LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global gas utility monitoring system market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.
This market research report segments the global gas utility monitoring system market into the following segments based on end-user (residential and commercial and industrial) and geography (the Americas, APAC, and EMEA).
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Increase in use of natural gas: a major market driver
The demand for natural gas has been increasing substantially and natural gas has become a widespread substitute for coal and crude oil. The demand for natural gas is expected to grow faster than that of coal and crude oil, growing at more than 1% during the forecast period. The growing concerns over environmental pollution and regulatory controls over the emissions of greenhouse gases have led to higher demand for natural gas. The increase in demand for natural gas in industries to produce chemical and petrochemical products is also expected to be a major driver.
As per IEA database computed with OECD, increase in demand for gas in the transportation sector is also gaining prominence and is anticipated to increase by more than 16% during the forecast period. While the demand for gas has been high in Europe and North America, APAC will emerge as the fastest-growing region due to regulatory programs in several nations to increase the share of gas in the energy mix. There are several gas distribution projects aimed at providing natural gas connections to the residential and commercial sector.
According to a senior analyst at Technavio for automation, “The Indian government is planning to cover 326 cities with CGD networks by 2022. China and India are expected to lead the charge in APAC wherein China aims to increase gas share in its 13th Five-Year Plan. The increase in the share of gas in the energy mix and growth in the number of gas distribution projects to connect residential and commercial consumers with gas supply will increase the need for gas utility monitoring systems.”
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Global gas utility monitoring system market segmentation
The Americas dominated the global gas utility monitoring system market in 2017, accounting for a share of close to 42%. It was followed by the EMEA and the APAC.
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