- Companies offering solutions equipped with cellular IoT capabilities to utility gas companies; adoption of precision and automation in gas metering products among customers steering revenue growth in gas meters market
- Uptake of ultrasonic gas meters to open up new revenue streams; growing application of automated technologies to spur digitization of gas networks especially in Asia Pacific
, June 23, 2022
/PRNewswire/ -- Recent smart gas meter market
trends point toward a growing prospect for automation in gas metering solutions for utility companies and their customers. Gas meter manufacturers have increasingly leveraged automation technologies to minimize gas wastage while improving flow and accuracy in measurement. The global market is projected to advance at CAGR of 6.5% during the forecast period of 2022-2031, reaching valuation of US$ 6.17 Bn
IoT-enabled solutions and adding other low-power networking capabilities have played a crucial role in enriching the smart gas meter market size. Numerous gas meter manufacturers are geared toward expanding IoT ecosystem in a bid to reinforce Industry 4.0 operations in the energy sector.
Top gas meter manufacturers have reaped significant business opportunities from the deployment of smart gas meters in commercial and residential users. A case in point is the deployment of gas metering solutions for measuring the volume of used natural and liquefied gas with high accuracy and cost-effectively. Advancements in sensors have played a key role in boosting the performance characteristics of meter measurement system of newer products in the gas meters market.
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Key Findings of Gas Meters Market Study
- Commercial and Residential Users Adopting Smart Gas Infrastructure for Gas Wastage Reduction: The demand for gas metering solutions has been growing in commercial and residential users, thus will steer the revenue expansion. The need for smart, automated solutions will open up lucrative opportunities in industrial users, thereby bolstering the revenue streams in the gas meters market. Smart gas meters are gathering steam among the end users to minimize the loss of gas during transmission and distribution.
- IoT Connectivity Opens Vast Window of Opportunities in Gas Meters Market: The penetration of IoT connectivity in gas metering solutions has extended the canvas for companies in the gas meters market. Solutions that feature advanced capabilities based on NB-IoT and Low Power Wide Area (LPWA) are likely to generate new revenues streams in the gas meters market.
- Adoption of Next-gen Solutions to Open Up New Revenue Streams: The demand for next-gen solutions has catalyzed the market prospects of ultrasonic gas meters. Their popularity has stemmed from the benefits of high precision and advantage of low maintenance requirements and suitability for operation in high-temperature requirements. Thus, the gas meters market is witnessing abundant avenues from the deployment of ultrasonic gas meters in industrial environments which are intrinsically complex than in residential segment.
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Gas Meters Market: Key Drivers
- Emphasis by gas utility companies worldwide on increasing the operational safety and efficiency has expand the prospect of gas meters in industrial applications
- Penetration of Industry 4.0 technologies has spurred the upgrade of legacy metering solutions. The trend is a key driver of the gas meters market.
Gas Meters Market: Regional Growth Dynamics
- Asia Pacific has emerged as a highly lucrative market for gas meter manufacturers over the past few years. India and China are among the countries that have bolstered the demand for smart gas metering solutions notably to meet the requirements of continuous emission monitoring systems (CEMS). The installations in the Asia Pacific gas maters market are expected to rise with investments in setting up smart infrastructure for gas utility companies.
- The Middle East & Africa are at the forefront of new revenue streams in gas meters market, arising out of steady investments being made in energy sector. The demand is anticipated to thrive among residential and industrial applications.
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Gas Meters Market: Key Players
The study on the gas meters market found that the competitive landscape defined by a partial fragmentation. Numerous gas consumption meter manufacturers & suppliers are keen on adopting cutting-edge sensor and IoT technologies for the next-gen products.
Key players in the gas meters market include Endress+Hauser, Emerson Electric Co., Honeywell International Inc., Landis+Gyr Corporation, Badger Meter, Inc., Apator SA., Genesis Gas Solutions(P) Ltd., Fluenta, EDMI Ltd., ABB, and Itron Inc.
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Gas Meters Market Segmentation
- Diaphragm Meters
- Rotary Meters
- Turbine Meters
- Ultrasonic Meters
- Coriolis Meters
- Standard Meters
- Smart Meters
- North America
- Asia Pacific
- Middle East & Africa
- South America
- Russia & CIS
- South Africa
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