Categories: Market Research

Smart Gas Market Growth Trajectory Through 2024-2033

The Smart Gas Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Smart Gas Global Market Report 2024, The smart gas market size has grown rapidly in recent years. It will grow from $24.47 billion in 2023 to $28.2 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historic period can be attributed to regulatory initiatives, infrastructure modernization, cost reduction pressures, environmental awareness, consumer demand for efficiency.

The smart gas market size is expected to see rapid growth in the next few years. It will grow to $50.4 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to iot expansion, smart city initiatives, renewable energy integration, global energy transition, energy management solutions. Major trends in the forecast period include advanced metering infrastructure (ami), data analytics and artificial intelligence, cybersecurity measures, renewable gas integration, blockchain technology, smart cities initiatives.

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.

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The smart gas market covered in this report is segmented –

1) By Device: Automatic Meter Reading (AMR), Advanced Meter Infrastructure (AMI)

2) By Solution: 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)

3) By Service: System Integration, Program Management, Installation

4) By End-User: Commercial And Industrial, Residential

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.

The smart gas market report table of contents includes: