Smart gas market size is expected to garner $41.65 billion by 2026 | CAGR 16.2%, Says AMR

The major drivers for the upsurge in the market include the growing demand for customer-centric approach leading to the overall market growth of the market, replacement of aging infrastructure driving investment in the market, and the increasing global energy demand leading to adoption of sophisticated technologies.

According to the smart gas market analysis in Asia-Pacific, the market is projected to generate the highest growth rate during the forecast period, owing to rise in investment and smart city initiatives by several governments in this region.

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Surge in government investment to develop smart grid and smart gas pipeline networks and rise in urbanization across the developing economies such as China and India drive the growth of the global smart gas market. However, lack of awareness among consumers regarding smart gas system restrains the market growth. Furthermore, government initiatives to promote smart energy management is expected to provide new growth opportunities for the market player in near future.

The global smart gas market generated $12.66 billion in 2018, and is estimated to reach $41.65 billion by 2026, registering a CAGR of 16.2% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.

Based on region, North America contributed the highest share, accounting for nearly half of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, Asia-pacific is expected to grow at the highest CAGR of 21.1% from 2019 to 2026.

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Leading market players analyzed in the research include General Electric, Diehl Stiftung & Co. KG, Landis+Gyr, Itron Inc., Verizon, Schneider Electric, Sensus, a Xylem brand, Oracle, Capgemini, and ABB.

Based on component, the solution segment contributed to the largest share in 2018, accounting for nearly two-thirds of the total share, and is estimated to maintain its dominant position during the forecast period. However, the service segment is estimated to portray the highest CAGR of 18.7% during the forecast period.

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Based on device type, the automatic meter reading (AMR) segment accounted for the largest share in 2018, holding more than four-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the advanced meter infrastructure (AMI) segment is expected to register the highest CAGR of 19.3% from 2019 to 2026.

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