The demand for reliable, quality, and safe power accelerate the growth of the meter data management systems market globally. Furthermore, incentives and support from government worldwide are expected to fuel the market growth. However, recognizing the role of technology as well as their significance to utilities, along with the absence of adequate standards for communication and functionality, may hinder growth in the market. Also, inadequate or undeveloped service-oriented architectures at utilities rolling out the smart meters and AMI also acts as hindering factors to the market growth.
Meter data management system, is majorly used across the globe owing to the ability to provide timely reading, automating metering, and producing fine-grained data. The systems collect utility consumption data at a time interval, usually every 15 minutes or hourly. Meter data analytics systems are an ICT-based platform for analyzing the collected meter readings, which has become an indispensable part of utilities running the smart grid. The data is then used to generate various analytics, including constant consumption, meter to cash, negative consumption, abnormal consumption, others these reports help the client to get deep insights on utility consumption patterns and trends. Analytics in the meter data management system is expected to help the government to make a decision for future smart grid development based on analytic results. For consumers, smart meter data analytics can help them understand their own energy consumption in a better way, save energy, and reduce their utility bills. Smart meter analytics, thus, is seen so important that the market has been growing rapidly. This trend is predicted to pitch over the period leading to a huge opportunity for the meter data management system players.
The meter data management system market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, MEA, and SAM. The North America region holds the highest market share, whereas South America is projected to be the fastest-growing region as well in the coming years. The APAC region consists of many developing countries which experiences continuous growth in the oil & gas, electronics industry. The region is expected to grow at ~5–6% this year and accounts for the two-thirds of global growth. Rapid urbanization and industrialization is leading to the increase in oil and gas, energy, and other commodity demands in the region. Oil and gas consumption in APAC amounts to close to 25% of the global supply, whereas 45% of the coal and 10% of the global natural gas in consumed in APAC. Above-mentioned growing industries has a potential to boost the business of meter data management system market.
The meter data management system market by application is segmented into smart grid, microgrid, energy storage, EV charging, and others. The smart grid holds a significant share in the market, on the other hand, EV charging is expected to be the fastest-growing application during the forecast period. Developers and property managers of multi-family properties are deploying the EV charging stations on their premises to meet the new building codes and requirements.
Based on end user, the meter data management system market is segmented into residential, commercial, and industrial. The residential end user is predicted to be the fastest growing region in the market owing to increasing number of residential societies in the developed and developing countries, resulting in increased consumption pattern. The meter data management solutions benefit the residential areas by automatically recording data and information related to supply and decrease data collection time, imprecise readings and estimated billings.
The major players operating in the market for meter data management system market are ABB Ltd., Aclara Technologies LLC, Diehl Metering GmbH, Eaton Corporation, Honeywell International, Inc., Itron Inc., Kamstrup A/S, Landis+Gyr Group AG, Schneider Electric SE, and Siemens AG among others.
The report segments the global meter data management system market as follows:
Global Meter Data Management System Market – By Offering
Global Meter Data Management System Market – By Utility Type
Global Meter Data Management System Market – By Application
Global Meter Data Management System Market – By End-user
Global Meter data management system Market – By Geography
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