Smart Gas Meter Market Analysis

Smart Gas Meter Market Analysis

The residential smart gas meter market is poised to reach USD 5 billion by 2028. Growing consumer awareness of effective gas management coupled with the rising demand for end-to-end web monitoring technologies will propel the business outlook. Additionally, the robust adoption of advanced communication modules and the wide availability of different meter sizes including high-range coverage & low-power consumption will spur product application prospects.
 

The ongoing restructuring of gas distribution networks and increasing investments in the development of natural gas pipeline infrastructures will support the market growth. However, the rising focus on achieving smart city objectives across regions will surge the product demand. Moreover, remote monitoring and leakage detection combined with the integration of cybersecurity systems to ensure secure & reliable consumer data consumption will foster technology adoption across the commercial sector.
 

The AMI smart gas meter market is projected to witness growth rate of about 24% through 2028. Increasing investments by utilities for the extensive deployment of advanced gas metering solutions across their service areas will augment the industry demand. Moreover, reliable consumption data, accurate billing, real-time data management, enhanced design, reduced labor costs, process optimization, and extensive battery lifespan will sway the product penetration.
 

Robust R&D by prominent industry players toward the development of intelligent solutions to offer utilities and consumers efficient metering features will complement the adoption of advanced metering devices. For instance, in March 2020, Itron launched its communications module called Cyble 5 for cities and utilities in Europe, the Middle East, and Africa (EMEA). The Cyble technology has nearly 10 million devices in the field with next-gen Cyble modules, enabling utilities with extended connectivity options toward data collection along with billing efficiency.
 

The Europe smart gas meter market is anticipated to observe prominent growth owing to the development several of metering programs and the ongoing replacement of existing devices with intelligent IoT-based metering solutions. Strict government mandates by the EU government to provide around 80% of the end-users with smart metering units will fuel the market revenue.
 

Furthermore, several regulators have introduced security requirements & directives to ensure the encryption of sensitive consumer data, which in turn, will encourage product demand.
 

The pandemic outbreak has moderately affected the smart gas meter industry impelled by lockdown imposition across manufacturing facilities worldwide. Initiatives by several players toward the development of advanced metering technologies to achieve the ongoing smart city objectives will drive the industry spectrum. Additionally, various players & governments have initiated the deployment of intelligent smart metering solutions in 2021. For instance, in January 2021, Itron deployed its AMR solution in Liberty Lake for the modernization of its natural gas distribution system in Canada and to improve the efficiency, safety & reliability of natural gas, enabling the delivery to 22,000 natural gas end-users.