Meter Data Management Market 2019 Development Strategy, Size, Leading Players Analysis, Competitive Landscape, Regional Analysis and Growth by Forecast to 2024
Jul 12, 2019
Meter Data Management Market Report Information by Component (Hardware & Software), by Utility Type (Electricity, Water & Gas), by Application (Smart Grid, Microgrid, Energy Storage, EV Charging and others), by End-Use (Residential, Commercial & Industrial) and by Region - Forecast till 2024
Pune, India - July 12, 2019 /MarketersMedia/ —
Meter Data Management Market Highlights:
The global meter data management market is projected to be valued at USD 430 Million by 2024, with 20.24% CAGR from 2019–2024.
The meter data management systems gather consumption data from analog and smart meters. This system aggregates the consumption data and calculates billing determinants. It also validates the data automatically or manually. Ultimately, it stores both raw data and the results of all operations.
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Meter data management is a solution for managing metered consumption data. Additionally, it also performs long-term data storage and management for huge quantities of data delivered by smart metering systems. It gathers, processes, and stores all types of data to help utilities deal with rising data volumes and succeed in a dynamic industry.
Major Leading Players
The key players operating in the global meter data management market are Eaton (Ireland), ABB (Switzerland), Itron (US), Landis+Gyr (Switzerland), Kamstrup (Denmark), Siemens (Germany), Powel (Norway), Honeywell (US), Sensus (Xylem) (US), Schneider Electric (France), Enoro (Finland), and Open Access Technology International, Inc. (US).
Meter Data Management Market Industry Segmentation:
The global meter data management market has been segmented based on component, utility type, application, and end-use.
On the basis of end-use, the global market is segmented as residential, commercial, and industrial. The residential segment is expected to dominate the market during the forecast period due to increasing smart meter implementations being mandated across the globe. Moreover, residential consumers will have the access to their energy consumption data through meter data management, thus driving the need for meter data management within residential segment.
On the basis of application, the global meter data management market has been segmented into smart grid, microgrid, energy storage, EV charging, and others. Smart grid segment is expected to dominate the market due to the increase in investments in smart grids, of which meter data management is a part.
On the basis of utility type, the global market has been segmented into electric, gas, and water. The electric segment is expected to dominate the global market as the large amount of electricity produced and consumed needs to be managed properly, requiring proper management for meter data.
On the basis of component, the global market is divided into software and hardware. The software segment is expected to dominate the market due increasing smart meter installations, which needs to be processed, formatted, and supported with the help of proper software management.
Meter Data Management Market Regional Analysis:
The global meter data management market has been segmented into five regions, which are Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
In 2018, North America held the largest share of the global meter data management market, mainly due to the increasing installation of smart meters across the region. According to U.S. Department of Energy’s Smart Grid Investment Grant Program, there are few project announcements have been made with few scheduled deployments such as those by Consolidated Edison and Hawaiian Electric helping to sustain the presence of AMI activity. Additionally, investments in smart meters with the market size reaching almost USD 9 billion by 2022 is also expected to drive the meter data management market in North America.
The market in Europe is expected to be the second largest, owing to the increasing smart meter rollout in the major countries of the region, including Italy and Sweden. Italy and Sweden are the first European countries to begin the smart meter rollouts in the last decade. As the systems deployed in these countries have reached their end-of-life, the distribution system operators (DSOs) are preparing for the second round of rollouts. Currently, Italy has around 30 million metering devices in operation. Whereas, Sweden is expected to witness an installation of around 5 million next generation meters before 2025.
Additionally, the majority of smart meter installations is likely to take place in France, Spain, and the UK, with significant contributions coming from Austria and the Netherlands. These smart meter installations in various countries in Europe present lucrative opportunities for the players operating in the meter data management market during the forecast period.
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