Albany, NY -- (SBWIRE) -- 10/30/2015 -- The global smart gas market was valued at US$0.9 bn in 2014 and is projected to reach US$10.5 bn by 2023 at a CAGR of 32.2% from 2015 to 2023.

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Smart gas meters comprise various components such as advanced communication modules, gas warning devices, flow control devices, data logging and measurement, data monitoring, and software. Services provided by a smart gas meter depend on the engineering and quality of the components used while manufacturing. Smart gas meters increase energy efficiency by 5%?15% ? one of the major benefits they provide.

Rising demand for energy security and emphasis on preventing losses due to gas theft are driving the smart gas market. Increasing acceptance of gas as a utility is also responsible for the growth of smart gas market globally. Currently, growth potential of smart gas meter is likely to shift from North America to Europe followed by Asia Pacific, Central America, and the Middle East.

The smart gas market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. In 2014 North America held the largest share of 64% of the global smart gas market.

Regulatory mandates to reduce carbon footprints in Europe is a major driver for the growth of smart gas market in the region. Asia Pacific held the third-largest share in the smart gas market in 2014. In 2014, Middle and Africa showed slow growth, but it anticipated that environmental regulatory norms will drive growth of smart gas market in these regions. The smart gas market in South and Central America is witnessing slow growth. However, The Government of Brazil plans to rollout smart gas meters in the next few years to prevent energy theft. It is expected that other economies in South and Central America would follow suit. In Europe, France, the U.K, and Italy are anticipated to emerge as potential markets for smart gas.

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Demand for smart gas meters is expected to increase gradually future as they offer energy saving which contributes to increase in revenue. The smart gas market has been segmented as follows:

Smart Gas Market: By Device Type

Traditional Metering System
Gas Warning Device
AMI Communication Module

Smart Gas Market: By Technology

Meter Data Management (MDM)
Supervisory Control and Data Acquisition (SCADA)
Geographic Information System (GIS)
Others

Smart Gas Market: By End User

Residential
Commercial and Industrial

Smart Gas Market: By Region

North America

US.
Canada
Mexico
Rest of North America

Europe

France
Italy
UK.
Rest of Europe

Asia Pacific

China
Japan
South Korea
Rest of Asia Pacific

Middle East and Africa

South Africa
Rest of Middle East and Africa

South and Central America

Brazil
Rest of South and Central America

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