Gas Meter Global Market Report 2024

The gas meter market size has grown strongly in recent years. It will grow from $4.75 billion in 2023 to $5.1 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The expansion observed in the historical period can be attributed to strong economic growth in emerging markets, an increase in industrialization, a rise in safety concerns, and the aging infrastructure of gas distribution networks.

The gas meter market size is expected to see strong growth in the next few years. It will grow to $6.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be attributed to rapid urbanization, rising government support, and growing natural gas consumption. Key trends expected in the forecast period encompass the integration of IoT for better data analytics and predictive maintenance, the introduction of new and innovative gas meters for gas distribution, the introduction of prepayment gas meters to help consumers manage budgets more effectively, and a focus on partnerships and collaborations to develop smart metering solutions.

The gas meter market is poised for growth, primarily driven by the increasing pace of industrialization. Rapid industrialization, characterized by the shift towards mechanized manufacturing economies, has a substantial impact on energy demand. The surge in industrial activities is contributing to a notable rise in the consumption of oil and natural gas. Governments, particularly in developing regions, are actively promoting industrialization through various initiatives, further benefiting both regional and global gas meter markets. According to a report from the United Nations Industrial Development Organization (UNIDO) in March 2023, global manufacturing production witnessed a year-on-year increase of 3-4% in the fourth quarter of 2022, affirming the trajectory of rapid industrialization as a key driver for the gas meter market.

The growth in natural gas consumption is another significant factor propelling the gas meter market forward. The escalating demand for natural gas in industrial, commercial, and residential applications necessitates accurate gas metering. As per data from the International Energy Agency (IEA), global natural gas consumption is anticipated to grow by 3.4%, equivalent to 140 billion cubic meters, from 2021 to the end of the forecast period in 2025. This growth, with an average annual rate of 0.8%, is expected to result in a total consumption of approximately 4,240 billion cubic meters. Hence, the surging natural gas consumption acts as a driving force for the gas meter market.

Technological advancements stand out as a prominent trend in the gas meter market, with major companies focusing on the development of sophisticated products to fortify their market positions. A case in point is Itron Inc., a US-based technology firm, introducing the Itron Intelis gFlex prepayment gas meter in November 2022. This next-generation meter incorporates ultrasonic solid-state measuring technology with Itron's extensive prepaid metering expertise. The Intelis gFlex, integrated into an easily deployable SaaS system, assists utilities in ensuring revenue, reducing financial vulnerability, and enhancing customer satisfaction through improved cash conversion and a consumer-friendly site and mobile app for refilling and monitoring.

The integration of the Internet of Things (IoT) with gas meters is gaining traction in the market. This integration allows real-time visibility into usage patterns, enabling accurate billing, proactive maintenance, and data-driven decisions. Disrupt-X, a UAE-based IoT development company, launched an IoT Gas Metering Solution in April 2022, facilitating accurate monitoring of gas consumption and customized billing slabs. This solution enhances energy efficiency, supports sustainability goals, and enables remote monitoring, contributing to the evolving landscape of gas meter technology.

In July 2023, QIC Infrastructure, an Australia-based investment company, acquired a 50% stake in Vector Metering for AU$1.6 billion (US$1.1 billion), solidifying its position in the smart metering market. This acquisition reflects the increasing demand for smart meters as households seek more efficient energy consumption management. Vector Metering, an Australia-based provider of smart gas and electricity meters, is expected to play a pivotal role in QIC Infrastructure's strategic endeavors in the evolving gas meter market.

Major companies operating in the gas meter market report are Honeywell International Inc., Xylem Inc., Itron Inc., Siemens AG, Emerson Electric Co.,Endress + Hauser, Apator SA, Landis + GYR Group AG, ABB Ltd., Badger Meter Inc., EDMI Limited, Panasonic Holdings Corporation, Smartmeters Technologies Pvt. Ltd., Genesis Gas Solutions Private Limited, Secure Meters Limited, Schneider Electric India, Rihtek Automation Pvt. Ltd., Tokyo Gas Meter Co., Ltd., Chugoku Gas Meter Co., Ltd., Aichi Tokei Denki Co Ltd., AES Smart Metering Ltd., British Gas Metering Operations, E.ON, EDF Energy, Energy Assets Ltd., IMServ Europe Ltd., Jersey Electricity, Lowri Beck Services Ltd., PROLA SA, ENVEA, KROHNE, Statiflo, United P, H Supply Co, Furness Controls, Mac Instruments, Bopp and, Reuther, Kinequip Inc., Intellimeter Canada Inc., Norgas Controls, Metercor, Fgs Brasil Ind Com Ltda, Itron Solucoes Para Energia E Agua Ltda, Agilent Technologies Brasil Ltda, Buzas Industria E Comercio Ltda, Fluenta, KopaGas Ltd., MaasaraGazz Metro.

Asia-Pacific was the largest region in the gas meter market in 2023. The regions covered in the gas meter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the gas meter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The main types of gas meters include turbine gas meters, ultrasonic gas meters, diaphragm gas meters, rotary gas meters, and others. A turbine gas meter employs a small helix or turbine to regulate the speed at which gas flows through it, deducing the gas flow on a volumetric basis. Gas meters are available in two different technologies such as smart and automated, as well as conventional. These devices find applications in residential, commercial, and industrial settings.

The gas meters market research report is one of a series of new reports that provides gas meters market statistics, including gas meters industry global market size, regional shares, competitors with a gas meters market share, detailed gas meters market segments, market trends and opportunities, and any further data you may need to thrive in the gas meters industry. This gas meters market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The gas meter market consists of sales of gas meters differentiated by operating principles such as displacement, velocity, head, thermal, acoustic, and tracer. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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