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The global 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. In addition to this, increasing investments in the smart grid and gas pipeline networks are the factors that will further boost the growth of the smart gas market in the forecast period. Furthermore, the rise in labor accidents and the exorbitant damaging costs due to gas leakages are geared up to expand the smart gas market industry as it will help curb both of these factors. Hence, these factors are analysed to drive the Smart Gas industry outlook in the forecast period 2021-2026.
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. Further, this partnership will enable both companies to extensively thrive towards using developments that are eco-efficient, low on carbon emissions and intelligent. AMI meters offer numerous benefits, including reduced operational costs, simple deployment process, lower outage costs and higher scalability in terms of connected resources. Lastly, the advanced meter infrastructures contribute towards driving the Smart Gas Market which in turn encourages the development of smart cities as a whole.
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Smart Gas Market Segment Analysis- By End Users
Oil & Gas sector in Smart Gas market accounts for the largest share of 25% in 2020, owing to rising accounts of toxic releases that adds on to the already existing climate change disaster and fuels up the chances of fatal accidents. According to the International Energy Agency (IEA), the oil and gas sector emitted around 70 metric tonnes of methane in 2020 alone. The Sustainable Development Scenario (SDS) that falls under the International Energy Agency has aimed to cut down these emissions from the Oil & Gas sector to around 20 metric tonnes per year by 2030 so as to decrease the amount of energy-related greenhouse gas emissions. Thus, smart gas installations become very crucial to help detect gas leaks through IoT based gas monitoring systems with remote and real-time tracking capabilities and alerts. In August 2021, ABB Group obtained an order worth $120 million to source the overall Electrical Power System (EPS) for the Jansz-Io Compression project through which ABB will make use of subsea power technologies that will limit carbon emissions. The major paradigm shift in digital and computer networks have made smart gas devices indispensable in the Oil & Gas industry which in turn is another important factor that will boost the Smart Gas Industry Outlook.
Smart Gas Market Segment Analysis – by Geography
North America dominated the market by a share of more than 33% in 2020 and is estimated to witness a significant amount of growth during the forecast period 2021-2026, owing to high adoption of advanced & smart meters, sensors and environment friendly alternatives. Rising investments towards the development of improved smart gas devices, rapid growth of advanced technologies such as IoT, AI and others, are considered as some of the major factors analysed to fuel the demand for smart gas market within the region in the forecast period. According to the U.S. Energy Information Administration, thousands of oil spills occur in the USA every year which might look small scaled but has adverse effects on living beings and aggravates the issue of climate change. The Energy Information Administration stated that, oil combustion was responsible for 45% of U.S. energy-related carbon dioxide emissions in the year 2020 alone. These advancements and developments in turn is set to grow the market size of Smart Gas in the region.
Smart Gas Market Drivers
Technological advancements such as AI, IoT and others is set to drive the Smart Gas Market
The fast-tracking pace of innovation in new technologies, networks and methodologies is compelling companies to adopt to newer strategies to achieve intelligent, secure and cost-efficient solutions that can carefully avoid the toxic emissions and leakages, save lives all this while enhancing product quality, lowering costs and avoiding health and environmental problems. In October 2020, ABB launched a switchgear that allows consumers to change the insulation gas to an ecological alternative at any juncture of the switchgear’s lifespan. The GIS PrimeGear ZX0, distributes energy in the medium-voltage network and can be used across different sectors such as utilities, infrastructure, power and others. The integration of smart gas is owed majorly to technological developments such as IoT, and AI among others. These software solutions improve safety, enhances security by providing a highly responsive, service-centric environment which is based on intelligent information systems and provides low-carbon and eco-efficient economy. Thus, these factors are set to drive Smart Gas industry in the forecast period 2021-2026.
Rise in fatal accidents at workplace is driving the market growth of the Smart Gas Market in the forecast period
An increase in fatal accidents and injuries at places of work act as a major driver boosting the market growth of smart gas markets. According to the International Labour Organisation (ILO), around 2.3 million men and women succumb to work-related accidents or diseases every single year which is equivalent to over 6000 deaths each day. Out of which, 651,279 deaths are caused due to the emission of toxic and hazardous substances every single year. In addition to the excruciating pain inflicted by these accidental injuries, they also incur a heavy financial weight on victims and their families. In order to avoid damages and accidents, installation of smart gas devices have become the need of the hour and therefore, will push the market growth of smart gas market size.
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Smart Gas Market Challenges
Inflated costs for Smart Gas devices obstruct the market growth
Installations of high-tech and eco-friendly smart gas devices involves enormous amount of expenditure that makes it unaffordable. For instance, a private equity firm named Affinity Equity Partners have decided to invest $360 million in a gas company called Towngas which is based in Mainland China. Towngas China is set to use part of the funding for the development of smart energy components and devices including renewable energy generation and carbon management services. Components such as gas leak detection sensors, energy efficient alternatives, geographical information system and others are very high-priced. Hence, high investments in developing smart gas devices are a hindrance for the Smart Gas market growth in the forecast period 2021-2026.
Smart Gas Market Landscape
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Smart Gas Market. In 2020, the market of Smart Gas Market industry outlook has been fragmented by several companies. The Smart Gas top 10 companies include:
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Relevant Report Titles:
A. Smart Grid Market
B. Smart Gas Meter Market
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