Smart Gas Market
Surge in need to enhance urban safety, increase in investment in smart gas pipeline and smart grid network, and growing urbanization drive the growth of the global smart gas market. However, lack of awareness of smart gas systems among people hinder the market growth. On the other hand, rise in investment and initiatives for smart energy management by government create lucrative opportunities in the market.
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According to the report, the global smart gas market garnered $12.65 billion in 2018, and is estimated to reach at $41.65 billion by 2026, registering a CAGR of 16.2% from 2019 to 2026.
The Smart Gas Market focuses on technologies and solutions that enable efficient management of gas utilities, including smart meters, data management systems, and gas monitoring solutions. The key drivers of the market include the increasing demand for energy efficiency, growing environmental concerns, and government regulations aimed at reducing carbon emissions. Smart gas solutions help gas companies in real-time monitoring, leak detection, and remote meter reading, leading to enhanced safety and operational efficiency.
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Key Trends:
1. Smart Meters Adoption: Governments and utility companies are investing heavily in smart meters, which offer benefits like accurate billing, reduced operational costs, and real-time data tracking.
2. IoT Integration: The integration of IoT sensors into gas infrastructure helps in predictive maintenance, leak detection, and overall system monitoring, improving efficiency.
3. Regulatory Framework: Many countries are implementing stringent environmental and safety regulations, pushing gas utilities toward adopting smart technologies for better compliance and sustainability.
4. Data Analytics and AI: Advanced analytics and AI-powered tools are being increasingly used for optimizing gas distribution, analyzing consumption patterns, and improving operational workflows.
Based on region, North America contributed to the highest market share in terms of revenue, contributing to nearly half of the global smart gas market in 2018, and is expected to maintain its leadership status during the forecast period. This is due to the increase in development in smart energy and gas system, and presence of major market players in this region. On the other hand, Asia-Pacific is expected to maintain the largest CAGR of 21.1% from 2019 to 2026. This is attributed to the rise in demand and increase in consumption of gas and electricity, and the need to build sustainable and energy efficient sources to conserve natural gas and electricity.
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Based on component, the solution segment contributed to nearly two-thirds of the total share of the global smart gas market in 2018, and is expected to maintain its lead position during the forecast period. This is attributed to the increase in need to reduce difficulties associated with bill payments. Moreover, the service segment is expected to grow at the largest CAGR of 18.7% from 2019 to 2026. This is due to the growing need to ensure effective functioning of smart gas platforms throughout the process.
Based on device type, the automatic meter reading (AMR) segment held the highest market share of the global smart gas market, contributing for more than four-fifths of the total share in 2018, and is estimated to maintain its dominance in terms of revenue during the forecast period. Increase in need to ensure the data accuracy & analysis to increase customer satisfaction are the major factors propelling the growth for this segment. On the other hand, the advanced meter infrastructure (AMI) segment is estimated to register the highest CAGR of 19.3% from 2019 to 2026. This is due to increase in need to enable energy theft detection and enhance in meter reading accuracy.
Leading market players
Diehl Stiftung & Co. KG
General Electric
Itron Inc.
Landis+Gyr
Schneider Electric
Verizon
Oracle
Sensus, a Xylem brand
ABB
Capgemini
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