The smart gas market is estimated to garner a sizeable revenue and grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030 Globally. The growth of the market can be attributed to the rising concerns associated with emissions of greenhouse gases, growing consumption of natural gas, and increasing need for reducing carbon footprint. As of 2017, the world consumes 132,290,211 million cubic feet (MMcf) of natural gas every year, whereas the per capita consumption of the same gas is more than 17,000 cubic feet in that year. Along with these, escalating demand to reduce energy losses, several government initiatives to mandate the use of smart gas, and increase energy security around the world are also expected to drive market growth in the forthcoming years. Furthermore, rise in emergence of smart grids, rapid growth of urbanization, and growing collaboration among major stakeholders globally are crucial factors projected to offer ample opportunities for market growth in the near future.
The smart gas market is segmented based on solution into GIS, SCADA, MDM, outage management & remote monitoring, and asset condition monitoring and performance management, out of which, the outage management & remote monitoring segment is anticipated to hold the largest share in the global smart gas market on account of the rising demand for the functionalities offered by this solution such as asset performance tracking and providing real-time data during gas operations. Additionally, on the basis of device, the segment for automatic meter reading (AMR) meters is predicted to garner the largest share during the forecast period, which can be credited to the high cost-effectiveness, enhanced billing processes and ability to offer accurate meter readings. CLICK TO DOWNLOAD SAMPLE REPORT
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global smart gas market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing number of smart gas metering projects in countries, namely Japan and China, and high encouragement from government to deploy smart gas meters in the region. Moreover, the market in Europe is assessed to grab the largest share over the forecast period owing to the deployment of several regulatory policies leading to the growing adoption of smart gas, and increasing roll-out of smart energy meters supported by the current infrastructure. Apart from these, growing investments to finance low-carbon projects is also predicted to boost the growth of this region’s market in the future.
The global smart gas market is further classified on the basis of region as follows:
Our in-depth analysis of the global smart gas market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are growing concerns associated with greenhouse emissions and increase in natural gas consumption globally.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
Asia Pacific will provide more business opportunities for market growth owing to the increasing number of smart gas metering projects in Japan and China, and high encouragement from government to deploy smart gas meters.
The major players in the market are Itron Inc., ABB Ltd., Schneider Electric, Elster Group GmbH, General Electric Company, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by device, solution, service, end user, and by region.
The AMR meters segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
High cost of installation of smart gas systems is estimated to hamper the market growth.
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