Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 9.08 Billion | USD 15.70 Billion | 6.27% | 2023 |
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.
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.
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.
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.
Report Attributes | Report Details |
---|---|
Report Name | Smart Gas Market |
Market Size in 2023 | USD 9.08 Billion |
Market Forecast in 2032 | USD 15.70 Billion |
Growth Rate | CAGR of 6.27% |
Number of Pages | 205 |
Key Companies Covered | 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, among others |
Segments Covered | By Device, By Solution, By Service, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
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.
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).
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.
Some of the major players in the global Smart Gas market include:
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
By Solution
By Service
By Region
FrequentlyAsked Questions
According to a study, the global Smart Gas market size was worth around USD 9.08 billion in 2023 and is expected to reach USD 15.70 billion by 2032.
The global Smart Gas market is expected to grow at a CAGR of 6.27% during the forecast period.
Some of the key factors driving the global smart gas market growth are huge industrial, commercial and domestic use of gas. Also, the ever-growing demand for the customer centric- approach led to the growth of the market. Advancement in the technology such as enabling tracking and monitoring the billing, energy usage also played a major role in development of the smart gas market.
North America is expected to dominate the Smart Gas market over the forecast period.
Some of key players in smart gas market are 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, among others.
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