Smart Gas Solutions Market Introduction
Smart gas solutions comprise remote monitoring, asset management, and analytics and data management. Smart gas solutions help the companies and natural gas utilities achieve preventive maintenance, offer convenient services, and increase the profits. Smart gas meters, automated meter reading, meter data management, advanced metering infrastructure, supervisory control and data acquisition are some of the widely used smart gas solutions.
Smart gas solutions provide real-time data and improve the overall process of business. Moreover, companies are focusing on deploying smart gas solutions that provide data accuracy, reliability, and accessibility. Companies are developing new solutions for the gas industry by including innovative technologies such as big data, IoT, cloud computing, and artificial intelligence in the advanced metering infrastructure.
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Smart Gas Solutions Market: Notable Highlights
- Aclara in 2018 signed a contract with National Grid Smart to provide SMETS2 smart electricity meter, CPA certified gas meters, and SGM1400 in the UK.
- In 2018, Sensus was selected by Nicor Gas to provide advanced metering technology for its meter modernization program.
- Genesis Gas Solutions in partnership with Tata Communication’s LoRaWAN™ IoT network will supply new smart meters to Indraprastha Gas Limited (IGL) in India. As the part of the first stage of deployment, 5,000 pre-paid smart gas meters by Genesis have been installed by IGL.
Some of the leading players in the smart gas solutions market are Aclara Technologies LLC, Badger Meter, Inc., ABB Limited, CGI Group Inc., Capgemini S.A., Dandong Dongfa, Elster Group GmbH, Silver Spring Networks, GE Grid Solutions, Sensus, Schneider Electric SE, Holley Technology Ltd., DTE Energy Co., and Itron Inc.
Smart Gas Solutions Market Dynamics
IoT and Big Data: Next Frontiers in Smart Gas Solutions Market
Big data and Internet of Things (IoT) are playing an important role in various industries by driving operational efficiencies and improving customer services. Companies are increasingly adopting smart gas solution including both IoT and big data to achieve intelligent metering, monitoring, and measurement of gas resources.
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Owing to the rise in gas leakage and gas detection problem, companies are focusing on developing smart solutions to detect gas leakages which includes IoT based smart gas monitoring system along with the use of sensors to detect gas leakage and alert the user. Meanwhile, with the increasing use of smart meters capturing the data, companies are also focusing on employing big data to handle large datasets. Companies in the energy sector are also collaborating with tech companies for customized big data and IoT solutions.
Increasing Investment on Gas Infrastructure to Accelerate Growth in Smart Gas Solutions Market
Owing to the increasing capital expenditure on the gas infrastructure globally, the healthy growth is expected in the smart gas solutions market. According to the International Energy Agency (IEA), natural gas production is rising every year since economic crisis of 2009, hence, many countries are developing gas infrastructure to feed industries, power plants, and households.
Gas consumption is also likely to grow in coming years. According to some industry experts, gas is likely to overtake coal as the second leading source of energy behind oil in next few years. This is likely to drive development of gas transmission and distribution infrastructure including gas pipeline infrastructure, this, in turn, will drive demand for smart monitoring systems and data analyzing systems to ensure smooth operation and efficiency.
Limited Battery Life and High Cost Hampering the Growth in Smart Gas Solutions Market
Smart meters are gaining popularity in the water, gas, and electricity industry, however, limited battery life in smart meters is emerging as one of the biggest challenges in the smart gas solutions market. Hence, companies are focusing on improving and maximizing battery life, thereby, maximizing the overall meter life. Moreover, manufacturers in the smart gas solutions market are also designing smart meters with upgradable software that can modify the battery consumption during the operating life.
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Another challenge faced by the manufacturers in the smart gas solutions market is the high cost of the products owing to the integration of advanced technologies. Hence, companies are focusing on innovative solutions that can be provided at a reasonable price. Moreover, managing and minimizing the cost of the products in smart gas solutions market is also becoming difficult due to rising competition.
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