Gas Utility Monitoring System Market: Introduction
- Gas utility monitoring system helps manage and monitor gas utilities. These equipment are essential as they consume electricity at a rapid pace. The utility management system focuses on reducing consumption and increasing reliability on electric equipment. A gas monitoring system is used to monitor an area for the presence of harmful gases. It can be a portable monitoring systems or fixed monitoring systems. Portable gas monitors are frequently connected to alarm systems, and they are used to protect or alert users from both toxic gas and combustible gas.
Key Drivers of Global Gas Utility Monitoring System Market
- According to the Environmental Protection Agency, almost 1.3 million underground storage tanks are unregulated in the U.S. The American Petroleum Institute estimates storage tanks to be about 700,000. Tanks can leak, spill, or overflow irrespective of whether they have saltwater, condensate liquids, or oil. When this occurs, tank owners need to have an environmental and social responsibility to correct the damage, and they could incur regulatory fines. Both below-and-above-ground tanks can be monitored remotely to prevent these expense issues. Level sensors linked to equipment can indicate when the tank contents have reached a high level and require emptying. These sensors can also be useful to detect probable leaks and corrosion when unexplained low levels are pinpointed. This is majorly boosting the gas utility monitoring system market across the globe.
- Increasing population across the globe along with rising residential construction is a major factor boosting the gas utility monitoring system market globally. Monitoring systems consist of individual point gas monitors spread throughout medium to large industrial facilities. These are designed to monitor large areas night and day, designed and certified to be explosion-proof. Monitors provide highly accurate and timely readings. Additionally, these systems can also function accurately in adverse weather conditions or harsh work environments where humidity, dust, and extreme temperatures may be present.
Factor Restraining Global Gas Utility Monitoring System Market
- High capital required for initial investment can hinder small- and medium-scale businesses from investing in the equipment and consequently, hamper the gas utility monitoring system market
Market in Asia Pacific to Expand Rapidly
- In terms of geography, the global gas utility monitoring system market can be divided into five regions North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the gas utility monitoring system market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the gas utility monitoring system market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America gas utility monitoring system market is segmented into Brazil, and Rest of South America.
- North America accounted for a prominent share of the global gas utility monitoring system market due to the presence of a large commercial sector and expansion of oil & gas infrastructure in the region. Increasing industrial infrastructure and expansion of the commercial sector are propelling the demand for new gas pipelines, which has increased increasing integration of gas utility monitoring systems and consequently fueled the gas utility monitoring system market in North America.
- The gas utility monitoring system market in Asia Pacific is projected to expand at a rapid pace during the forecast period due to expansion of construction of residential and commercial sector. Moreover, increasing population in countries such as China and India, along with the construction of new pipelines, are estimated to propel the demand for pipeline monitoring system. This, in turn, is likely to propel the gas utility monitoring system market in the region.
Key Players Operating in Global Gas Utility Monitoring System Market
Companies operating in the gas utility monitoring system market are focusing on becoming more proficient and the development of products with advanced technologies, which is estimated to enhance their competitive advantage and consolidate their market share globally. Companies are emphasizing on the innovations and the development of cost effective and efficient gas utility monitoring systems that boost the global sale of gas utility monitoring system products. High competition among competitors is the major challenge, hence they are strategizing towards partnerships, agreements, acquisitions to expand their presence in the market.
A few of the key players operating in the global gas utility monitoring system market are:
- Aclara Technologies
- Honeywell International Inc.
- Global Detection Systems Corp
- High Tide Technologies, LLC.
- Ellab Monitoring Solutions Ltd.
- LUMEL S.A.
Global Gas Utility Monitoring System Market: Research Scope
Global Gas Utility Monitoring System Market, by Equipment Type
- Fixed-area monitoring systems
- Open-path area monitoring systems
- Portable gas monitors
- Disposable gas monitors
Global Gas Utility Monitoring System Market, by End-use
Global Gas Utility Monitoring System Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The report on the global gas utility monitoring system market is a compilation of firsthand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.