Smart Gas Meters Market

SKU: DMICT1370 | Last Updated On: Jul 31 2022 | Available Formats

Smart Gas Meters Market Expected to reach a high CAGR of 16.1% By 2029: DataM Intelligence

Smart Gas Meter Market By Reading Type (Circular Reading, Direct reading), and By End-User (Residential, Commercial, Industrial), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Smart Gas Meter Market is expected to grow at a CAGR of 16.1% during the forecasting period (2022-2029).

A smart gas meter automatically measures the basic properties of the gas flowing through the pipeline, such as pressure, volume and temperature. Government rules and standards have driven the smart gas meter sector to contribute to global GDP growth. Collaboration between gas exploration firms and smart gas meter makers also contributed to the market growth.

Furthermore, increased safety concerns and standards have contributed to double-digit growth in the global smart gas meter market in recent years.

Due to the growing trend of switching from fossil fuels to gas for domestic purposes, gas meters have been increasingly installed in the residential sector in recent years. The government's incentives and subsidies to promote the use of gas are also assisting in expanding the residential sector.

Europe holds a significant market share for smart gas meters due to growing government initiatives for the simultaneous rollout of energy meters, supported mainly by the transforming infrastructure.

Market Dynamics

Growing adoption of smart meters by government institutions in developed nations.

Growing adoption of smart meters by government institutions in developed nations.

Supportive government policies, the expansion of communication network infrastructure and rapid advancements in sophisticated metering infrastructure are the primary drivers driving the smart gas meter market size. Utilities are adopting these technologies because of their numerous advantages. Government initiatives in U.S., Europe and Asia-Pacific region, in particular, aim for a large-scale deployment of smart gas meters in houses to ensure effective energy use. Smart grid development is widely regarded as a critical enabler of the transition to a low-carbon economy.

For instance, the American utility Indianapolis Power & Light chose Landis+Gyr to extend its smart metering infrastructure program in May 2020. They want to add 350,000 smart meters and modify the utility's existing network to optimize data relayed by already installed smart meters, which should help them improve energy distribution management, renewable resource integration, consumer energy efficiency and service quality. The smart gas meter market is growing due to increased development and the need for advanced metering infrastructure.

Furthermore, Smart Meter National Programme is working hard in India to establish its goal of pan-India universal electricity access. The government of India is enabling Smart Grids, which can offer affordability and other benefits to consumers. Smart meters are being deployed in India as part of the Smart Meter National Program. Energy Efficiency Services Limited (EESL), a joint venture of PSUs under the Ministry of Power, is implementing the scheme. As per the program, Advanced meter devices are installed which can gather data on energy, water and gas usage at various intervals and transfer the data to the utility via fixed communication networks, as well as receiving information from the utility such as pricing signals and relaying it to the consumer.

Privacy and cyber security concerns hurdle the market growth of smart gas meters

The data generated from the smart gas meter is utilized to track consumer behavior. As per US EIA and European Union, periodic measurement of utility usage by smart gas meters can provide more information about consumers, such as using residential appliances and housework activities. The data on utility use has much commercial value, for instance, in marketing and advertising. Smart gas meters are also used in surveillance infrastructure. However, smart gas meter data, on the other hand, is prone to cyber-attacks and data breaches. Law enforcement agencies, insurance firms, tax authorities and other third parties may be interested in smart gas meters' personal energy use data.

As a result, government authorities such as U.S. Environmental Protection Agency and the European Data Protection Supervisory Authorities have identified these dangers related to personal data protection. They are developing new data protection standards for smart gas meter operations. The privacy and security problem is projected to be a major stumbling block for the smart gas meter market's growth.

COVID-19 Impact Analysis       

The market for smart gas meters is expected to witness a reduction in market value in 2020, resulting from the outbreak of COVID-19. The COVID-19 pandemic has slowed the power industry's growth, as several countries have implemented nationwide lockdowns to prevent the virus from spreading further. According to the IEA report, Energy Efficiency 2020, global progress on adopting more efficient energy sources has slowed as a result of the economic impacts of the novel coronavirus disease (COVID-19). However, in other nations, electricity use in residential buildings increased by 20% in the first half of 2020, while it decreased by roughly 10% in commercial buildings.

As a result of the increased time spent at home due to the pandemic, energy consumption has increased, resulting in major and complex adjustments in energy demand. With the reduced industrial power consumption, utilities are expected to invest very little in replacing existing grid infrastructure and new installations. Furthermore, grid modernization investments will likely slow down during this period.

