Depletion of the natural gas reserves is creating major concerns across the globe. The biggest reason for this is the technological breakthroughs and growth in industrial demand, which is leading to extreme extraction of the gas. Rising use of natural gas in residential as well as commercial areas is also creating shortage into the overall reserves of gas. Researchers have come up with the concept of smart gas, which helps keeping a tab on the overall consumption of these products and helps the cause of energy conservation. As a result, the global smart gas market is also gaining strong growth. The technology is being adopted at a rapid rate, which is contributing to the innovative applications and advancements in technology.
Scope of Research – Segments
The global smart gas market is categorized based on its various components, which mainly include the types of devices, service, solutions, etc. Researchers also perform detailed geographic analysis of the industry in order to understand the changing patterns of demand and consumption across different geographic regions. Based on the devices, the industry is segmented into gas meter communication modules, advanced metering infrastructure meters and automatic meter reading devices.
The service segment is elaborated into installation, program management and system integration services. Categorization of the solutions segment includes meter data analytics, supervisory control and data acquisition, enterprise asset management for gas utilities, meter data management, mobile workforce management, and gas leak protection. Based on the geographic regions, the industry is analyzed and categorized into EU, LA, NA, APAC, ME and Africa.
Growth in demand for natural gas is the strongest driver for the global market. The industry is gaining momentum with the changing approach towards the use of natural energy resources. However, rise in the industrial, commercial and residential applications are driving the demand in the industry. Nevertheless, the industry is suffering from various challenges as well. Taking over these challenges is essential for the companies in order to succeed.
The major challenges for the smart gas market include huge financial losses and low profitability. Management of the large number of meter data is yet another crisis for the gas companies. Physical collection on the other hand of this data will automatically increase the operational costs. Data irregularities and profit losses are also significant hindrances for the market players. All these factors are expected to create major hurdles for the industry players.
According to the market research reports, the smart gas market is expected to grow at a CAGR of 11% from 2014, which will take it to reach $11.31 billion in 2019. As of 2014, the industry is worth $6.61 billion. As per the forecasting reports North America will continue dominating the global industry.