Smart Gas Market Size

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.