart Gas Meter, and Other), By Application (Residential, Commercial, and Other), and Regional Insights and Forecast to 2031

Updated On: 08 April 2024

smart gas metering market REPORT OVERVIEW

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The global smart gas metering market size was 4616.5 million in 2022 and is expected to reach USD 6889.4 million by 2028, exhibiting a CAGR of 6.9% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with smart gas metering experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s demand returning to pre-pandemic levels.

Smart gas metering is a technology-driven approach to measuring and monitoring natural gas consumption, offering numerous advantages over traditional metering systems. These advanced meters automate data collection, enabling accurate, real-time monitoring of gas usage for consumers and utility companies. With remote access capabilities, utility providers can manage meters without physical visits, leading to improved efficiency and quicker issue resolution.

Consumers benefit from greater awareness of their gas consumption, which can facilitate energy-saving measures, enhance billing accuracy, and contribute to a more environmentally responsible use of natural gas. However, data security and privacy considerations and regulatory compliance are essential aspects that need to be addressed in the implementation of smart gas metering systems to ensure both consumer trust and system reliability.

COVID-19 IMPACT: Increased Focus on Efficiency to Boost Demand Significantly

COVID-19 had a life changing impact globally. The smart gas metering market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for smart gas metering experienced an increased demand.

The pandemic created disruptions in supply chains and restrictions on physical access to homes and businesses, making it challenging to install new smart gas meters and conduct routine maintenance. This delayed deployment plans and upgrades in some regions. With lockdowns and social distancing measures in place, the operation and maintenance of smart gas metering systems, often monitored remotely, faced logistical challenges. Companies had to adapt their operational procedures to ensure the continued functioning of these systems.

The pandemic underscored the importance of real-time data in managing resources effectively. Smart gas metering systems provide valuable consumption data, enabling utility companies to better allocate resources, predict demand fluctuations, and improve gas distribution networks to address changing patterns of gas usage. As utility companies faced economic pressures during the pandemic, the emphasis on efficiency grew. Smart gas metering became even more crucial in optimizing operations, minimizing waste, and ensuring that resources were used effectively, especially with changing work patterns and energy consumption in commercial and residential sectors. The market is anticipated to boost the smart gas metering market growth following the pandemic.

LATEST TRENDS

"Remote Shut-off and Control to Broaden Market Prospects"

Some smart meters were equipped with the capability for remote shut-off and control, allowing utility companies to remotely manage gas supply, which can enhance safety and reduce the need for physical visits to properties. Smart gas metering companies were increasingly focusing on advanced data analytics. They were using data from smart meters to provide more detailed insights into gas consumption patterns and improve predictive maintenance, helping utility companies to operate more efficiently.

Smart gas metering systems were being integrated into broader Internet of Things (IoT) and smart city initiatives. This integration allowed for better coordination between gas, electricity, and water utilities to create more comprehensive smart infrastructure. Smart gas metering played a role in promoting energy conservation and sustainability. Consumers were provided with real-time data on their gas usage, encouraging more responsible consumption and reducing carbon emissions.

smart gas metering market SEGMENTATION

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• By Type

Based on type, the market is divided into IC Card Smart Gas Meter, CPU Card Smart Gas Meter, Radio Frequency Card Smart Gas Meter, and Other.

IC Card Smart Gas Meter holds a major segment by type of the global market.

• By Application

Based on application, the market is bifurcated into residential, commercial, and other.

Residential as application holds a major segment by application of the global market.

DRIVING FACTORS

"Improved Data Accuracy to Boost Market Demand"

Smart gas meters offer more accurate readings than traditional meters, reducing billing errors and improving the overall accuracy of gas consumption measurement. The ability to remotely monitor and manage gas meters reduces the need for physical readings and field visits, leading to cost savings for utility companies. Smart gas metering enables utility companies to better allocate resources, predict demand fluctuations, and optimize their distribution networks, ultimately improving operational efficiency.

"Data-Driven Decision-Making to Boost Market Flux"

Smart meter data is valuable for data-driven decision-making in the energy sector. Utility companies can use this data to improve operations, grid management, and load forecasting. Smart gas meters can be integrated into broader smart grid systems, allowing for more efficient energy distribution, load balancing, and integration with renewable energy sources. Smart gas metering systems provide a foundation for integrating emerging technologies, such as hydrogen gas monitoring and demand response programs, into the gas distribution network. These factors are anticipated to drive the smart gas metering market share.

RESTRAINING FACTOR

"Security and Privacy Concerns to Hamper Market Necessity"

The collection and transmission of data from smart meters raise concerns about data security and privacy. Ensuring the protection of customer information and the network from cyber threats is a critical challenge. The initial cost of deploying smart gas metering infrastructure, including the purchase of meters and the development of communication networks, can be a significant barrier for utilities, especially smaller ones. Replacing or upgrading existing gas meters and infrastructure to accommodate smart technology can be a complex and expensive process, deterring some utilities from making the transition.

smart gas metering market REGIONAL INSIGHTS

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"Europe to Dominate the Market Owing to Favorable Regulatory Policies"

Europe is the major shareholder for the smart gas metering market. European countries were among the leaders in smart gas metering adoption. This was driven by favorable regulatory policies, strong emphasis on energy efficiency and sustainability, and a well-established utility infrastructure. Several European countries made significant investments in smart gas metering. Utilities in these countries were motivated by factors like grid modernization, energy conservation, and the potential for reducing operational costs through remote monitoring and management.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• General Electric Corporation [U.S.]
• ABB Ltd [Switzerland]
• Itron, Inc [U.S.]
• Landis+GYR [Switzerland]
• Aclara Technologies LLC [U.S.]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.