The global smart gas market size is predicted to grow from USD 24.82 Billion in 2023 to USD 47.99 billion by 2028, registering a CAGR of 14.1% during 2023-2028.
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.
Smart Gas 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.
Smart Gas 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:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 to 2028 |
Base Year |
2022 |
Forecast Period |
2023 to 2028 |
CAGR |
14.1% |
Segments Covered |
By Components, Type, Technology, End-User and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
This research report on the global smart gas market has been segmented and sub-segmented into the following categories.
Smart Gas Market - 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.
Smart Gas Market - 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.
Smart Gas Market - 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.
Smart Gas Market - 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.
Smart Gas Market - By Region:
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 MARKET PLAYERS:
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.
FAQ's
Factors such as digitization of distribution grids and network operations optimization; asset management of advanced metering infrastructure (AMI); and increased investment in smart grid technology to measure and analyse data are driving the smart gas metre.
During the forecast period, Asia Pacific is expected to be the fastest-growing 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 programme.
During the anticipated period, the AMI segment will increase at the quickest rate. The growing demand for accurate metre reading and increased spending on smart grid initiatives are driving the AMI market.
The top players in the smart gas metre market are Landis+Gyr, Itron, Honeywell International, Apator Group, and Diehl Metering.
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