Transparency Market Research has published a new report "Smart Gas Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023" to its report store.
Albany, NY -- (SBWIRE) -- 12/19/2016 -- The global smart gas market features a highly fragmented vendor landscape, is highly competitive, and is dominated by five companies, which collectively held nearly 68% of the overall market in 2014, observes Transparency Market Research (TMR) in a recent report. These vendors, namely General Electric, Sensus Metering Systems Inc., Itron Inc., EnerNOC Inc., and Elster Group GmbH command prominent positions in the market owing to extensive product portfolios, continuous focus on innovation, and strategic collaborations in high-growth regions.
TMR projects that the global smart gas market will exhibit a remarkable 32.2% CAGR, in terms of revenue, and rise from a valuation of US$1,134 mn in 2015 to US$10.5 bn by 2023.
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In terms of geography, the global smart gas market gains the maximum share in its revenues owing to sales across developed economies such as Europe and North America. Although North America has held a dominant position in the market, Europe is expected to outpace the region and dominate the market, accounting for a massive 60% of the global market's revenue by 2023. In terms of technology, the global smart gas market is expected to be dominated by the meter data management segment throughout the forecast period. This segment is expected to account for over half of the market by 2023.
Focus on Reducing Greenhouse Gas Emissions Encourage Adoption of Smart Gas Tools and Devices
Rising awareness regarding the potential use of smart metering systems in making gas production, transmission, and distribution infrastructure more efficient and reliable is one of the key factors bolstering the global smart gas market. Gas infrastructures with integrated smart gas metering systems have demonstrated reduced greenhouse gas emission and carbon footprint as compared to the ones with conventional or no metering and monitoring systems. Smart gas meters are also less vulnerable to gas thefts and security breaches, are more accurate in terms of billing consumers in accordance to usage, and lead to fewer losses during transmission and distribution owing to automation as compared to conventional metering systems.
These benefits make smart metering systems an important element of the process of enhancing the energy security of a nation, aiding the development of a gas infrastructure that is more economical and foolproof to unjust violation of controls. As a result, governments across the globe are launching various initiatives that promote energy companies to install smart gas meters in their distribution and transmission infrastructures. This factor is expected to have a significant positive influence on the overall development of the global smart gas market in the next few years.
High Costs of Installation and Initial Investment to Dampen Growth Prospects
The market for smart gas is hindered to a large extent, especially in several developing countries, owing to the high initial investments required to set up smart gas infrastructures. In addition to the high base cost of devices and tools such as flow measurement devices, gas warning devices, data logging and monitoring software, and communication modules, the cost of installation is also high. Owing to these factors, the commercial operation of smart gas infrastructures is not often feasible without government subsidies and funds.
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In Middle East, for instance, the lack of investment schemes and a regulatory framework capable of encouraging the establishment of smart gas infrastructure has resulted in the widespread adoption of smart gas devices and tools. Similar factors are also posing barriers to the growth of the smart gas market in several regional markets.
This review of the market is based on a recent market research report published by Transparency Market Research, titled "Smart Gas Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015–2023."
For the study, the global smart gas market has been segmented as follows:
Global Smart Gas Market, by Device Type
Traditional Metering System
Gas Warning Device
AMI (advanced metering infrastructure) Communication Module
Global Smart Gas Market, by Technology
Meter Data Management (MDM)
Supervisory Control and Data Acquisition (SCADA)
Geographic Information System (GIS)
Global Smart Gas Market, by End-use
Commercial and Industrial
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