Smart Gas Market | Expected to Grow at High CAGR and Forecast to 2026

According to the report published by Allied Market Research, 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.

Surge in government investment to develop smart grid and smart gas pipeline networks and rise in urbanization across developing economies such as China and India drive the growth of the global smart gas market.

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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 the near future.

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.

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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.

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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.

Covid-19 scenario:

• Amid lockdown, smart gas metering device manufacturers across the globe have halted their production due to disrupted supply chain.

• The growth of smart gas market is expected to decline due to the Covid-19 pandemic as consumption of smart gas has been reduced due to closure of hotels and restaurants amid shutdown.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

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