Global Smart Gas Market Expected to Reach USD 41.65 billion by 2026 | Top Players such as – Capgemini, Itron & Verizon
The increased usage of natural gas is expected to propel the growth of the smart gas market.
PORTLAND, PORTLAND, OR, UNITED STATE, July 29, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Global Smart Gas Market Expected to Reach USD 41.65 billion by 2026 | Top Players such as – Capgemini, Itron & Verizon.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global smart gas market size was valued at USD 12.66 billion in 2018, and is projected to reach USD 41.65 billion by 2026, registering a CAGR of 16.2% from 2019 to 2026.
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Increase in need to enhance urban safety is the key factor driving the market growth for the smart gas industry. In addition, rise in investment in smart gas pipeline and smart grid network is also fueling the market growth. Moreover, growth in urbanization globally is also propelling the demand for smart gas solutions across commercial and residential users. Furthermore, increase in investment and initiatives for smart energy management by government is anticipated to provide major growth opportunities for the smart gas market in upcoming years.
The global smart gas market is segmented based on component, device type, end user, and region. Based on component, the market is bifurcated into solutions and services. Based on device type, the market is divided into automatic meter reading (AMI) and advanced meter infrastructure (AMI). Based on end user, the market is classified into commercial & industrial, residential. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on device type, the automated meter reading (AMR) segment dominated the global smart gas market in 2018 and is expected to generate highest revenue during the forecast period. The growth of this segment is mainly attributed to rise in need to ensure the data accuracy & analysis to increase customer satisfaction.
In terms of end user, 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 bill is fueling the demand for smart gas in this segment.
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By region, North America dominated the global market in 2018 and is expected to remain dominant during the forecast period due to presence of major market players and growth in investment & spending on smart metering & smart gas systems. Also, increasing development in smart energy and gas system is anticipated to fuel the market growth in upcoming years in this region. Furthermore, Asia-Pacific is expected to exhibit highest growth rate during the forecast period.
The market is dominated by the global smart gas players such as ABB, Capgemini, Diehl Stiftung & Co. KG, General Electric, Itron Inc., Landis+Gyr, Oracle, Schneider Electric, Sensus, a Xylem brand, and Verizon.
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Covid-19 Impacts on Smart Gas Market-
● The several major smart gas metering device manufacturers across the globe have halted their production activities due to disrupted supply chain amid lockdown due to Covid-19 pandemic.
● The growth of smart gas market is expected to decline during the Covid-19 pandemic due to decline in consumption of smart gas from commercial sector as hotels and restaurants across various countries are closed amid lockdown.
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