Press release
Smart Gas Solutions Redefining Utility Efficiency
According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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.
Smart Gas Market 2024 Key Insights:
• The smart gas market size will grow to $50.4 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%.
• Surge In Natural Gas Usage And Its Impact On The Smart Gas Market
• Innovative Smart Gas Burner Unveiled In The Smart Kitchen Tech Landscape
• North America was the largest region in the smart gas market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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