• The Smart Gas Market is expected to reach $41.5 billion by 2026, growing at a CAGR of 16.1% during the forecast period 2021-2026.
Enhanced urbanization is the major factor soaring the need for smart gas equipment and services. With the major shift to IoT and artificial intelligence, smart gas components and services such as mobile workforce management, meter data management, gas leak detection and geographical information systems are set to become vital. These technologies are also used to measure toxic gases, send warning signals in the presence of unwanted gases and allow other systems such as automated exhaust systems and automated heating ventilation and air conditioning (HVAC) systems to instinctively act so as to avoid damages from leakages.
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Key Takeaways
• Increasing goals of adopting sustainable, efficient, smart and safe technologies due to rapid urbanization are the factors that have attributed towards market growth of the Smart Gas industry.
• The loss of production in the manufacturing sector, huge damaging costs owing to gas leakages, the expenses for curing patients who have suffered injuries by gas poisoning among many others are the drivers set to boost the smart gas market size.
• According to International Labour Organization, deaths caused by hazardous and toxic substances at workplaces are estimated at around 651,279 each year.
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Smart Gas Market Segment Analysis- By Device
The Advanced Meter Infrastructure (AMI) segment is estimated to hold the highest Smart Gas market share of 45.5% in 2020, owing to the increasing demand for smart gas meters, communication networks, ability to automatically and remotely measure electricity use and data management systems that allows two-way interaction between utilities and customers. In December 2020, Capgemini signed a partnership agreement with EDF International Networks so as to combine their expertise and cater to the growing demand for smart advanced meters and smart grids.
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