Smart Gas Market

Global Smart Gas Market Size (2024 to 2029)

The global smart gas market size is predicted to grow from USD 28.32 billion in 2024 to USD 54.77 billion by 2029, registering a CAGR of 14.1% during the forecast period.

Smart gas is a type of LPG gas that is used in residences for cooking and other purposes. It is used not only in households but also in many domains such as cars and various industrial and industrial uses.

MARKET DRIVERS

The rising urbanization, growing demand for mobile electronic devices with the ability to control multiple devices, rapid urbanization and technological developments, an increase in global energy demand, an increase in the amount of economic and monitoring support, and a modern display from various events and conferences are expected to drive the smart gas market forward. Furthermore, rising investments in smart grid and gas pipeline networks are likely to stifle the smart gas market's expansion over the forecast period. However, in the gas market, there is a lack of knowledge and experienced labor, and the large initial investment required for installing smart gas meters inhibits the market's curve to some extent, which is one of the issues most likely to stymie the Smart Gas Market growth in the near future. Furthermore, governments all over the world are researching various ways to improve energy efficiency and safety during prolonged power outages, which has created lucrative potential for smart gas market manufacturers in the approaching years.

The rising demand for a centric approach is further fuelling the growth rate of the smart gas market. The Internet of Things (IoT) is a network of interconnected items and devices that exchange digital data. The widespread usage of IoT has accelerated digitalization across numerous industries, including gas and electricity. Grid operators and energy firms may now supply contemporary energy services owing to the IoT communication networks. Furthermore, as many utilities lack the means or ability to construct and run a communication network, the increased use of NB-IoT will create an opportunity for smart gas metering for new customers. In 2022, less than 10% of smart gas meters supplied were equipped with cellular IoT; however, by 2027, that number is predicted to climb to 30%. As a result, digitalization provides various advantages to day-to-day operations, such as improved gas quality control and cost savings.

MARKET RESTRAINTS

The data generated by a smart gas meter can be utilized to track consumer behavior. According to the US EIA and the European Union, periodic measurement of utility usage by smart gas meters can provide considerably more information about consumers, such as the use of residential appliances and housework activities. This utility usage data has a lot of business value, such as in marketing and advertising. Smart gas meters can potentially be used as a surveillance infrastructure. Smart gas meter data, on the other hand, is prone to cyber-attacks and data breaches. Law enforcement agencies, tax authorities, insurance firms, and other third parties may be interested in the personal energy use data supplied by smart gas meters. As a result, government authorities such as the US Environmental Protection Agency and the European Data Protection Supervisory Authorities have identified these dangers related to personal data protection and smart gas meter operations are proposing new data protection standards. This privacy and security problem is projected to be a major stumbling block for the growth of the smart gas market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Smart Gas Market Analysis By Technology

The automated meter reading (AMR) segment is expected to lead the Smart Gas Market during the projected period. The increased need for low-cost smart gas meters and the necessity for automated meter reading collection without physical inspection are driving the market for smart gas meters. Because the rising installation of smart gas meters in residential, commercial, and industrial end users is projected to drive the market for smart gas meters, Asia Pacific is expected to hold the greatest share of the Smart Gas Market, followed by Europe.

Global Smart Gas Market Analysis By Type

In 2022, the smart diaphragm gas meter had the biggest Smart Gas Market share. The expanding number of residential and light commercial buildings is driving the demand for smart diaphragm gas meters. During the projected period, the market for smart diaphragm gas meters in Europe is expected to develop at the fastest CAGR. The smart diaphragm gas meter market is likely to be driven by the rising demand for gas in residential and commercial regions, as well as the need to offer gas supply with high reliability.

Global Smart Gas Market Analysis By Component

By component, the hardware category had the biggest share of the Smart Gas Market in 2022. The market is projected to be driven by a rising need for precision smart gas meter operations. Furthermore, to keep smart gas meters compact and cost-effective, manufacturers are increasingly focusing on developing hardware components with a high level of system integration and streamlined design.

Global Smart Gas Market Analysis By End User

By end user, the residential segment accounted for the highest proportion of the Smart Gas Market in 2022. The growing focus on energy efficiency is a key factor propelling the growth of the residential segment in the global market. Smart gas meters are being widely deployed in developed regions such as Europe and North America, which is fuelling the segmental expansion.

REGIONAL ANALYSIS

In 2022, Asia Pacific held the greatest share of the global smart gas market. China, Japan, Malaysia, Australia, Indonesia, Singapore, and the Rest of Asia Pacific are the countries that make up the region. China is the region's largest and fastest-growing market. In terms of new investments in smart grid technologies, the country is currently in the lead. Because of the significant upheaval in the country's energy sector, China has become the largest buyer of smart grid technologies. Smart grid solutions will be in high demand due to the country's ambitious renewable energy program. The demand for smart grids is further bolstered by China's commitment to energy efficiency, which is driving up demand for smart gas meters.

KEY PLAYERS IN THE GLOBAL SMART GAS MARKET

ABB (Switzerland), Aclara Technologies LLC (U.S.), Badger Meter, Inc. (U.S.), Capgemini. (France), CGI Inc. (Canada), Diehl Stiftung & Co. KG (Germany), Elster Group SE (Germany), General Electric Company (U.S.) International Business Machines Corporation (U.S.), Itron, Inc. (U.S.) Landis Gyr (Switzerland), Oracle (U.S.), Schneider Electric (France) Sensus (U.S.), Silver Spring Networks (U.S.), Verizon (U.S.) IBM Corporation (US), Emerson Electric (US), and Honeywell International Inc. (US) are playing dominant roles in the global smart gas market.

RECENT HAPPENINGS IN THE MARKET

• ABB India has introduced a new line of smart monitoring solutions for the worldwide digital panel metre market.

DETAILED SEGMENTATION OF THE GLOBAL SMART GAS MARKET INCLUDED IN THIS REPORT

This research report on the global smart gas market has been segmented and sub-segmented based on the technology, type, component, end-user, and region. 

By Technology

• Automated Meter Reading (AMR)

• Advanced Metering Infrastructure (AMI)

By Type

• Smart Ultrasonic Gas Meter

• Smart Diaphragm Gas Meter

By Component

• Hardware

• Software

By End User

• Residential

• Commercial

• Industrial

By Region

• North America

• Europe

• Asia Pacific

• Latin America 

• Middle East and Africa