Global Smart Gas is Expected to Reach CAGR of 32.2% Between 2019-2023

Global Smart Gas Market – Key Trends 

Governments around the world are exploring various ways of improving energy efficiency and security during prolonged power-cuts. This has created lucrative prospects for the smart gas meter manufacturers. the market is also likely to gain impetus from the favorable policies drafted in various nations to curb the carbon footprint. Furthermore, smart gas meters offer end users greater control over their electricity consumption and bills. Spurred by these factors, the global smart gas market is expected to report a CAGR of 32.2% between 2015 and 2023.

The global smart gas market stood at US$944.67 mn in 2014. The market is expected to reach US$10.5 bn by the end of 2023.

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Despite witnessing promising growth opportunities, the high initial investment required for installing smart gas meters limits the market’s trajectory to an extent. Nevertheless, the rising energy demand in Asia Pacific is likely to boost opportunities for the market in the near future.

Residential Sector Likely to Remain Leading Contributor to Global Smart Gas Market 

By end use, the global smart gas market is segmented into the residential sector, the commercial sector, and the industrial sector. Of these, the residential sector is by far the dominant contributor to the global smart gas market and accounted for approximately three-quarters of the market around the middle of the ongoing decade. The use of smart gas systems is also rising in the industrial sector, which is also likely to remain a key driver for the global smart gas market in the coming years. The demand from the global smart gas market from the commercial and industrial sectors could benefit significantly from the rising government support being given to the installation of smart gas systems in the commercial and industrial sectors.

New Opportunities across Europe and Asia Pacific to Augur Well for the Market

Regionally, North America leads the global smart gas market. Based on revenue, it held over 54.41% of the global smart gas market in 2014. However, as per TMR, the deployment of smart gas meters is slowing down in the region as compared to considerable roll outs of smart gas meters in countries such as China. Given the speed at which the developing economies are upgrading their transmission and distribution systems, and generating capabilities, they will very soon match the growth exhibited by the smart gas market across developed regions.