Smart Gas Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Smart Gas Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global smart gas meter market size reached US$ 2.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.0 Billion by 2028, exhibiting a growth rate (CAGR) of 6.9% during 2023-2028.

Smart gas meter refers to a digitized gas network that provides electronic gas consumption measurements. Automatic meter reading (AMR) and advanced meter infrastructure (AMI) are some of the commonly used smart gas meters. It consists of integrated sensors and computation hardware that measures the volume of the gas consumed in a more precise way. Smart gas meters are widely used to detect toxic and explosive gasses, measure gas concentration and provide greater clarity of consumption behavior. As a result, it is attached with an alarm circuit that gives real-time alerts about the concentration of harmful gasses in the atmosphere, prevents explosions and fire hazards, and aids in gas analysis.

Smart Gas Meter Market Trends:

The smart gas meter market is majorly being driven by the widespread product adoption in the residential sector due to the increasing cases of stealing the pipeline gas resulting in leakage, malfunctions, and other safety hazards. Additionally, the rising demand for AMR devices to collect or control time-of-use or rate-of-use statistics and assist in providing accurate meter readings and improved and transparent billing processes is favoring the market growth. Apart from this, various advancements in technologies, such as the integration of the Internet of Things (IoT) to support real-time monitoring of temperature, flow, pressure, gas usage and leakages, are providing an impetus to the market growth. Moreover, the increasing awareness amongst consumers regarding the benefits associated with smart gas meters, such as better gas distribution and usage insights, along with reduced natural gas wastage, are positively impacting the market growth. Other factors, including the rising expenditure capacities of consumers, the increasing number of smart city development projects, and the implementation of various government initiatives to encourage and regulate the adoption of energy-saving systems, such as smart gas meter, are anticipated to drive the market toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global smart gas meter market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, type and end use.

Breakup by Component:

Hardware
Software

Breakup by Type:

Automated Metering Infrastructure (AMI)
Automated Meter Reading (AMR)

Breakup by End Use:

Residential
Commercial
Industrial

Breakup by Region:

North America

United States
Canada

Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Aclara Technologies LLC (Hubbell Incorporated), Aichi Tokei Denki Co. Ltd., Apator SA, Chongqing Shancheng Gas Equipment Co. Ltd., Diehl Stiftung & Co. KG, EDMI Limited (Osaki Electric Co. Ltd.), Honeywell International Inc., Itron Inc, Landis+Gyr, Raychem RPG Private Limited, Schneider Electric SE, Siemens AG and Wasion Holdings Limited.

Key Questions Answered in This Report:

What was the size of the global smart gas meter market in 2022?

What is the expected growth rate of the global smart gas meter market during 2023-2028?

What has been the impact of COVID-19 on the global smart gas meter market?

What are the key factors driving the global smart gas meter market?

What is the breakup of the global smart gas meter market based on the component?

What is the breakup of the global smart gas meter market based on the type?

What is the breakup of the global smart gas meter market based on the end use?

What are the key regions in the global smart gas meter market?

Who are the key players/companies in the global smart gas meter market?