Expanding Role of Natural Gas in Global Energy Mix & Parallel Increase in Spending on Gas Distribution Automation Drives Demand for Smart Gas Solutions
The global market for Smart Gas Solutions is projected to exceed US$23 billion by 2024 , driven by the expanding role of natural gas in the global energy mix, parallel increase in tech spending on gas distribution networks, and rising emphasis on building a low-carbon, energy-efficient society. Gas is expected to become the most important and widely available energy source similar to electricity, thanks to the power-to-gas potential from renewables, especially increasing use of biogas and natural gas. The discovery of the fracking process has completely changed the outlook for natural gas worldwide. Gas utilities the world over are facing mounting challenges in ensuring safe, efficient, and cost-effective delivery of natural gas. Few of the many economic and environmental challenges faced by gas utilities include volatile gas prices; expanding population and the resulting need to meet new gas infrastructure and replace aging infrastructure; need for improving safety standards; s...