The smart gas market size is expected 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 forecast period. The major drivers for the upsurge in the market include the growing demand for customer-centric approach leading to the overall market growth of the market, replacement of aging infrastructure driving investment in the market, and the increasing global energy demand leading to adoption of sophisticated technologies.
The scope of this report covers the smart gas market analysis by solution, device type and service type, and region. The remote monitoring solution segment is expected to grow at the highest CAGR during the forecast period, owing to the increasing demand of vital functionalities this solution offers, such as, tracking asset performance, which provides real-time data during gas operations. Factors, such as production time, leakage rate, energy usage, and climatic condition can be collected, analyzed, and presented to the designated personnel, in terms of performance data and ability to control data, such as remotely shutting off gas operations.
The Automatic Meter Reading (AMR) meters device segment is expected to have the largest market share during the forecast period, owing to the cost effectiveness and its preference for smaller utilities, as it is cheaper and offers benefits, such as accurate meter readings and improved & transparent billing processes.
The professional services segment is expected to have the largest market share during the forecast period owing to the deployment of AMI meters, need of technological consulting, and continuous support & maintenance activities carried out in the gas industry.