Smart Gas Market Size, Share & Trends Analysis Report 2032

Smart Gas Market Insights

According to Zion Market Research, the global Smart Gas Market was worth USD 9.08 Billion in 2023. The market is forecast to reach USD 15.70 Billion by 2032, growing at a compound annual growth rate (CAGR) of 6.27% during the forecast period 2024-2032.

The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Smart Gas Market industry over the next decade.

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Smart Gas Market: Overview

The term smart gas refers to the proper monitoring of gas utilities remotely. There are devices installed on the gases to provide real-time information to the customer, manufacturers and distributors. Smart meters aid in the collection, storage, and transmission of meter data to the central server. The market for global smart gas is being driven by rising energy demand, rapid urbanization, and technological advancements.

Analytics and Data Management, Remote Monitoring, Geographic Information Systems (GIS), Asset Management, and Network and Application Security are all part of Smart Gas Solutions. Hence the smart gas is increasing at a phenomenal rate.

COVID-19 Impact Analysis

The COVID-19 pandemic has slowed the power industry's growth, as many countries have implemented nationwide lockdowns to prevent the virus from spreading further. According to the IEA report, Energy Efficiency 2020, global progress in using more efficient energy sources has slowed as a result of the economic impacts of the novel coronavirus disease (COVID-19). However, in some countries, electricity use in residential buildings increased by 20% in the first half of 2020, while it decreased by about 10% in commercial buildings.

As a result of the increased time spent at home as a result of the pandemic, energy consumption has increased, resulting in significant and complex shifts in energy demand. With the reduction in industrial power demand, utilities are expected to invest very little in the replacement of aging grid infrastructure and new installations.

Smart Gas Market: Growth Factors

The growing urge to reduce energy losses and the need to improve energy security are also seen as major drivers of market growth. The increased adoption of gas, as well as numerous regulatory policies implemented in many regions, should be viewed as a market growth opportunity. Digitalization has accelerated across multiple industries, including gas and electricity, due to the growing adoption of IoT. Grid operators and energy companies can now provide modern energy services due to enhanced IoT communication networks.

In addition to high data processing capacity and IoT, digitalization includes hybrid cloud infrastructure, which will allow networks to be managed more flexibly and efficiently. For example, Microsoft (US) and SNAM (Italy) launched the first joint project on IoT and cloud for the technological and long-term development of energy networks.

Smart Gas Market: Report Scope

Smart Gas Market: Segmentation Analysis

By Device Segment Analysis

Due to its cost-effectiveness and preference for smaller utilities, the Automatic Meter Reading (AMR) meters device segment is expected to have the largest market share during the forecast period, owing to benefits such as accurate meter readings and improved & transparent billing processes. The second type of type includes advanced Meter Infrastructure which is the combined and enhanced form of the AMR and has industrial usage.

By Solution Type Segment Analysis

The remote monitoring solution segment is expected to grow at the fastest CAGR of about 14.1% during the forecast period, owing to the rising demand for critical functionalities such as asset tracking and real-time data during gas operations that this solution provides. Frequently used technology for smart meters is Geographic Information Systems (GIS) which is a framework for gathering, managing, and analyzing the data related to the earth’s surface. It involves the geographical and 3D data. Various other kinds are SCADA, Asset Condition Monitoring and Performance Management, MDM, Outage Management & Remote Monitoring, among others from the Solution Type Segment.

Smart Gas Market: Regional Analysis

North America accounted for a share of 37.56% in 2023 with a CAGR of 23.9% during the forecast period. North America has the highest installation rate (over 50%) of AMR devices. Several utilities in the United States have embarked on advanced smart gas schemes in recent years, with the primary goal of deploying second-generation advanced metering infrastructure, communication modules, asset management, workforce management, security features, analytics, and Meter Data Management (MDM).

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Due to various regulatory policies in Europe that have resulted in the positive development of the smart gas market, Europe is expected to show significant growth during the forecast period. Due to the simultaneous roll-out of energy meters, supported by current infrastructure, the United Kingdom now has the largest single country share in Europe. China and India have also shown very good growth during the period. This is due to development across various industries in the region.

Smart Gas Market: Competitive Landscape

Some of the major players in the global Smart Gas market include:

• Aclara Technologies LLC
• ABB Group
• Cap Gemini S.A.
• Badger Meter, Inc.
• Diehl Stiftung & Co. KG
• CGI Group Inc.
• Elster Group SE
• General Electric Company
• International Business Machines Corporation
• Itron

The companies are looking forward to establishing gas plants, investing in R&D, and launching newer technical advancements along with collaborations and mergers. For instance, Liberty Utilities Company awarded Itron a contract for OpenWay Riva, an Internet of Things (IoT) solution that includes an open, standard-based network for gas, electricity, and water. Liberty Utilities was able to improve operations and improve the customer experience thanks to the solution. To ensure the network's smooth implementation and operation, Itron also provided managed services and cloud hosting services.

The global smart gas market is segmented as follows:

By Device

• AMR
• AMI Meters

By Solution

• GIS
• SCADA
• Asset Condition Monitoring
• Performance Management
• MDM
• Outage Management
• Remote Monitoring

By Service

• Consulting
• Deployment
• Managed

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa