Smart Gas Global Market Report 2024

The key types of smart gas devices include Automatic Meter Readings (AMR) and Advanced Meter Infrastructure (AMI). AMR involves the use of technology to digitally encode data from a meter register, enabling the monitoring of gas usage. This encoded data is transmitted remotely through various channels such as telephone lines, cable TV lines, power lines, or radio transmissions. The utility then uses this data to generate gas usage bills. Major solutions offered in the realm of smart gas include Supervisory Control and Data Acquisition (SCADA), Geographic Information System (GIS), Enterprise Asset Management, Mobile Workforce Management (MWM), Meter Data Analytics, Gas Leak Detection, Meter Data Management (MDM), and services encompassing system integration, program management, and installation. Smart gas systems find application across diverse end-users, including commercial and industrial sectors, as well as residential settings.

The smart gas market research report provides smart gas market statistics, including smart gas industry global market size, regional shares, competitors with a smart gas market share, detailed smart gas market segments, market trends and opportunities, and any further data you may need to thrive in the smart gas industry. This smart gas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart gas market has grown rapidly in recent years. It will grow from $24.47 billion in 2023 to $28.2 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The expansion observed in the historical period can be ascribed to several key factors. Notably, growth was propelled by regulatory initiatives aimed at shaping and governing industries, the modernization of infrastructure, pressures to reduce costs, increased environmental awareness, and consumer demands for enhanced efficiency. These contributing factors collectively played a significant role in driving growth during the historical period.

The smart gas market is expected to see rapid growth in the next few years. It will grow to $50.4 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The anticipated growth in the forecast period can be attributed to several key factors. Notably, the expansion is expected to be driven by the expansion of the Internet of Things (IoT), initiatives aimed at creating smart cities, the integration of renewable energy sources, the global transition towards sustainable energy practices, and the adoption of energy management solutions. Major trends expected in the forecast period include the implementation of Advanced Metering Infrastructure (AMI), the utilization of data analytics and artificial intelligence for enhanced decision-making, the implementation of cybersecurity measures, the integration of renewable gas sources, the adoption of blockchain technology, and the continued focus on smart city initiatives. These trends collectively indicate a dynamic and evolving landscape in the energy sector during the forecast period.

The anticipated growth in the smart gas market is expected to be driven by the increased usage of natural gas. Natural gas, a hydrocarbon-rich gas, finds extensive applications in the residential and commercial sectors for heating buildings and water, powering refrigeration and cooling equipment, cooking, drying clothing, and providing outdoor lighting. Smart gas technologies play a crucial role in enhancing natural gas infrastructure by extracting valuable data and analytical insights. These insights improve decision-making processes and contribute to functions such as harmful gas detection, measuring oxygen levels, preventing fire hazards, protecting pipes from corrosion, and managing risks within the natural gas distribution network. For instance, a report from the US Energy Information Administration in November 2022 highlighted that the United States utilized approximately 30.66 trillion cubic feet (Tcf) of natural gas in 2021, representing 32% of the total US energy consumption. The increasing usage of natural gas, particularly in the industrial sector, is a significant driver for the growth of the smart gas market.

The growth of the smart gas market is expected to be fueled by the increasing residential sector. The residential sector encompasses real estate and housing designated for private, non-commercial living spaces. The adoption of smart gas technologies in residential settings contributes to the creation of more intelligent, efficient, safe, and sustainable living environments. Real-time tracking of gas usage enables users to identify areas where energy can be conserved. As of October 2023, the United States Census Bureau reported a seasonally adjusted yearly rate of 1,524,000 privately owned housing units approved by building permits in February, representing a 13.8% increase compared to the previous month. This growth in the residential sector is a key driver for the expansion of the smart gas market.

Technological advancements stand out as a prominent trend in the smart gas market, with major companies actively adopting new technologies to maintain their market positions. For instance, in July 2022, Hestan Cue, a US-based manufacturer of smart cookware products, introduced the Hestan Smart Gas burner. This innovative smart gas technology is designed for precision gas cooking through automatic adjustments based on temperature monitoring. Featuring Bluetooth technology and unique inbuilt culinary sensors, the Hestan Smart Gas burner automatically adjusts the cooking temperature once the AccuKnob on the hob is set to the desired degree. Additionally, it incorporates a high-performance dual-flow gas system capable of heating in 25-degree increments from 100 to 500 degrees Fahrenheit.

Major companies in the smart gas market are directing their focus towards innovative solutions, including ultrasonic prepayment gas technology, to drive revenue growth. Ultrasonic prepayment gas technology is a specialized gas meter designed for measuring and monitoring natural gas consumption in various settings, including residential, commercial, and industrial. In November 2022, Itron Inc., a US-based smart gas solutions provider, launched Intelis gFlex. This solution helps utilities secure revenue and mitigate financial exposure, integrating into an easily deployable Software as a Service (SaaS) platform. Managed through various vending channels and credit transfer alternatives, the Intelis gFlex platform utilizes Near Field Communication (NFC) technology to communicate data back to the utility, enabling it to operate without a connectivity network.

In January 2022, Vikas Lifecare Limited, an India-based company specializing in plastics, synthetic and natural rubbers, acquired Genesis Gas Solutions for an undisclosed amount. This strategic acquisition aims to strengthen Vikas Lifecare Limited's product portfolio in smart gas products and power distribution solutions, leveraging the expertise of Genesis Gas Solutions in the smart gas sector.

Major companies operating in the smart gas market report are General Electric Company, Itron Inc., Schneider Electric SE, ABB Group, Landis+Gyr Inc., Orcale Corporation, Elster Group SE, Xylem Brand, Aclara Technologies LLC, Cap Gemini S.A, Diehl Stiftung and Co.KG, Silver Spring Networks Inc., International Machines Business Corporation, Sensus USA Inc., Verizon Communications Inc., Badger Meter Inc., Consultants to Government and Industry Incorporated, Holley Technology Ltd., KROHNE Messtechnik GmbH, Senstar Corporation, OSIsoft LLC, EnerNOC Inc., Capgemini SE, Siemens AG, Suez SA, Xylem Inc., Tieto Corporation, Yokogawa Electric Corporation, International Business Machines Corporation, Azbil Corporation, Capstone Turbine Corporation, I2O Water Ltd.

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.

The countries covered in the smart gas market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The smart gas market consists of sales of cylinders, LPG retailing, wholesaling, oil gas procurement, and gas sensors. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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