Major players in the smart gas market are General Electric Company, Itron Inc, Schneider Electric SE, ABB Group, Landis+Gyr Inc, Orcale Corporation, Diehl Stiftung and Co.KG, Elster Group SE, Cap Gemini S.
New York, June 12, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Smart Gas Global Market Report 2023” – https://www.reportlinker.com/p06466654/?utm_source=GNW
A, Sensus USA Inc, Verizon Communications Inc, Aclara Technologies LLC, Badger Meter Inc, Silver Spring Networks Inc, International Machines Business Corporation, Xylem Brand and CGI Group Inc.
The global smart gas market is expected to grow from $21.30 billion in 2022 to $24.47 billion in 2023 at a compound annual growth rate (CAGR) of 14.87%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The smart gas market is expected to reach $43.29 billion in 2027 at a CAGR of 15.32%.
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.
A smart gas refers to a distribution gas network that uses innovative digital solutions to integrate renewable gas sources and hydrogen in cost-effectively to accomplish total decarbonization and develop links with other energy carriers and industries.
North America was the largest region in the smart gas market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of smart gas devices are automatic meter readings (AMR), and advanced meter infrastructure (AMI).Automatic meter reading (AMR) refers to a technology that delivers data that has been digitally encoded from a meter register to monitor the usage of gas and it provides the utility to receive the encoded data via remote outlets, telephone lines, cable TV lines, power lines, or radio transmissions to generate gas usage bills.
The major solutions provided are supervisory control and data acquisition (SCADA), geographical information system (GIS), enterprise asset management, mobile workforce management (MWM), meter data analytics, gas leak detection, meter data management (MDM), and services include system integration, program management, and installation it is used by various end-users such as commercial and industrial, and residential.
The increased usage of natural gas is expected to propel the growth of the smart gas market going forward.Natural gas refers to a combination of hydrocarbon-rich gases and it is used in the residential and commercial sectors to heat buildings and water, run refrigeration and cooling equipment, cook, dry clothing, and provide outdoor lighting.
Smart gas is used in natural gas infrastructure to derive valuable data and analytical insights from improving their decision-making process and helps in harmful gas detection, oxygen level measurement, fire hazard prevention, pipe corrosion protection, and risk management to enhance the natural gas distribution network. For instance, in November 2022, according to a report published by the US Energy Information Administration, a US-based government agency for energy, in 2021, the United States utilized approximately 30.66 trillion cubic feet (Tcf) of natural gas, the equivalent of approximately 31.73 quadrillion British thermal units (quads) and 32% of total US energy consumption. Furthermore, in 2022, industrial natural gas use will account for approximately 26% of total US natural gas consumption, whereas industrial natural gas consumption in the United States will rise by 3% in 2022 after rising by 2% in 2021 and natural gas industrial consumption exceed 23 billion cubic feet per day in 2022 as compared to its previous year. Therefore, the increased usage of natural gas is driving the growth of the smart gas market.
Technological advancements are a key trend gaining popularity in the smart gas market.Major companies operating in the smart gas market are adopting new technologies to sustain their position in the market.
For instance, in July 2022, Hestan Cue, a US-based manufacturer of smart cookware products, launched Hestan Smart Gas burner, a new smart gas technology that automatically adjusted to the proper degree for precision gas cooking by temperature monitoring. It features Bluetooth technology and unique inbuilt culinary sensors that adjust the cooking temperature automatically once the AccuKnob on the hob is set to the right degree and offers a high-performance dual-flow gas system that heats in 25-degree increments from 100 to 500 degrees Fahrenheit.
In January 2022, Vikas Lifecare Limited, an India-based company of plastics, and synthetic and natural rubbers acquired Genesis Gas Solutions for an undisclosed amount.Through this acquisition, strengthen its product portfolio in smart gas products and power distribution solutions.
Genesis Gas Solutions is an India-based company operating in smart gas.
The countries covered in the smart gas market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The smart gas market research report is one of a series of new reports that 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.
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