Gas Meter Market size is estimated to reach USD 13.1 Billion by the end of 2036, growing at a CAGR of 6.19% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of gas meter was about USD 6 Billion. The growth of the market can be attributed to the several advancements in the technology of gas meters. In the last few years, the gas meter has undergone several innovations in the technology, this includes the integration of the Internet of Things (IoT) in the meters to make it even smarter. Several manufacturers in the market are investing heavily in the research and development of new innovative gas metering equipment. For instance, Nicor Gas and Sensus, a Xylem brand has installed the two-way Sensus FlexNet communication network and SmartPoint and with this, they commence their journey of urbanization.
In addition to these, factors that are believed to fuel the growth of gas meter market include the rising need to reduce gas leak accidents and helps avert huge gas accidents. The need to avoid accidents and make the gas chambers a safe place to work and live around is increasing the demand for gas meters. Modern gas meters are built to detect any form of gas seeping from the piping. They accurately gauge consumption, pinpoint excess usage that may indicate leakage, and warn the supplier of unusual consumption trends. Petrol meters have a number of sensors that monitor changes in pressure, temperature, and flow rate. These sensors assess the amount of petrol consumed and compare it to the projected rate of consumption. A leak could be indicated by unusually high usage. The meter will then transmit an alert to the supplier, who will be able to further investigate.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.19% |
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Base Year Market Size (2023) |
USD 6 Billion |
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Forecast Year Market Size (2036) |
USD 13.1 Billion |
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Regional Scope |
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Type (Traditional Gas Meter, Smart Gas Meter)
The smart gas meter segment in the gas meter market is estimated to cross USD 7.4 billion in the year 2036 by growing at a CAGR of 6.39% over the forecast period. Moreover, the revenue generation in 2022 was USD 3.3 Billion. The growth of the segment can be attributed to the rising use of smear meters by industries. industries are employing it efficiently carrying out the distribution and transmission of energy while reducing the cost and minimizing the energy consumption. Smart meters provide fantastic insights into how much energy is being used at any one time and how to reduce its usage. With narrow confidence intervals, smart meters save an average of 3.4% of power consumption and 3.0% of petrol used. Both estimations have a statistically significant level of significance.
End User (Residential, Commercial, Industrial)
Gas meter market from the residential segment is projected to expand at a CAGR of 6.59% during the forecast time frame and to garner a significant revenue of USD 7.6 billion in the year 2036. In 2022, the segment garnered a revenue of USD 3.3 billion. Growing consumption of gas from the residential sector is expected to boost the segment growth in the market. According to the Energy Information Administration, in 2015, around 58% of households used natural gas, in 2021, around 42% of households used natural gas. In addition to this, the rising need for reducing bill expenses is also expected to boost the growth of the segment. A smart meter saves a typical home 2% on their annual energy expenditures or 354kWh. That may not seem like much, but it's sufficient power to take 115 hot baths or listen to your favorite song on a tablet for the next 35 years.
Our in-depth analysis of the global gas meter market includes the following segments:
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Type |
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Component |
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End User |
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APAC Market Forecast
The gas meter market in Asia Pacific is projected to grow at a CAGR of 6.52% during the forecast period to become the largest revenue generator of USD 6.1 billion by the end of 2036. Additionally, the market revenue of the region was USD 2.4 billion in 2022. The growth of the market can be attributed majorly to the growing government initiatives from China, India, and Japan to connect the entire nations, with gas meters. According to the Government of India's plans and objectives, around 230 cities will have gas infrastructure by 2025. Pipeline infrastructure is predicted to quadruple by 2025, while CNG stations are expected to triple by 2025 as new geographies are penetrated.
European Market Statistics
The European gas meter market is estimated to be the second largest, registering a revenue of USD 2.5 billion by the end of 2036. The market in the region is forecasted to grow at a CAGR of 6.34% over the given period. The growth of the market can be attributed majorly to the growing installation of smart meters. Smart meters have taken the place of traditional gas and electricity meters across the UK, making the energy system more efficient and adaptable, allowing the UK to use more renewable energy, and bringing the country closer to net zero. As of 30 March 2023, the United Kingdom had 32.4 million smart and advanced meters, accounting for 57% of all meters.
Author Credits: Rushikesh, Richa Gupta
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