Meter Data Management Market growth is Predicted to Grow by More than 20.24% by 2027 :
Market Research Future Published a Half-Cooked Research Report on Global Meter Data Management Market growth. The Meter Data Management Market growth is Expected to Expand at 20.24% CAGR During the Period 2019 to 2024.
Market Highlights
The global Meter Data Management Market growth 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. In 2018, North America held the largest share of the global Meter Data Management Market growth: MRFR
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The global Meter Data Management Market growth 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 growth, 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 growth 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 growth during the forecast period.
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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 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.
The global Meter Data Management Market growth is expected to grow at 20.24% CAGR during the forecast period.
Key Players
The key players operating in the global Meter Data Management Market growth 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).
Scope of the Report
This report provides an in-depth analysis of the global Meter Data Management Market growth, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size and share for North America, Asia-Pacific, Europe, the Middle East & Africa, and South America. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Meter Data Management Market growth by component, utility type, application, end-use, and region.
By Component
Hardware
Software
By Utility Type
Electric
Water
Gas
By Application
Smart Grid
Microgrid
Energy Storage
EV Charging
Others
By End-Use
Residential
Commercial
Industrial
By Regions
North America
Asia-Pacific
Europe
Middle East & Africa
South America
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