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Gas Meter Market - By Technology (Smart, Conventional), By End Users (Residential, Commercial, Industrial), By Type, Regional Outlook & Forecast, 2024 – 2032

  • Report ID: GMI10120
  • Published Date: Jul 2024
  • Report Format: PDF

Gas Meter Market Size

Gas Meter Market was valued at USD 3.7 billion in 2023 and is anticipated to register a CAGR of 4.7% between 2024 and 2032. In comparison to coal and oil, natural gas burns cleaner when used as a fossil fuel. The need for natural gas is predicted to increase as different countries attempt to reduce their carbon footprint. This is anticipated to fuel the demand for new gas meters in order to effectively monitor and control gas usage.

Gas Meter Market

Natural gas burns cleaner and releases less pollutants, such as carbon dioxide, as compared to conventional fossil fuels like coal and oil. Many nations are shifting their energy mix towards cleaner sources as environmental concerns grow and carbon emission rules become more stringent. This transition depends heavily on natural gas, which serves as a stopgap fuel until renewable energy sources have sufficient infrastructure and supply. Furthermore, using natural gas is simpler and less expensive than creating brand-new infrastructure for other energy sources because many nations already have natural gas infrastructure in operation.

The gas meter market is being driven by rising natural gas demand and the push for smart meter installation. The industry is capital intensive, and the heavy initial investment can be a deterrent for several market entry aspirants. Additionally, smart meters are equipped with advanced connectivity modules, sensors, and data processing capabilities. This complex technology results in a greater production cost as compared to the more basic design of a mechanical meter. Smart meters need a strong communication network backbone for data transfer, which increases the overall cost of utilities.


Gas Meter Market Trends

The industry is shifting towards smart meters with advanced capabilities such as two-way communication, remote reading, and data analytics. Utilities can improve energy distribution, manage peak demand, and spot possible problems more effectively. Consumers may get real-time data, allowing them to make informed choices regarding their energy usage. Furthermore, gas meters are gradually being linked to the Internet of Things (IoT) ecosystem, allowing them to communicate with other smart devices in the house or business. Gas meter manufacturers and utility companies can make sure their businesses are well-positioned to meet the changing market requirements and provide effective, secure, and data-driven gas metering solutions by keeping up with current developments and putting cutting-edge technology into practice.


Gas Meter Market Analysis

Gas Meter Market Size, By Technology, 2021 - 2032 (USD Billion)

Based on technology, the conventional segment held was worth USD 1.9 billion in 2023 and is anticipated to grow at a CAGR of 4.3% during 2024 to 2032. The interior chambers or compartments in these meters revolve or reciprocate to measure the amount of gas passing through them. These chambers fill with gas as it passes through the meter, rotating or moving them. Subsequently, the quantity of rotations or motions is converted into a volume measurement that may be seen on a rotating dial or recorded on a counting device.

Gas Meter Market Revenue Share, By End User, 2023

Based on end-use, the industrial segment held 60.2% share of the gas meter market in 2023 and is anticipated to grow at a CAGR of 4.8% through 2032. The industrial segment is a crucial driver within the gas meter market, playing a vital role in ensuring efficient and safe gas utilization across various industries, and by understanding their gas usage habits helps firms find areas where they may cut expenses on energy while also improving efficiency.

North America Gas Meter Market Size, 2021 - 2032 (USD Billion)

North America gas meter market was valued at around USD 1.2 billion in 2023 and is estimated to showcase about 4.8% CAGR up to 2032. The infrastructure of gas meters in North America is deteriorating and must be replaced. This generates a need for newer, potentially smarter meters that are more dependable. Natural gas is becoming more popular because it burns cleaner than coal and is subject to stricter environmental rules designed to reduce greenhouse gas emissions. To effectively monitor and control petrol use, this consequently promotes the need for gas meters.

Country level Analysis

North America: In terms of country, the U.S. dominated the gas meter market with a revenue of around USD 1 billion in 2023 and is expected to reach around USD 1.4 billion by 2032, characterised by its advanced technology adoption and regulatory driven growth. The market is driven by increasing urbanization, a growing number of residential and commercial natural gas consumers and stringent regulatory frameworks aimed at improving energy efficiency and safety.

