In the next five years, the gas industry will increasing turn to smart solutions, such as meters, supervisory control and data acquisition (SCADA) systems and analytics, particularly in North America, predicts research organisation MarketsandMarkets.
Based on vendor revenues for devices, solutions and services, MarketsandMarkets forecasts the global smart gas market to grow from US$6.61 billion in 2014 to US$11.31 billion in 2019, a growth rate of 11.4% from 2014 to 2019.
The company attributes the pressure on natural gas production and distribution companies to deliver more energy, as well as low profitability and financial losses as the drivers to adopt smart solutions.
The table given above highlights the Y-O-Y growth trend in the market, across all geographical territories. Source: MarketsandMarkets Analysis
The major players in the smart gas market are ABB, Elster, General Electric, Itron, Schneider Electric, Oracle, according to the report.
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Smart gas meters: global market worth US$11.31bn by 2019