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2021
Gas Meter Market

Gas Meter Market

by Type (Basic Gas Meter and Smart Gas Meter) and End User (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2028
Update Available On-Demand

Report Code: A11353
Pages: 291
May 2021 | 3603 Views
Author(s) : Ayushi Choudhary, Sagnik Chatterjee , Eswara Prasad
Tables: 158
Charts: 72
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COVID-19

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Gas Meter Market Outlook - 2028

The global gas meter market was valued at $5.8 billion in 2020, and is projected to reach $9.7 billion by 2028, growing at a CAGR of 6.6% from 2021 to 2028. Gas meters, a type of flow meter, is used to measure and record the quantity of gas produced or consumed. A gas meter is driven by the force of the moving gas in the pipe. Each time the dial with the lower value complete one revolution, the pointer on the next higher value dial moves ahead one digit. These meters are essential for ensuring adequate gas pressure from the main supply of natural or liquefied petroleum gas to keep a track on the usage of gas. Gas meters are widely used in various residential, commercial, and industrial areas for measuring the volumetric flow rate. 

As the demand from end users gradually decreased for gas meters, the wholesale gas meter price also decreased. Stockpiling practices disrupted the supply chain of vendors, however, countries with mandated installation deadlines will maintain the market demand during the pandemic.

Rapid industrialization has led to increase in usage of natural gas in various emerging economies. The installation of gas meters helps in reducing the wastage of gas during transmission and distribution.

Gas-Meter-Market-2021-2028

Moreover, it helps the utility providers to forecast the demand from gas meter data and observe the behavior of gas meter. Furthermore, strong support from governments across the globe further drives the market growth of various gas meter. For instance, the Government of UK already introduced the Smart Metering Programme, which aims to provide 53 million smart gas meters to domestic and non-domestic properties in Great Britain by 2020. In addition, replacement of old conventional meters with new smart meters further fuels the market growth. For instance, the Government of India is planning to replace 250 million conventional meters by smart meters by 2022. However, individual gas meter requires high capital investment and integration of complex technologies, which are the major challenges during the initial phase.

Nonetheless, favorable policies and subsidies from industry players are expected to provide new growth opportunities. Moreover, industry players are offering rebate schemes per installation of gas meters up to a certain amount. For, instance, Multinet Gas, an Australian distributor of natural gas networks, is offering up to $800 rebate per new connection of natural gas and the rebate will be offered upon successful installation of gas meter.

The global gas meter market is segmented on the basis of product type and end user. On the basis of product type, it is divided into traditional gas meter and smart gas meter. By end user, the market is classified into residential, commercial, and industrial. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Gas Meter Market
By Product Type

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Smart Gas meters is projected as the most lucrative segment.

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Major players have adopted business expansion, merger, and acquisition to sustain the intense market competition. Some of the key players operating in the gas meter industry include General Electric, Itron, Elster, Landis+Gyr, ABB, Aclara, and Badger Meter.

Asia-Pacific accounted for significant revenue share in 2020. This is attributed to emerging application of smart gas meters in China, India, and Japan. Furthermore, favorable government policies in these countries regarding subsidies and rebates, and mandatory installation of smart meters will positively impact the market growth.  

Gas Meter Market
By End-user Industry

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Industrial is projected as the most lucrative segment.

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The smart gas meter segment registered the significant gas meter market share in 2020. This is attributed to rise in demand for various gas meter in residential and commercial areas. Moreover, basic meter is cost-effective and suitable for wide range of applications. 

Based on end user, the residential end user industry segment accounted for significant gas meter market size, owing to increase in residential power consumption. Due to economic developments and favorable government policies, the smart meters market witnessed a large demand in the residential sector; therefore, positively impacting the market growth.

Gas Meter Market
By Region

2028
Europe 
North America
Asia-pacific
Lamea

Asia-Pacific would exhibit a CAGR of 6.1% during 2019-2027.

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COVID-19 scenario analysis

  • The gas meter market has been severely impacted by the outbreak of COVID-19 across the globe. The market witnessed large fall in demand, owing to shutdowns in the industrial sector. 
  • As the demand from end users gradually decreased, the wholesale gas meter price also decreased. 
  • In addition, the country wise lockdown measures delayed the installation of large number of new smart meters. Companies, who already invested in Advanced Metering Infrastructure (AMI), will not resume operation until they are financially stable.
  • But stockpiling practices disrupted the supply chain of vendors, and countries with mandated installation deadlines will maintain the market demand during the pandemic.
  • However, shifting trend toward work from home norms and growing residential energy consumption will escalate the installation of gas meter for residential end users. This will provide gas meter market opportunities to grow considerably in near future. 
  • In the post COVID period, industry players will focus to re-asses their supply chain and consider whether sourcing from domestic players closer to operational site may improve the supply chain.

Key benefits for stakeholders

  • The global gas meter market analysis covers in-depth information of major industry participants.
  • Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • Major countries have been mapped according to their individual revenue contribution in the regional gas meter market growth.
  • The report provides in-depth analysis of the global gas meter market forecast for the period 2021–2028.
  • The report outlines the current global gas meter market trends and future estimations of the market from 2019 to 2028 to understand the prevailing opportunities and potential investment pockets. 
  • The key drivers, restraints, & market opportunity and their detailed impact analysis are explained in the study.

Key market segments

By Product Type 

  • Traditional Gas Meter 
  • Smart Gas Meter 

By End User

  • Residential
  • Commercial
  • Industrial

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Brazil
    • Saudi Arabia
    • South Africa
    • Rest of LAMEA
 

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The global gas meter market is heading toward an expansion phase. This is mainly attributed to mandatory installations of smart meters in many countries such as the U.S., the UK, China, and India. With such systems, operators can easily monitor the behavior and predict the demand for commercial and residential usage. In addition, the consumers can also get detailed and timely information about the consumption of gas. Furthermore, growing emphasis on the usage of smart gas meters, coupled with favorable government policies is anticipated to provide new growth opportunities in the market.

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FREQUENTLY ASKED QUESTIONS?

A. Industrial end-user is projected to increase the demand for Gas Meter Market.

A. Smart Gas Meter accounted for the largest Gas Meter Market share.

A. To get latest version of gas meter market report can be obtained on demand from the website.

A. Rapid industrialization has led to increase in usage of natural gas in various emerging economies. The installation of gas meters helps in reducing the wastage of gas during transmission and distribution. Moreover, it helps the utility providers to forecast the demand from gas meter data and observe the behaviour of gas meter. Hence, its demand is expected to notably increase, driving growth of the market.

A. Some of the key players contributing towards the growth of the market include General Electric, Itron, Elster, Landis+Gyr, ABB, Aclara, and Badger Meter.

A. The top ten market players are selected based on two key attributes - competitive strength and market positioning

A. Strong support from governments across the globe further drives the market growth of various gas meters. For instance, the Government of UK already introduced the Smart Metering Programme, which aims to provide 53 million smart gas meters to domestic and non-domestic properties in Great Britain.

A. The global gas meter market was valued at $5.79 billion in 2020, and is projected to reach $9.70 billion by 2028, growing at a CAGR of 6.6% from 2021 to 2028.

A. Both residential and industrial end users are expected to drive the adoption of Gas Meter.

A. • The gas meter market has been severely impacted by the outbreak of COVID-19 across the globe. The market witnessed large fall in demand, owing to shutdowns in the industrial sector. • As the demand from end users gradually decreased, the wholesale gas meter price also decreased. • In addition, the country wise lockdown measures delayed the installation of large number of new smart meters. Companies, who already invested in Advanced Metering Infrastructure (AMI), will not resume operation until they are financially stable.

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