Reports and Data's latest report states that the global Residential Smart Gas Management Market size was USD 2.50 Billion in 2022 and is projected to achieve a revenue CAGR of 10.2% during the forecast period. The market is witnessing growth due to the rising demand for safe, affordable, and reliable gas distribution, as well as the increased demand for natural gas. Technological advancements such as the Internet of Things (IoT) and cloud computing have enabled smart gas management systems to incorporate real-time data and analytics, which has increased their accuracy and usefulness. These are some of the critical factors driving the growth of market revenue.
To reduce carbon emissions and improve energy efficiency, governments worldwide are incentivizing and enforcing the implementation of smart gas management systems. These factors are expected to drive market growth, particularly in developing countries. The expansion of the residential sector and the growing popularity of smart homes and buildings are expected to provide new market opportunities for smart gas management.
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Top Profiled Companies in the Global Residential Smart Gas Management Market Report:
Itron, Inc., Siemens AG, Landis+Gyr, Oracle Corporation, Schneider Electric SE, Honeywell International Inc., Sensus, Kamstrup A/S, Aclara Technologies LLC, Elster Group SE, Nuri Telecom Co., Ltd., Xylem Inc., Wasion Group, NXP Semiconductors, and Huawei Technologies Co., Ltd.
Some Key Highlights from the Report
- The automatic meter reading segment is predicted to generate the most income throughout the projected period. AMR systems capture data from gas meters remotely, enabling for more efficient and accurate invoicing while minimizing the need for manual meter readings. This technology is widely used and is likely to drive segment revenue growth throughout the projection period.
- The commercial and industrial segment is expected to be the largest revenue contributor during the forecast period in the Residential Smart Gas Management Market. The demand for natural gas is on the rise in this sector, which is driving revenue growth of the segment. With the implementation of smart gas management systems, gas distribution firms can optimize their networks and reduce energy waste, leading to more efficient and affordable gas distribution in the commercial and industrial sectors. As this sector requires a large amount of natural gas for their operations, the adoption of smart gas management systems enables companies to achieve cost-effectiveness and energy efficiency. Moreover, there is a growing demand for natural gas in the commercial and industrial sectors, especially in the manufacturing, construction, and energy industries. This, coupled with the focus on energy efficiency and cost-effectiveness, is expected to drive revenue growth of the segment.
- The market in North America is likely to account for the greatest revenue share throughout the forecast period because of the huge gas distribution network and widespread usage of cutting-edge technologies in this area. The market for smart gas management in North America is growing due to increased natural gas demand, notably in the commercial and industrial sectors. These are some of the primary variables driving this region's market revenue growth.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Further market segmentation
Deployment Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Automatic Meter Reading (AMR)
- Advanced Meter Infrastructure (AMI)
End-Use Industry Outlook (Revenue, USD Billion; 2022 - 2032)
- Commercial Industrial
- Residential
Key Takeaways of the Global Residential Smart Gas Management Market Report:
- A comprehensive overview of the global Smart Gas Management industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Residential Smart Gas Management Market.
- Elaborate study of the leading regional markets in the global Residential Smart Gas Management Market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
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