The global natural gas metering market is undergoing a significant long-term transition. It is shifting from traditional meters or mobile reading devices to intelligent one- and two-way communicating meters, providing utilities with improved data management and network efficiency. According to a new report from Navigant Research, global smart gas meter revenue, including hardware and software, is expected to grow from $1.9 billion in 2018 to $3.1 billion in 2027, representing a compound annual growth rate (CAGR) of 5.8%.
“The markets for smart gas metering technology vary significantly based on global region,” says Michael Hartnack, research analyst with Navigant Research. “Developed regions such as North America and Europe with nearly fully built-out gas and electric infrastructure are witnessing significant growth in retrofit gas metering projects, but lower growth in new meter installations and network expansion projects. Many of these installations have aligned closely with both electric advanced metering infrastructure (AMI) deployments and the increased adoption of advanced low power wide area (LPWA) networking technologies.”
Unlike electric AMI deployments, the business case for smart gas meters is more difficult to make for many utilities, especially gas-only utilities. According to the report, the lack of power at the meter and varying perspectives on the value of collected gas meter data are also among the challenges faced by gas utilities and smart gas metering solutions providers.