Global Smart Gas Market: Growing Demand for Energy Keeps Leading Players on Cutting Edge of Innovation, states TMR

The global smart gas market is highly competitive and fragmented in nature with the presence of a large number of players operating at various levels. Transparency Market Research (TMR) states that key players in this space are focusing on strategic collaborations and partnerships in order to increase their market penetration and sustain in the global smart gas market. This market is dominated by Itron Inc., Sensus Metering Systems Inc., Elster Group GmbH, General Electric, and EnerNOC Inc. and in 2014, these players collectively held a share of 67.73%. Technological advancements and the introduction of innovative products are the key factors that are expected to encourage the global smart gas market in the next few years.

According to the research study by Transparency Market research, in 2014, the global smart gas market was valued at US$944.67 mn. The market is expected to reach a value of US$10.5 bn by the end of 2023, registering a remarkable 32.20% CAGR between 2015 and 2023.

Interpret a Competitive outlook Analysis Report with PDF Brochure : http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2354

Favorable Regulatory Framework to Encourage Growth of Europe Smart Gas Market

From a geographical viewpoint, the global smart gas market was led by North America in the last few years. However, according to a TMR analyst, Europe is expected to account for a massive share of 60.05% and lead the overall market by the end of 2023. The high growth of this region can be attributed to a significant contribution from Italy and the U.K. In addition, the favorable regulatory framework in several countries in Europe is expected to boost the smart gas market throughout the forecast period.

On the basis of technology, the meter data management segment is expected to lead the global smart gas market in the next few years, states a TMR analyst. This segment is projected to account for a share of 52.37% in the global market by the end of 2023, thanks to the growing preference of residential consumers for meter data management. On the other hand, the supervisory control and data acquisition (SCADA) segment is estimated to witness significant growth during the forecast period.

Rising Awareness Regarding Benefits of Smart Gas to Drive Global Market

The growing demand for energy security and preventing losses owing to gas theft are some of the crucial factors augmenting the smart gas market across the globe. In addition, the rising demand for cost efficiency by making use of smart gases, favorable government rules and regulations, and a rapidly rising energy demand worldwide are projected to accelerate the growth.

The introduction of several programs to create awareness among consumers regarding the benefits of smart gas is expected to push the number of installations in the coming years.

Requirement of Large Initial Investment to Hamper Growth

Despite the several benefits offered by smart gas, large initial investments required for the installation of smart gas systems is one of the primary factors curtailing the growth of the global smart gas market, states a TMR analyst. Nevertheless, a smart gas meter offers users an increased level of control over their electricity usage and provides them with a large number of choices to manage electricity bills and energy consumption. These factors are expected to fuel the global smart gas market in the near future.

The global smart gas market has been segmented as follows:

Global Smart Gas market, by Device Type

• Traditional Metering System
• Gas Warning Device
• AMI Communication Module

Global Smart Gas Market, by Technology

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

Global Smart Gas Market, by End-use

• Residential
• Commercial and Industrial

Smart Gas Market - New Opportunities rising across the world; market to reach US$10.5 bn by the end of 2023

According to TMR, the global smart gas market stood at US$944.67 mn in 2014. Exhibiting a CAGR of 32.2%, the market is expected to reach US$10.5 bn by the end of 2023.

The smart gas market is currently booming and exhibits the presence of a large number of companies wanting to gain an early adopter advantage. Intense rivalry among the key market players has made the market’s vendor landscape highly competitive. Transparency Market Research (TMR) finds in a new report that the top three companies held over 54.8% of the market in 2014. Among these enterprises, Itron, Inc. held the dominant share of over 25% in the same year.

Products manufactured by the majority of the key players have similar designs and minimal differences in their engineering quality. This lack of evident product differentiation has resulted in the need to innovate if players are to gain in terms of sales. “The most prominent companies are mainly engaged in mergers and acquisitions to expand their presence in the global market,” notes the author of the TMR study. TMR projects the vendor landscape of the market to remain highly competitive through the forecast period from 2015 to 2025, as they continue following aggressive marketing strategies to strengthen their presence in the market.

Demand for Improved Efficiency in Gas Usage Bolsters Installation of Smart Gas Meters

Installation of smart gas meters improves the efficiency of gas usage. This is a key factor fuelling demand from the global smart gas market. International authorities and governments around the world have launched several programs to encourage the installation of smart gas meters across energy industries. The implementation of mandates for the reduction of carbon footprint and greenhouse gas emission also accelerates deployment of smart gas meters.

