Smart Gas Global Market 2024 To Reach $50.4 Billion By 2028 At Rate Of 15.6%

LONDON, GREATER LONDON, UK, August 13, 2024 /EINPresswire.com/ -- The smart gas market has experienced robust growth in recent years, expanding 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.

Strong Future Growth Anticipated
The smart gas market is projected to continue its strong growth, reaching $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.

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Growth Driver Of The Smart Gas Market
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.

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Major Players And Market Trends
Key players in the smart gas market include General Electric Company, Itron Inc., Schneider Electric SE, ABB Group, Landis+Gyr Inc., Oracle Corporation, Elster Group SE, Xylem Brand.
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.

Segments:
1) By Device: Automatic Meter Reading (AMR), Advanced Meter Infrastructure (AMI)
2) By Solution: Supervisory Control And Data Acquisition (SCADA), Geographical Information System (GIS), Enterprise Asset Management, Mobile Workforce Management (MWM), Meter Data Analytics, Gas Leak Detection, Meter Data Management (MDM)
3) By Service: System Integration, Program Management, Installation
4) By End-User: Commercial And Industrial, Residential

Geographical Insights: North America Leading The Market
North America was the largest region in the smart gas market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global smart gas market report during the forecast period. The regions covered in the smart gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Smart Gas Market Definition
A smart gas refers to a distribution gas network that uses innovative digital solutions to integrate renewable gas sources and hydrogen in cost-effectively to accomplish total decarbonization and develop links with other energy carriers and industries.

Smart Gas Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Smart Gas Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on smart gas market size, smart gas market drivers and trends, smart gas market major players, smart gas competitors' revenues, smart gas market positioning, and smart gas market growth across geographies. The smart gas market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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