Press release
Smart Gas Market to Reflect Growth Potential with a Highest CAGR of 16.2% by 2026
Smart Gas Market
The smart gas system provides numerous functions that are unavailable in conventional systems and need to monitor, maintain, and manage bills manually. Thus, smart gas meter system enables remote monitoring, tampering & outage/leakage detection, gas usage, and other benefits. Moreover, residents can link the smart gas meters with their smartphones and with the smart gas application they can check and manage their gas usage, which further helps them to avoid unnecessary usage of gas and saving on bill.
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Smart gas technology involves smart gas devices such as automatic meter reading (AMR) and advanced metering infrastructure (AMI). These are an integrated system of data management systems, communication networks, and smart meters, which empowers two-way communication between the customers and utilities. Moreover, increase in need to enhance urban safety is the key factor driving the market growth for the smart gas industry.
In addition, rise in investment in smart gas pipeline and smart grid network is also fueling the market growth. Moreover, growth in urbanization globally is also propelling the demand for smart gas solutions across commercial and residential users. Furthermore, increase in investment and initiatives for smart energy management by government is anticipated to provide major growth opportunities for the smart gas market in upcoming years.
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Based on component, the solutions segment garnered major smart gas market share in 2018 and is expected to remain dominant during the forecast period. The growth of this segment is mainly attributed to the benefits associated with smart gas solutions, which provides remote monitoring of gas distribution, and network & outages. Moreover, increasing need to reduce difficulties associated with the bill payments is also one of the key factors that drives the demand for smart gas solutions. Further, the services segment is expected to exhibit highest growth rate throughout the smart gas market forecast period.
Based on device type, the automated meter reading (AMR) segment dominated the global smart gas market in 2018 and is expected to generate highest revenue during the forecast period. The growth of this segment is mainly attributed to rise in need to ensure the data accuracy & analysis to increase customer satisfaction.
In terms of end user, the residential segment dominated the global smart gas market in 2018 and it is expected to remain dominant throughout the forecast period. The increase in need to monitor gas consumption in real-time to conserve gas and save on bill is fueling the demand for smart gas in this segment.
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By region, North America dominated the global market in 2018 and is expected to remain dominant during the forecast period due to presence of major market players and growth in investment & spending on smart metering & smart gas systems. Also, increasing development in smart energy and gas system is anticipated to fuel the market growth in upcoming years in this region. Furthermore, Asia-Pacific is expected to exhibit highest growth rate during the forecast period.
Key Finding of The Smart Gas Market:
Based on device type, the automatic meter reading (AMR) segment dominated the global smart gas market in 2018 and is expected to generate highest revenue during the forecast period.
Based on end user, the residential segment dominated the global smart gas market in 2018 and is expected to remain dominant throughout the forecast period.
Some of the key smart gas industry players profiled in the report include ABB, Capgemini, Diehl Stiftung & Co. KG, General Electric, Itron Inc., Landis+Gyr, Oracle, Schneider Electric, Sensus, a Xylem brand, Verizon.
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