The drive for increasing operational efficiency and safety and convenience for consumers has stirred the deployment of various smart gas devices and technologies. Utility companies around the world have increasingly benefitted from the strides in the smart gas market by utilizing the flexibility and reliability of the technologies to ensure a higher return on their investments. The proposition of using smart gas systems for real-time visibility into the integrity of the system has allowed utility providers to plan timely maintenance. These and more such benefits drive the demand in the smart gas market, observes TMR.
The global smart gas market was valued at US$944.67 mn in 2014. Clocking a robust CAGR of 32.2% from 2015 to 2023, the market valuation is expected to touch US$10.5 bn by this period-end.
Asia Pacific to Witness Rapid Deployment of Smart Gas Technologies in Near Future
Integration of wireless technologies with smart gas meters is an emerging trend, heaping large revenue potential to utility companies and manufacturers of smart gas devices. Governments in developed as well as developing countries have intensified their efforts to promote the adoption of smart gas infrastructure among consumers and utility providers to improve the safety in the use of electricity and gas. This imparts a significant momentum to the evolution of the smart gas market, note the analysts at Transparency Market Research (TMR).
North America Market to Benefit from Modernization of Utility Transmission and Distribution
In this light, North America held the major share in 2014. However, analysts estimate that the regional market may witness a decline in the deployment rate. This is due to emerging economies of the developing world taking center-stage. The uptake of smart gas devices and technologies has gathered steam from the modernization of transmission and distribution systems of utility companies. Strides being made in smart city infrastructure in several economies of the region are boosting the deployment of new technologies in the smart gas market.
On the other hand, Europe is fast emerging market. The growth in the Europe smart gas market has been fueled by investments made by governments of countries, including the U.K., Italy, France. Such economies have seen a number of energy mandates that seek to bring reliability in transmission and distribution operations of various utility companies.
High Cost of Infrastructure a Deterrent
Despite a promising pace of evolution the smart gas market is witnessing, their deployment is not so impressive in still developing economies. This can be attributed to the high cost of smart gas metering infrastructures.
Nonetheless, utility providers as well as consumers are increasingly realizing the benefits of smart gas in increasing the energy savings. Smart gas meters have been gathering acceptance among residential users. The residential sector held the major share of the smart gas market in 2014.
The smart gas market is relatively new market. Nevertheless, it has evolved fast on the path to commercialization. Resultantly, a large number of players are making foray. This has kelp the market increasingly fragmented and intensely competitive. In coming years, the intensity of competition is only likely to increase.
The leading company Itron Inc. held a share of one-fourth of the overall smart gas market in 2014. Top players are focusing on earning substantial revenues by unveiling turnkey solutions. Some players operating in developed regions are differentiating their products by combining state-of-the-art internet of things technologies. Further, the adoption of wireless technologies and improvements in smart energy platforms are trends generating business propositions in smart gas devices and systems.
Some of the promising players in the smart gas market are Sensus Metering Systems, Inc., EnerNOC Inc., General Electric, Elster Group GmbH, and Itron, Inc.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Smart Gas Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023”
The smart gas market is segmented based on:
By Device Type (USD Million)
- Traditional Metering System
- Gas Warning Device
- AMI Communication Module
By Technology (USD Million)
- Meter Data Management (MDM)
- Supervisory Control and Data Acquisition (SCADA)
- Geographic Information System (GIS)
By End-user (USD Million)
- Commercial and Industrial
- 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
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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