Smart Gas Market size was over USD 1.71 billion in 2023 and is expected to exceed USD 2.61 billion by 2036, witnessing over 3.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of smart gas is evaluated at USD 1.76 billion. The growth of the market can be attributed to the rising concerns associated with emissions of greenhouse gases, growing consumption of natural gas, and increasing need for reducing carbon footprint. As of 2017, the world consumes 132,290,211 million cubic feet (MMcf) of natural gas every year, whereas the per capita consumption of the same gas is more than 17,000 cubic feet in that year. Along with these, escalating demand to reduce energy losses, several government initiatives to mandate the use of smart gas, and increase energy security around the world are also expected to drive market growth in the forthcoming years. Furthermore, rise in emergence of smart grids, rapid growth of urbanization, and growing collaboration among major stakeholders globally are crucial factors projected to offer ample opportunities for market growth in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
3.3% |
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Base Year Market Size (2023) |
USD 1.71 billion |
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Forecast Year Market Size (2036) |
USD 2.61 billion |
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Regional Scope |
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The smart gas market is segmented based on solution into GIS, SCADA, MDM, outage management & remote monitoring, and asset condition monitoring and performance management, out of which, the outage management & remote monitoring segment is anticipated to hold the largest share in the global market on account of the rising demand for the functionalities offered by this solution such as asset performance tracking and providing real-time data during gas operations. Additionally, on the basis of device, the segment for automatic meter reading (AMR) meters is predicted to garner the largest share during the forecast period, which can be credited to the high cost-effectiveness, enhanced billing processes and ability to offer accurate meter readings.
Our in-depth analysis of the global market includes the following segments
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By Device
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By Solution |
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By Service
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By End User
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On the basis of geographical analysis, the global smart gas market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is set to dominate majority revenue share by 2036, on the back of increasing number of smart gas metering projects in countries, namely Japan and China, and high encouragement from government to deploy smart gas meters in the region. Moreover, the market in Europe is assessed to grab the largest share over the forecast period owing to the deployment of several regulatory policies leading to the growing adoption of smart gas, and increasing roll-out of smart energy meters supported by the current infrastructure. Apart from these, growing investments to finance low-carbon projects is also predicted to boost the growth of this region’s market in the future.
Author Credits: Dhruv Bhatia
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