Canada's gas meter market is driven by a strong emphasis on energy efficiency and sustainability influenced by both consumer demand and government regulations. Smart gas meter adoption is gaining momentum as utilities seek to improve metering accuracy, reduce operational costs, and enhance customer service.

Europe: The European gas meter market witnessed a steady growth at a CAGR of approximately 4.4%. Market is experiencing significant growth driven by stringent regulatory mandates and strong emphasis on energy efficiency and sustainability. European Union directives have been pivotal in pushing the adoption of smart metering systems aiming to provide at least 80% of the consumers with smart meters by 2024.

Germany is one of the leading economics in Europe and plays a crucial role in the regional gas meter market. The country is committed to achieving its energy transition goals known as the ‘energiewende’ which aims to shift towards more sustainable and renewable energy sources.

Asia Pacific: The Asia Pacific gas meter market was valued at around USD 0.9 billion in 2023 and is anticipated to register a CAGR of 5% between 2024 and 2032.

China is undergoing rapid transformation driven by urbanization. Growing middle class and the government focus on smart city initiatives. As urban areas expand, the demand for efficient and reliable gas distribution systems increases, prompting significant investment in advanced metering infrastructure.

India holds a prominent share in the gas meter market as it is expanding rapidly due to increasing urbanisation, rising energy demand, and the government initiatives modernise utility infrastructure. The Indian government has been proactive in promoting the use of smart meters to programs like Smart City Mission and National Smart Grid Mission.

Gas Meter Market Size

Gas Meter Market Company Market Share Analysis, 2023

Key players in the gas meter industry are Itron, Honeywell International Incorporation, Xylem Incorporation, Apator SA, Diehl Stiftung & Co.KG, and ABB limited. Together, these companies accounted for a market share of 5-10% in 2023. The market is made up of both local and international industrial companies. Their areas of expertise include frequently advanced metering infrastructure (AMI), which enables remote data gathering and analysis. In general, the market for gas metres encourages innovation and meets the various demands of the gas sector.

Gas Meter Market Companies

Major companies operating in the gas meter industry include:

  • ABB Ltd
  • Aclara
  • AKG Acoustics
  • Apator SA
  • Badger Meter
  • Diehl Stiftung & Co. KG 
  • Edmi Limited
  • Elster Group GmbH
  • Emerson Electrics Inc.
  • Honeywell International Inc.
  • Itron
  • Schneider Electric SE
  • Siemens Industry Inc
  • Suntront
  • Xylem Inc.

Gas Meter Industry News

  • In January 2024, Itron announced a collaboration with Sevier County utility district to deploy Itrons AMI essential for gas including 30,000 Itron cellular 800 G gas models. This deployment aims to improve operation and meter reading across the Sevier County utility district gas and providing greater visibility into the gas distribution system.
  • In November 2023, Matrix Gas and Renewables submitted draft documents for an initial public offering (IPO) to NSE Emerge.
  • In July 2023, Xylem acquired Sensus, a company specializing in smart metering technology for various utilities.

This gas meter market research report includes in-depth coverage of the industry, with estimates & forecasts in terms of revenue (USD billion) from 2021 to 2032, for the following segments:

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Market, By Technology

  • Smart
  • Conventional

Market, By Type

  • Diaphragm meters
  • Rotary meters
  • Turbine Meters
  • Uktrasinic Meters
  • Coriolis Meters

Market, By End Use

  • Residential
  • Commercial
  • Industrial

The above information is provided for the following regions and countries:

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


Authors: Avinash Singh , Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of gas meter was reached USD 3.7 billion in 2023 and will grow at a 4.7% CAGR between 2024 and 2032, due to the expansion of gas pipeline networks.

The industrial segment held 60.2% share of the gas meter market in 2023, driven by the substantial energy requirements of manufacturing, chemical, and processing industries.

North America gas meter industry registered 1.2 billion in 2023, attributed to the region's focus on upgrading and modernizing utility networks.

Major companies operating in the gas meter industry are Apator SA, Badger Meter, Diehl Stiftung & Co. KG, Edmi Limited, Elster Group GmbH, Emerson Electrics Inc., Honeywell International Inc., Itron, Schneider Electric SE, Siemens Industry Inc, and Suntront, among others.

Gas Meter Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 16
  • Tables & Figures: 52
  • Countries covered: 23
  • Pages: 80
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