Smart Gas Market to Reach $41.65 Bn, Globally, by 2026 at 16.2% CAGR: Allied Market Research
PORTLAND, Oregon, Feb. 4, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Gas Market by Component (Solutions and Services), Device Type (Automatic Meter Reading (AMR) and Advanced Meter Infrastructure (AMI)), and End User (Commercial & Industrial, and Residential): Global Opportunity Analysis and Industry Forecast, 2018-2026." According to the report, the global smart gas market garnered $12.65 billion in 2018, and is estimated to reach at $41.65 billion by 2026, registering a CAGR of 16.2% from 2019 to 2026.
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Drivers, restraints, and opportunities
Surge in need to enhance urban safety, increase in investment in smart gas pipeline and smart grid network, and growing urbanization drive the growth of the global smart gas market. However, lack of awareness of smart gas systems among people hinder the market growth. On the other hand, rise in investment and initiatives for smart energy management by government create lucrative opportunities in the market.
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The solution segment to maintain its lead position during the forecast period
Based on component, the solution segment contributed to nearly two-thirds of the total share of the global smart gas market in 2018, and is expected to maintain its lead position during the forecast period. This is attributed to the increase in need to reduce difficulties associated with bill payments. Moreover, the service segment is expected to grow at the largest CAGR of 18.7% from 2019 to 2026. This is due to the growing need to ensure effective functioning of smart gas platforms throughout the process.
The automatic meter reading (AMR) segment to maintain its dominance by 2026
Based on device type, the automatic meter reading (AMR) segment held the highest market share of the global smart gas market, contributing for more than four-fifths of the total share in 2018, and is estimated to maintain its dominance in terms of revenue during the forecast period. Increase in need to ensure the data accuracy & analysis to increase customer satisfaction are the major factors propelling the growth for this segment. On the other hand, the advanced meter infrastructure (AMI) segment is estimated to register the highest CAGR of 19.3% from 2019 to 2026. This is due to increase in need to enable energy theft detection and enhance in meter reading accuracy.
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North America to maintain its leadership status during the forecast period
Based on region, North America contributed to the highest market share in terms of revenue, contributing to nearly half of the global smart gas market in 2018, and is expected to maintain its leadership status during the forecast period. This is due to the increase in development in smart energy and gas system, and presence of major market players in this region. On the other hand, Asia-Pacific is expected to maintain the largest CAGR of 21.1% from 2019 to 2026. This is attributed to the rise in demand and increase in consumption of gas and electricity, and the need to build sustainable and energy efficient sources to conserve natural gas and electricity.
Leading market players
-- Diehl Stiftung & Co. KG
-- General Electric
-- Itron Inc.
-- Landis+Gyr
-- Schneider Electric
-- Verizon
-- Oracle
-- Sensus, a Xylem brand
-- ABB
-- Capgemini
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