ALBANY, New York, October 29, 2015 /PRNewswire/ --
Transparency Market Research has released a new market report, titled "Smart Gas Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023." According to this report, the global smart gas market was valued at US$0.9 billion in 2014 and is projected to reach US$10.5 billion by 2023, at a CAGR of 32.2% from 2015 to 2023.
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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 for reducing emissions is one of the major driver for implementation of smart gas meters across the globe. Another important factor driving the smart gas market is the necessity to achieve energy security in the residential, commercial, and industrial segments globally.
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The smart gas market has been segmented on the basis of technology, end-user, and region. The meter data management system held 60% market of the smart gas market for the year 2014. Global estimates for 2014 show that the residential end-use segment accounts for nearly 75% and the commercial and industrial end-use segment accounts for 25% share of the smart gas market. This difference is due to numerous supportive incentive schemes available for the installation of smart gas meters in residential buildings.
Demand for smart gas meters is expected to increase gradually in future as they offer energy savings which contribute to increase in revenue. The smart gas market has been segmented as follows:
Smart Gas Market: By Device Type
- Traditional Metering System
- Gas Warning Device
- AMI Communication Module
- Smart Gas Market: By Technology
- Meter Data Management (MDM)
- Supervisory Control and Data Acquisition (SCADA)
- Geographic Information System (GIS)
Smart Gas Market: By End-user
- Commercial and Industrial
Smart Gas Market: By Region
- Rest of North America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
South and Central America
- Rest of South and Central America
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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.
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SOURCE Transparency Market Research