The smart gas market size is estimated to be USD 11.25 Billion in 2017 and is projected to reach USD 21.75 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period. Some of the major factors that are driving the growth of the smart gas market include the growing demand for customer-centric approach leading to the growth of the market, replacement of aging infrastructure driving the investment in the smart gas market, increasing global energy demand leading to adoption of sophisticated technologies, and integrated wireless communication features in smart gas solutions reducing field visits.
The market players, such as ABB Group (Switzerland), Aclara Technologies LLC (U.S.), Badger Meter, Inc. (U.S.), Cap Gemini S.A. (France), CGI Group Inc. (Canada), Diehl Stiftung & Co. KG (Germany), Elster Group SE (Germany), General Electric Company (U.S.), International Business Machines Corporation (U.S.), Itron, Inc. (U.S.), Landis+Gyr Inc. (Switzerland), Oracle Corporation (U.S.), Schneider Electric SE (France), Sensus USA Inc. (U.S.), Silver Spring Networks, Inc. (U.S.), and Verizon Communications, Inc. (U.S.) offer smart gas solutions, devices, & services to cater to the needs and demands of the market. These players have adopted various growth strategies, such as expansions, mergers & acquisitions, partnerships, and new product launches. Partnerships and new product launches have been the major strategical trends, accounting for more than half of the market share of all the growth strategies adopted by the major market players.
Schneider Electric SE has adopted a strategic mix of organic and inorganic growth strategies, such as new product developments, partnerships, mergers & acquisitions, and business expansions. In 2016, Schneider Electric acquired MaxEAM, a software company for Enterprise Asset Management (EAM), to strengthen its Enterprise Asset Performance Management (APM) portfolio. Additionally, Schneider Electric has acquired Applied Instrument Technologies, Inc., a leading provider of online process analyzers for the hydrocarbon, petrochemical, chemical, pharmaceutical, and steel-making industries. This acquisition is expected to boost Schneider Electric’s ability to extend its process measurement, automation, and safety solutions to a broader customer base, especially in the fuels blending, petrochemicals, & gas processing.
Similarly, ABB Group, in June 2016, announced to provide wireless network products and services to support the deployment of smart meters across the City of Memphis, Tennessee, U.S. The introduction of smart meters is expected to improve the efficiency of electricity, water, & gas supplies, and mitigate loss & theft.
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
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