Market Size of Smart Gas Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Smart Gas Market Analysis
The smart gas meter market is expected to register a CAGR of 5.8% during the forecast period. Increasing concerns about greenhouse gas emissions and the rising need to decrease carbon footprint resulted in the increased usage of natural gas, driving the market. Also, Smart grids play a vital role in smart city deployment and are the primary consumers of smart electricity meters, like gas meters. Hence, the installment of smart gas solutions is increasing significantly.
- The increasing need to reduce energy losses and increase energy security are considered significant drivers for the market's growth. Due to the growing number of end-users, collating the data with no irregularities stays challenging in this market.
- Grown gas adoption and numerous regulatory policies rolled out in many areas should be perceived as a growth opportunity for the market. Recently, the EU rolled out many smart gas meters for consumers to save usage expenses for them.
- However, the increased installation costs associated with smart systems are predicted to restrain the market growth. Smart systems are comparatively more costly than the standard equipment installed by most service providers and users. Since these systems use digital components and connectivity systems, allowing them to operate and transmit data, hence, increasing the expense of the solutions like the metering equipment, sensors, analyzers, etc.
- Also, integration challenges involved with deploying smart gas solutions are restraining the adoption of these systems. These systems need help in integration into the existing environments.
- There is a significant growth of smart gas post-COVID-19 in Europe, North America, and Asia Pacific regions for domestic, commercial, and industrial purposes. It is expected to see more over the forecasted period.
