Insights into the Global Smart Gas Market 2026: Technologies, Players, and Future Prospects

Current and future global smart gas market trends are outlined to determine the overall attractiveness of the market.

PORTLAND, PORTLAND, OR, UNITED STATES, March 15, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, "Smart Gas Market by Component, Device Type, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2026," the global smart gas market size was valued at $12.66 billion in 2018, and is projected to reach $41.65 billion by 2026, registering a CAGR of 16.2% from 2019 to 2026.

The smart gas system provides numerous functions that are unavailable in conventional systems and need to monitor, maintain, and manage bills manually. Thus, a smart gas meter system enables remote monitoring, tampering & outage/leakage detection, gas usage, and other benefits. Moreover, residents can link the smart gas meters with their smartphones and with the smart gas application they can check and manage their gas usage, which further helps them to avoid unnecessary usage of gas and save on bill.

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Smart gas technology involves smart gas devices such as automatic meter readings (AMR) and advanced metering infrastructure (AMI). These are an integrated system of data management systems, communication networks, and smart meters, which empower two-way communication between the customers and utilities.

The global smart gas market is witnessing a notable surge driven by increasing efforts to modernize gas distribution infrastructure and optimize operations. Advancements in IoT technologies, coupled with the growing adoption of smart meters and sensors, are revolutionizing gas management systems worldwide. These solutions offer real-time monitoring, remote control, and predictive analytics, enabling utilities to enhance efficiency, reduce wastage, and improve customer service.

Additionally, stringent environmental regulations are propelling the integration of smart gas solutions to minimize leaks and emissions. The market is characterized by a growing focus on data analytics, cloud computing, and AI applications, marking a shift towards more intelligent and sustainable gas networks across regions.

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Covid-19 scenario:

• Amid the lockdown, smart gas metering device manufacturers across the globe have halted their production due to a disrupted supply chain.

• The growth of the smart gas market is expected to decline due to the Covid-19 pandemic as consumption of smart gas has been reduced due to the closure of hotels and restaurants amid the shutdown.

Based on components, the solutions segment garnered a major smart gas market share in 2018 and is expected to remain dominant during the forecast period. The growth of this segment is mainly attributed to the benefits associated with smart gas solutions, which provide remote monitoring of gas distribution, and network & outages. Moreover, the increasing need to reduce difficulties associated with bill payments is also one of the key factors that drives the demand for smart gas solutions. Further, the services segment is expected to exhibit the highest growth rate throughout the smart gas market forecast period.

Based on device type, the automated meter reading (AMR) segment dominated the global smart gas market in 2018 and is expected to generate the highest revenue during the forecast period. The growth of this segment is mainly attributed to the rise in the need to ensure data accuracy & analysis to increase customer satisfaction.

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In terms of end users, the residential segment dominated the global smart gas market in 2018 and it is expected to remain dominant throughout the forecast period. The increase in need to monitor gas consumption in real-time to conserve gas and save on bills is fueling the demand for smart gas in this segment.

By region, North America dominated the global market in 2018 and is expected to remain dominant during the forecast period due to the presence of major market players and growth in investment & spending on smart metering & smart gas systems. Also, increasing development in smart energy and gas systems is anticipated to fuel the market growth in upcoming years in this region. Furthermore, Asia-Pacific is expected to exhibit the highest growth rate during the forecast period.

The global smart gas market boasts a competitive landscape with key players including ABB Ltd., Badger Meter, Inc., Capgemini SA, CGI Group Inc., Elster Group GmbH (now part of Honeywell), General Electric Company, Itron Inc., Landis+Gyr AG, Oracle Corporation, Schneider Electric SE, Siemens AG, and Sensus (Xylem Inc.), among others. These industry leaders excel in providing advanced solutions for gas metering, monitoring, and management, leveraging technologies such as IoT, cloud computing, and data analytics to optimize gas distribution, improve operational efficiency, and enhance customer service in the evolving energy landscape.

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