"Smart Gas Market by Device (AMR & AMI Meters), Solution (GIS, SCADA, Asset Condition Monitoring and Performance Management, MDM, Outage Management & Remote Monitoring), Service (Consulting, Deployment, & Managed) and Region - Global Forecast to 2022", 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 period of 2017–2022. The major drivers for upsurge in demand for the smart gas market include increasing global energy demand leading to the adoption of sophisticated technologies and replacement of aging infrastructure driving the investment in the smart gas market.
The remote monitoring solution is expected to grow at the fastest rate in the smart gas market during the forecast period
The remote monitoring solution for gas utilities deals with remotely controlling the essential types: hardware & software, such as Programmable Logic Controller (PLC), Human Machine Interface (HMI), & Supervisory Control and Data Acquisition (SCADA) systems. The solution has the ability to track asset performance, which provides real-time data during gas operations. Factors, such as production time, leakage rate, energy usage, and climatic conditions can all be collected, analyzed, & presented to the responsible personnel, in terms of performance data and ability to control data, such as remotely shutting off gas operations.
Automatic Meter Reading (AMR) meter is estimated to have the largest market share during the forecast period
AMR meters are capable of capturing, storing, and transmitting meter data to the main server. Backed by the remote monitoring feature of AMR meters, the functionalities of AMR meters have expanded from billing to events alarms, such as tamper, leak detection, flow monitoring, demand forecasting, demand response management, low battery notification, and remote shutdown.
North America is expected to hold the largest market share in the smart gas market during the forecast period
As per the geographic analysis, the North American region would witness significant growth in the smart gas market over the forecast period, due to massive upcoming projects in the region. North America has the highest installation (over 50%) of AMR meters. During the last few years, numerous utilities in the U.S. have boarded on advanced smart gas schemes, where one of their main objectives is to deploy second-generation advanced metering infrastructure, communication modules, asset management, workforce management, security features, analytics, and Meter Data Management (MDM).
Source: ASDReports - Market Research
Date: May 2, 2017