Press release
Smart Gas Market Growth Drivers, Key Trends, Size, Share Analysis And Forecast To 2033
Smart Gas Market Analysis
The Business Research Company offers in-depth market insights through Smart Gas Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The smart gas market size has grown rapidly in recent years. It will grow from $24.47 billion in 2023 to $28.2 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historic period can be attributed to regulatory initiatives, infrastructure modernization, cost reduction pressures, environmental awareness, consumer demand for efficiency.
The smart gas market size is expected to see rapid growth in the next few years. It will grow to $50.4 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to iot expansion, smart city initiatives, renewable energy integration, global energy transition, energy management solutions. Major trends in the forecast period include advanced metering infrastructure (ami), data analytics and artificial intelligence, cybersecurity measures, renewable gas integration, blockchain technology, smart cities initiatives.
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Market Segmentation:
The smart gas market covered in this report is segmented -
1) By Device: Automatic Meter Reading (AMR), Advanced Meter Infrastructure (AMI)
2) By Solution: Supervisory Control And Data Acquisition (SCADA), Geographical Information System (GIS), Enterprise Asset Management, Mobile Workforce Management (MWM), Meter Data Analytics, Gas Leak Detection, Meter Data Management (MDM)
3) By Service: System Integration, Program Management, Installation
4) By End-User: Commercial And Industrial, Residential
Major Driver - Surge In Natural Gas Usage And Its Impact On The Smart Gas Market
The increased usage of natural gas is expected to propel the growth of the smart gas market going forward. Natural gas refers to a combination of hydrocarbon-rich gases and it is used in the residential and commercial sectors to heat buildings and water, run refrigeration and cooling equipment, cook, dry clothing, and provide outdoor lighting. Smart gas is used in natural gas infrastructure to derive valuable data and analytical insights from improving their decision-making process and helps in harmful gas detection, oxygen level measurement, fire hazard prevention, pipe corrosion protection, and risk management to enhance the natural gas distribution network. For instance, in November 2022, according to a report published by the US Energy Information Administration, a US-based government agency for energy, in 2021, the United States utilized approximately 30.66 trillion cubic feet (Tcf) of natural gas, the equivalent of approximately 31.73 quadrillion British thermal units (quads) and 32% of total US energy consumption. Furthermore, in 2022, industrial natural gas use will account for approximately 26% of total US natural gas consumption, whereas industrial natural gas consumption in the United States will rise by 3% in 2022 after rising by 2% in 2021 and natural gas industrial consumption exceed 23 billion cubic feet per day in 2022 as compared to its previous year. Therefore, the increased usage of natural gas is driving the growth of the smart gas market.
Competitive Landscape:
Major companies operating in the smart gas market report are General Electric Company, Itron Inc, Schneider Electric SE, ABB Group, Landis+Gyr Inc, Orcale Corporation, Elster Group SE, Xylem Brand, Aclara Technologies LLC, Cap Gemini S.A, Diehl Stiftung and Co.KG, Silver Spring Networks Inc, International Machines Business Corporation, Sensus USA Inc, Verizon Communications Inc., Badger Meter Inc., Consultants to Government and Industry Incorporated, Holley Technology Ltd., KROHNE Messtechnik GmbH, Senstar Corporation, OSIsoft LLC, EnerNOC Inc., Capgemini SE, Siemens AG, Suez SA, Xylem Inc., Tieto Corporation, Yokogawa Electric Corporation, International Business Machines Corporation, Azbil Corporation, Capstone Turbine Corporation, I2O Water Ltd.
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Top Trend - Innovative Smart Gas Burner Unveiled In The Smart Kitchen Tech Landscape
Technological advancements are a key trend gaining popularity in the smart gas market. Major companies operating in the smart gas market are adopting new technologies to sustain their position in the market. For instance, in July 2022, Hestan Cue, a US-based manufacturer of smart cookware products, launched Hestan Smart Gas burner, a new smart gas technology that automatically adjusted to the proper degree for precision gas cooking by temperature monitoring. It features Bluetooth technology and unique inbuilt culinary sensors that adjust the cooking temperature automatically once the AccuKnob on the hob is set to the right degree and offers a high-performance dual-flow gas system that heats in 25-degree increments from 100 to 500 degrees Fahrenheit.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Gas Market Characteristics
3. Smart Gas Market Trends And Strategies
4. Smart Gas Market - Macro Economic Scenario
5. Smart Gas Market Size And Growth
…..
27. Smart Gas Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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