Smart Gas Meter Market Scope

Metrics

Details

Market CAGR

16.1%

Segments Covered

By Reading Type, By End-User,  and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Segment Analysis

The global smart gas meters market is segmented on reading type, end-user and region.

The government's incentives and subsidies to promote the use of gas are also helping to expand the residential sector

The global smart gas meters market is segmented into residential, commercial and industrial based on end-user. Out of the mentioned end-users, the residential sector is expected to dominate the global smart gas meters market. Due to the growing trend of switching from fossil fuels to gas for domestic purposes, gas meters have been progressively deployed in the residential sector in recent years. The government's incentives and subsidies to promote the use of gas are also helping to expand the residential sector.

Furthermore, the increased number of smart meter gas growth installations in the residential sector is due to the transparency maintained and prices paid based on smart gas usage. Gas meters also aid in identifying high-consumption regions, raising awareness of the need to eliminate energy waste.

Furthermore, due to growing residential sector demand, the companies are also investing in boosting their product line, focusing on smart gas meters for residential applications in 2022; Itron's Intelis residential smart gas meter has been certified for distribution across Canada by Measurement Canada, a government agency that promotes innovation, science and economic growth. Thus, Canada aims to boost utilities' monitoring and management of events occurring within grid networks by deploying smart grids, which will help the country's energy industry decarbonize.

In 2017, UK government's Smart Metering Implementation Programme (SMIP) was overseen by the Department of Energy & Climate Change (DECC), which aims to replace 53 million legacy electricity and gas meters in over 30 million residential premises by 20201. The program is undoubtedly one of the most significant energy infrastructure projects in recent UK history. The government's goal is to install smart energy meters in every home in the UK, allowing customers to monitor their energy consumption and carbon emissions better.

Geographical Analysis

Europe has emerged as one of the priority regions for expanding companies in smart gas meter sales due to significant industry participants and ambitious gas meter rollouts

The number of rollouts by various countries to improve their smart gas meter installations have been the highest in Europe. The shift to renewables to meet long- and short-term green energy goals has resulted in a rise in smart gas meter installations. Due to significant industry participants and ambitious gas meter rollouts, Europe has emerged as one of the priority regions for expanding smart gas meter sales companies.

Italy, UK, Spain, Luxembourg and Sweden are among the major nations in the region that have announced large-scale smart gas meter rollouts. Other countries have begun installing smart gas meters, following in the footsteps of these countries. During the predicted period, this will surely boost the region's growth.

Furthermore, Significant factors driving the rise of smart gas meters have been recognized as the increasing smart gas meter installation, growing awareness of the energy problem and the European directive to cut carbon emissions by 80% by 2050. For instance, in 2020, Regional market companies are taking advantage of the country's numerous growth opportunities to develop strategic partnerships or collaborations to extend their market presence. For instance, Itron, Inc. teamed up with EDMI Limited, a global provider of smart metering systems, to develop and deploy a SMETS2-compliant gas meter. In addition, OVO Energy signed a contract with Aclara Technologies in April 2019 to implement its new SMETS2 meters. OVO energy plans to use these meters to provide a dual fuel smart metering solution to its gas and electric meters. The step is being made to modernize the grids and comply with UK's smart meter rollout program.

Competitive Landscape

The global smart gas meters market is highly competitive with local and global key players. Key players contributing to the market's growth are SIT Group, Flonidan A/S, Fann Technology, Cambridge Consultants, Pietro Fiorentini S.p.a, SUNTRONT TECH CO., LTD, Honneywell Elster, Apator SA., STMicroelectronics, Panasonic and among others.

The major companies are adopting several growth strategies such as product launches, acquisitions and collaborations, contributing to the global growth of the smart gas meters market.

  • For instance, In August 2020, Flonidan A/S (Denmark) hired Apator SA's subsidiary Apator Metrix S.A. and George Wilson Industries Ltd. to deliver gas meters to UK market.

Panasonic

Overview:

Panasonic Corporation serves its product and solution through eight (8) business domain companies: appliances, life solutions, connected, automotive, industrial solutions, china & northeast Asia, US, and mobility solutions. It has 529 consolidated companies across the world. The company has three Panasonic centers in Tokyo, Osaka and Vietnam.The company has 25 R&D centers, based in Europe, Greater China, Asean, India, North America and Japan.

Product Portfolio:

  • Smart Gas Meter: The company offers an electronic gas meter that measures gas usage using sensors. Panasonic devices, such as relays and batteries, are best suited to customers' needs. The product offers RE monitoring, pipeline and meter pressure continuous monitoring, valve re-opening after shut-off and battery status monitoring

Key Development

  • In 2021, Pansonics announced to expand its utility services using smart gas meters in Europe

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