Additionally, the rising demand for energy security is likely to boost sales opportunities for smart gas meter manufacturers. Energy security is considered indispensable to prevent unintended interruptions in power supply. It also provides protection to electrical appliances during prolonged periods of power cuts, which bolsters its demand globally. “Smart gas meters offer end users with greater control over their electricity usage, providing them numerous options for managing their electricity consumption and bills. This is a key factor boosting sales of smart gas meters worldwide,” said a lead TMR analyst.

Download the Smart Gas Industry Fact Sheet by 2023 @ http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2354

High Initial Investment for Installation Limits Scope for Market’s Expansion

Despite the overall growth prospects for the market being positive, the high initial investments required for installing smart gas meters are limiting their installation especially across developing and less developed economies. The distribution cost of automation devices compatible with smart gas meters are higher as compared to the electricity meters. This emerges as a majot bottleneck for the market.

Besides this, the production from smart gas meters should be consistent and sufficient for the commercial sector to recover the cost incurred on their installation. Furthermore, absence of proper investment schemes and regulatory framework is also inhibiting the market’s trajectory in the Middle East and other emerging regions.

Demand for Gas-derived Energy in Asia Pacific to Bolster Deployment of Smart Gas Meters

Nevertheless, the expansion of gas driven energy market in Asia Pacific is expected boost growth opportunities for the smart gas market. Several governments in the region are gearing to roll out smart gas meters as a key initiative to curb emission of harmful gases. This augurs well for the market’s growth prospects.

The rising energy demand from countries such as Japan, South Korea, and Japan is also expected to boost installation smart gas meters across Asia Pacific.

By end use, the residential segment emerged as the market leader, holding a share of 73.85% in 2014. While the segment is expected to remain dominant through the forecast period, prospects for the market are also expected to gradually rise in the commercial sector as well. Regionally, North America dominates the global smart gas market. Based on revenue, it held over 54.41% of the market in 2014.

Key Takeaway:

• Smart gas market revenue to surpass US$10.5 bn globally by the end of 2023
• Accounting for over 73.85% of the market, the residential sector emerged as leading application segment in 2014
• North America was the largest market for smart gas in 2014 with a share of 54.41%

The report segments the global smart gas market as:

Smart Gas Market: By Device Type (USD Million)

• Traditional Metering System
• Gas Warning Device
• AMI Communication Module

Smart Gas Market: By Technology (USD Million)

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

Smart Gas Market Segment Forecasts up to 2023, Research Reports:Transparency Market Research

Smart gas meter is a device that utilizes two-way communication between distributors, energy suppliers, energy consumers, and energy meters to provide first-hand information on gas usage. Smart gas meters primarily consist of communication modules, gas warning devices, flow control devices, data logging and measurement, data monitoring, and software.

International environmental mandates to reduce carbon footprints and greenhouse gas emissions are driving the adoption of smart gas meters across the globe. The underlying objective of energy security is being achieved through the adoption of smart gas meters in the residential, commercial, and industrial segments in various regions.

The smart gas market has been segmented on the basis of technology, end-user, and region. In terms of technology, meter data management systems held about 60% share of the smart gas market in 2014. Global estimates for 2014 show that residential consumers accounted for nearly 75% and commercial and industrial consumers accounted for the rest 25% of the market. This disparity is due to supportive incentive schemes offered for the installation of smart gas meters in residential buildings.

Rising demand for energy security and emphasis on reducing losses due to gas theft is boosting the smart gas market. Increasing acceptance of gas as a utility is also responsible for the growth of smart gas market globally. During the forecasted period of 2015-2023, growth potential of smart gas meters 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. North America held largest smart gas market share of 64% in the year 2014.

To Get More Details : http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2354

Regulatory mandates to reduce carbon footprint in Europe is the major driver for the growth of smart gas market in the region. Asia Pacific ranked third in terms of smart gas market growth in year 2014. In 2014, Middle and Africa showed slow growth, but it anticipated that environmental regulatory norms will boost the smart gas market growth in these regions. The smart gas market in South and Central America is currently witnessing slow growth. However, the Government of Brazil plans to rollout smart gas meters to prevent energy theft in the near future. It is expected that other economies in the region would follow suit. In Europe, France, the U.K., and Italy are anticipated to emerge as potential markets for smart gas during the forecast period.

About Us

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

Contact

Mr.Sudip S

90 State Street, Suite 700

Albany, NY 12207

Tel: +1-518-618-1030

USA - Canada Toll Free: 866-552-3453

Email: sales@transparencymarketresearch.com

Website: http://www.transparencymarketresearch.com