The global smart gas market is highly competitive and fragmented in nature with the presence of a large number of players operating at various levels. Transparency Market Research (TMR) states that key players in this space are focusing on strategic collaborations and partnerships in order to increase their market penetration and sustain in the global smart gas market. This market is dominated by Itron Inc., Sensus Metering Systems Inc., Elster Group GmbH, General Electric, and EnerNOC Inc. and in 2014, these players collectively held a share of 67.73%. Technological advancements and the introduction of innovative products are the key factors that are expected to encourage the global smart gas market in the next few years.
According to the research study by Transparency Market research, in 2014, the global smart gas market was valued at US$944.67 mn. The market is expected to reach a value of US$10.5 bn by the end of 2023, registering a remarkable 32.20% CAGR between 2015 and 2023.
Favorable Regulatory Framework to Encourage Growth of Europe Smart Gas Market
From a geographical viewpoint, the global smart gas market was led by North America in the last few years. However, according to a TMR analyst, Europe is expected to account for a massive share of 60.05% and lead the overall market by the end of 2023. The high growth of this region can be attributed to a significant contribution from Italy and the U.K. In addition, the favorable regulatory framework in several countries in Europe is expected to boost the smart gas market throughout the forecast period.
On the basis of technology, the meter data management segment is expected to lead the global smart gas market in the next few years, states a TMR analyst. This segment is projected to account for a share of 52.37% in the global market by the end of 2023, thanks to the growing preference of residential consumers for meter data management. On the other hand, the supervisory control and data acquisition (SCADA) segment is estimated to witness significant growth during the forecast period.
Rising Awareness Regarding Benefits of Smart Gas to Drive Global Market
The growing demand for energy security and preventing losses owing to gas theft are some of the crucial factors augmenting the smart gas market across the globe. In addition, the rising demand for cost efficiency by making use of smart gases, favorable government rules and regulations, and a rapidly rising energy demand worldwide are projected to accelerate the growth.
The introduction of several programs to create awareness among consumers regarding the benefits of smart gas is expected to push the number of installations in the coming years.
Requirement of Large Initial Investment to Hamper Growth
Despite the several benefits offered by smart gas, large initial investments required for the installation of smart gas systems is one of the primary factors curtailing the growth of the global smart gas market, states a TMR analyst. Nevertheless, a smart gas meter offers users an increased level of control over their electricity usage and provides them with a large number of choices to manage electricity bills and energy consumption. These factors are expected to fuel the global smart gas market in the near future.
This information is based on the findings of a report published by Transparency Market Research (TMR), titled “Smart Gas Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015-2023.”
The global smart gas market has been segmented as follows:
Global Smart Gas market, by Device Type
- Traditional Metering System
- Gas Warning Device
- AMI Communication Module
Global Smart Gas Market, by Technology
- Meter Data Management (MDM)
- Supervisory Control and Data Acquisition (SCADA)
- Geographic Information System (GIS)
Global Smart Gas Market, by End-use
- Commercial and Industrial
Global Smart Gas Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South and Central America
- Rest of South and Central America
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