The Smart Gas Market is expected to grow from $11.25 Billion in 2017 to $21.75 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.1% during the period of 2017–2022, as per a report by MarketsandMarkets.
How cloud-based services would offer numerous opportunities due to huge amount of data generation?
IoT as a technology involves storing, managing, and analyzing data in real time. Cloud platforms present a perfectly cost-effective and easily deployable alternative for this issue to eliminate the need for building on-premises data centers. While IoT is all about connected devices that produce a huge amount of data, the cloud platform enables analytics derive value from the data. Cloud computing technologies are providing smart gas solution vendors a way to connect smart gas solutions installed at the control center to IoT-enabled devices. This capability would help end-users to build IoT-based sense and respond systems quickly and economically.
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The cloud platform is considered to be a secure platform for the storage as well as computation of such massive amounts of data. Cloud also provides a unified platform that manages service lifecycle and organizes deployment. The emergence of IoT Platform as a Service (PaaS) deployment opportunities has increased the deployment of IoT solutions across the entire gas infrastructure. The cloud platform can help in deploying various solutions that provide gas utility companies with new ways of connecting traditional information systems to IoT-enabled devices.
The scope of this report covers the smart gas market analysis by type (solution, service, & device) and region. The remote monitoring solution segment is expected to grow at the highest CAGR during the forecast period. This solution for gas utilities deals with remotely controlling the essential types: hardware & software, such as Programmable Logic Controller (PLC), Human Machine Interface (HMI), & Supervisory Control and Data acquisition (SCADA) systems. With the evolution of Internet of things (IoT), the entire landscape has changed. Wireless IoT solutions can remotely monitor gas utilities with just the addition of sensors.
The remote monitoring solution has the ability to track asset performance, which provides real-time data during gas operations. Factors, such as production time, leakage rate, energy usage, & climatic conditions can all be collected, analyzed, and presented to the responsible personnel, in terms of performance data & ability to control data, such as remotely shutting off gas operations.
As per the geographic analysis, Asia-Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The increasing adoption of smart grid architecture, technology upgrades, energy management, regulatory mandates, and affluent countries, such as China, Australia, South Korea, Japan, Singapore, & Hong Kong are the major contributing factors for the growth of smart gas solutions in this region. The companies in this region are spending heavily on smart and IoT gas solutions & services; this is driving the adoption of smart gas among numerous industries in this region. Additionally, the large number of government initiatives for IoT is driving the market in this region.
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