Smart gas meters are advanced devices used for measuring and monitoring gas consumption. These meters can provide real-time data on gas usage and can transmit this data to utilities and consumers for monitoring and billing purposes.
The demand for smart gas meters is growing due to several reasons. They offer more accurate readings than traditional meters, leading to more precise billing and fewer discrepancies. They also enable utilities to monitor gas usage remotely, reducing the need for manual meter reading and associated costs. Additionally, smart gas meters can help consumers better understand their gas usage patterns and take steps to reduce consumption, promoting energy conservation. Owing to such factors, the demand for smart gas meters is growing, and the market is estimated to reach around $6.1 billion in 2025.
Key Trends in the Smart Gas Meter Market
The smart gas meters market has been experiencing significant growth and innovation globally, driven by the need for accurate and efficient monitoring of gas consumption in homes and businesses. Some recent trends in the market include-
Growing Demand for Remote Monitoring and Control
Smart gas meters that can be remotely monitored and controlled via mobile or web applications are gaining popularity among consumers as they offer greater convenience and control over gas usage. This trend is likely to continue as more households and businesses adopt smart home and building automation solutions.
Technological Advancements and Innovations
The smart gas meter market is constantly evolving, with new technologies and innovations being introduced to enhance functionality and improve efficiency. For instance, some smart gas meters are now equipped with sensors that can detect gas leaks and other safety hazards, improving safety for consumers and reducing the risk of accidents.
Additionally, with the arrival of next-generation IoT-optimized 5G technology, it is anticipated that smart gas meters will transition from outdated RF platforms to developing standards such as NB-IoT. To capitalize on the opportunity, major firms such as ITRON and Sensirion are producing next-generation gas meters, such as the SGM6200 series, with competitive costs and ultra-low current consumption.
Expansions and Innovations by Major Market Players
The smart gas meter market is expected to see significant growth, and several key players, such as Aclara Technologies LLC, Itron Inc., Honeywell International Inc., Eaton Corp., Landis+Gyr AG, Diehl Stiftung & Co. KG, Badger Meter, Inc., and Siemens AG, are operating in the market. These companies offer smart gas meter solutions and products like AMR, AMI, and sensors to manage the gas supply system effectively. To remain competitive, these players have implemented various growth strategies such as partnerships, collaborations, product launches, mergers, and acquisitions.
• In January 2023, Copper Labs, a utility technology provider for gas, water, and electric utilities, announced the release of an innovative new neighborhood-level detector that wirelessly unlocks near-real-time information gathered by current utility meters at scale and at a reduced duration and cost of smart meter deployments. Copper's cutting-edge technology remotely collects data from hundreds of individual residential meters as rapidly as every 60 seconds, with no requirement for in-home equipment or Wi-Fi networks.
• In October 2022, the UK's first U16 gas smart meter was installed in a residential building in Berwick-on-Tweed, Northumberland. SMS PLC installed the U16 gas smart meter, which is roughly double the size of the U6 gas meter. Customers that have a better supply of gas than 16 cubic meters per hour, such as large residential or commercial properties, can now switch to smart meters in the region.
• In January 2022, Measurement Canada, a government organization that promotes innovation, research, and economic growth, authorized Itron's Intelis home smart gas meter for nationwide deployment. The certification confirms that Itron's Intelis meets the PS-G-06 provisional ultrasonic meter specification in Canada.
Government Regulations and Campaigns to Support the Market
Governments around the world are recognizing the benefits of smart gas meters and are implementing various initiatives and investments to support their growth. For instance, the House of Commons stated that according to the government's 2019 cost-benefit study, smart meter deployment will have given just under £6 billion ($7.4 billion) in net advantages to customers, energy suppliers, and networks by 2034, with £19.5 billion (approximately $24 billion) in benefits offset by around £13.5 billion ($16.6 billion) in expenditures. Additionally, according to the Smart Meter Statistics in Great Britain report published by the UK government in March 2022, at the end of 2021, there were 27.8 million smart and advanced gas and electricity meters in homes and small businesses in Great Britain. A total of 3.8 million smart meters were installed in 2021.
Besides, various new organizations have been formed to educate people about smart meters and their use. For instance, Smart Energy GB is a British government-backed organization that was established in 2013 to support the roll-out of smart meters across Great Britain. Smart Energy GB's goal is to help consumers understand the benefits of smart meters and how to use them to better manage their energy usage. According to Interreg Europe, an organization co-funded by the EU, through Smart Energy GB, the government aims to save an estimated 29.7 tonnes of carbon by 2030.