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Meter data management is defined as a system that performs long-term data storage and management for huge quantities of data generated and delivered by smart metering systems. A new report on the global meter data management market, published by Market Research Future (MRFR), claims that this market could witness an expansion at 20.24% CAGR between 2019 and 2024. By value, the market can be worth the USD 430 Mn by the end of the forecast period.
The most critical factor enhancing the global meter data management market growth is the elaborate set of government policy and legislative mandates for smart metering infrastructure. Need for accurate energy bill generation is also contributing to the market growth.
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Market Segmentation
The global meter data management market segmentation covers application, component, end-use, and utility type. MRFR’s take on the market allows an in-depth look into various facets of the market.
The application-based segmentation of this market covers energy storage, electric vehicle (EV) charging, microgrid, smart grid, and others. During the forecast period, the smart grid segment is expected to hold the dominating market share due to the increasing investments in smart grids.
Regarding component, the meter data management market has been segmented into hardware and software. During the forecast period, the software segment can dominate the market due to increasing smart meter installations that need processing, formatting, and support via proper software management.
Based on end-use, the meter data management market has been segmented into residential, commercial, and industrial. During the forecast period, the residential segment can hold the dominating market share due to increasing smart meter implementations that are being mandated by governments, across the globe.
By utility type, the meter data management market has been segmented into electric, gas, and water. During the forecast period, the electric segment can dominate the global market due to the requirement of a proper management system for a large amount of electricity being produced and consumed.
Regional Segmentation
A geographical outlining of the global meter data management market encompasses North America, Europe, South America, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America holds the largest market share due to the presence of some key market players, increasing investments in smart grid infrastructure, various active projects, and focus on network upgrades for loss prevention. By 2022, the market can be worth USD 9 bn. The market in the USA generates maximum revenue in this region, followed by Canada and Mexico.
During the forecast period, Europe can be the second largest market due to increasing smart meter rollout in major countries like Italy and Sweden. These two countries were the first in Europe to implement smart meter systems in residential, as well as, the commercial sector. The revenue for the European market is now growing in countries like Austria, France, Germany, the Netherlands, Spain, and the UK. Most of the important market players are based in Europe.
In the Asia Pacific region, the market is growing due to the presence of emerging economy, rising infrastructure, new power plants being set up, increasing industrialization in China & India, rising urbanization, growing demand for electricity, and surging disposable income. Due to technological advancement, Australia and Japan are contributing remarkably to the regional market growth. .
In South America, the market is slower than in North America due to limited technological advancement. Argentina and Brazil earn the maximum revenue in this region.
In the MEA region, the market is low due to the lack of technological advancement and limited production, as well as, the availability of electricity. Critical country-specific markets in this region are Saudi Arabia, South Africa, UAE, and Qatar.
Key Players
Major players in the global meter data management market include ABB (Switzerland), Eaton (Ireland), Enoro (Finland), Honeywell (USA), Itron (USA), Kamstrup (Denmark), Landis+Gyr (Switzerland), Open Access Technology International Inc. (USA), Powel (Norway), Schneider Electric (France), Sensus (Xylem) (USA), and Siemens (Germany).
Latest Industry News
Omnetric has won the contract to supply meter data management system and services related to it to Tacoma Public Utilities. They will be setting up Siemens meter data management system for Tacoma Public Utilities. 10 JUL 2019
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Release ID: 88909320
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