MarketsandMarkets expects the global smart gas market size to grow from USD 11.25 billion in 2017 to USD 21.75 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.1% during the period of 2017–2022. The major drivers for upsurge in demand for the smart gas market include growing demand for customer-centric approach, replacement of aging infrastructure driving the investment in the smart gas market, increasing global energy demand leading to the adoption of sophisticated technologies, and integrated wireless communication features in smart gas solutions reducing field visits.
Cloud-based solutions offer cost benefits with real-time functionalities, providing lucrative growth opportunities across the globe over the forecast period. With growing emphasis on connected devices, all the organizations are expecting a high demand for new cloud services. Furthermore, outsourcing vendors of smart gas solutions might gain a recurring revenue stream from the organizations.
The scope of this report covers the smart gas market analysis by type (solution, service, & device) and region. The remote monitoring solution segment is expected to grow at the highest CAGR during the forecast period. This solution for gas utilities deals with remotely controlling the essential types: hardware & software, such as Programmable Logic Controller (PLC), Human Machine Interface (HMI), & Supervisory Control and Data acquisition (SCADA) systems. With the evolution of Internet of things (IoT), the entire landscape has changed. Wireless IoT solutions can remotely monitor gas utilities with just the addition of sensors.
The remote monitoring solution has the ability to track asset performance, which provides real-time data during gas operations. Factors, such as production time, leakage rate, energy usage, & climatic conditions can all be collected, analyzed, and presented to the responsible personnel, in terms of performance data & ability to control data, such as remotely shutting off gas operations.
As per the geographic analysis, Asia-Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The increasing adoption of smart grid architecture, technology upgrades, energy management, regulatory mandates, and affluent countries, such as China, Australia, South Korea, Japan, Singapore, & Hong Kong are the major contributing factors for the growth of smart gas solutions in this region. The companies in this region are spending heavily on smart and IoT gas solutions & services; this is driving the adoption of smart gas among numerous industries in this region. Additionally, the large number of government initiatives for IoT is driving the market in this region.