Meter Data Management Market Global Research Report - Forecast till 2030

Meter Data Management Market Research 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 (North America, Europe, Asia-Pacific, the Middle East & Africa and South America) - Forecast till 2030

ID: MRFR/E&P/6500-HCR | February 2021 | Region: Global | 111 pages         

Meter Data Management Market

Meter Data Management Market share is projected to reach USD 430 Million by 2024, with 20.24% CAGR from 2019 to 2024.

Segmentation

By Component Hardware Software
By Utility Type Electricity Water Gas
By Application Smart Grid Microgrid Energy Storage EV Charging Others
By End-Use Residential Commercial Industrial

Key Players

  • Eaton (Ireland)
  • ABB (Switzerland)
  • Schneider Electric (France)
  • Siemens (Germany)
  • Honeywell (US)
  • Itron (US)
  • Landis+Gyr (Switzerland)
  • Kamstrup (Denmark)
  • Powel (Norway)
  • Sensus (Xylem) (US)
  • Enoro (Finland)
  • Open Access Technology International Inc. (US)

Drivers

  • Increasing use of smart meters within the electricity network
  • Need for grid reliability and outage management
  • Stringent government policies
  • Legislative mandates for smart metering infrastructure worldwide
  • Urgent requirement for accurate energy bill generation
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Meter Data Management Market size is projected to reach USD 430 Million by 2024 from an estimated USD 170 million, with 20.24% CAGR from 2019 to 2024.


Meter Data Management Market Scenario


The Meter Data Management Market is expected to reach a significant value by the end of the forecast period which was recorded as good during the historic forecast period. Meter data management is a system that stores and manages large amounts of data given by smart metering devices over a lengthy period. It collects, processes, and saves a wide range of data to assist utilities to manage growing data volumes and competing in a fast-paced business. Data validation, estimate, retail billing assistance, and billing-determinant computations for customer settlements are all capabilities of meter data management.


The necessity for grid stability and outage management, severe government regulations and legislative mandates for smart metering infrastructure around the world, and the urgent requirement for correct energy bill production are all propelling the global meter data management industry forward. Furthermore, some legislative measures mandate the metering of energy and water resources. These laws also establish rules and standards for the design of building systems, as well as assuring energy efficiency and sustainability.


The major factors driving the growth of the global meter data management market include need for grid reliability and outage management, stringent government policies and legislative mandates for smart metering infrastructure worldwide, and urgent requirement for accurate energy bill generation. Moreover, there are various legislative acts that require metering of energy and water resources. These legislative acts also provide guidelines and standards for building system design and ensuring energy efficiency and sustainability. For instance, in January 2017, Entergy Corporations, a US-based utility chose OMNETRIC Group, a Siemens Company, for the provision of services including meter data to help the utility improve its billing systems. Similarly, many other utilities across the globe are focusing on improving their billing systems by deploying appropriate meter data management systems.


Meter Data Management Market Key Players


The key players operating in the meter data management global market are Eaton (Ireland), ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Honeywell (US), Itron (US), Landis+Gyr (Switzerland), Kamstrup (Denmark), Powel (Norway), Sensus (Xylem) (US), Enoro (Finland), and Open Access Technology International, Inc. (US).


Industry News



  • Entergy Corporations, a US-based utility, selected OMNETRIC Group, a Siemens Company, to provide services including meter data to help the utility enhance its billing processes in January 2017. Many other utilities across the world are also working to improve their billing operations by implementing proper meter data management systems.

  • E.ON, a German multinational energy business, teamed up with Tieto, a Finnish IT firm, to automate the collecting of energy usage data from 150,000 smart electric meters installed for the utility's customers in Sweden in 2017. Viesgo, a Spanish utility, also signed a contract with Siemens to strengthen its smart meter data collecting and processing, as well as the services it provides to over 700,000 customers. This would also highlight the importance of proper meter data management, which is a key component of smart metering.


Meter Data Management Market Segmentation


The global meter data management market has been segmented based on component, utility type, application, and end-use. On the basis of component, the global market is segmented into hardware and software. With the increasing smart meter installation, huge amounts data is generated in a very short interval and meter data management software is used to process, format, and correlate the data to support accurate billing. On the basis of utility type, the global market is segmented into electricity, gas, and water. On the basis of application, the global market is further segmented into smart grid, microgrid, energy storage, EV charging, and others. Whereas, on the basis of end-use, the global market is segmented into residential, commercial, and industrial. The residential segment is expected to register the highest growth rate during the forecast period.   


Meter data management is a system that 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 increasing data volumes and succeed in a dynamic and competitive industry. Meter data management also performs a real time monitoring with the capabilities of data validation, estimation, retail billing support, and billing-determinant computations for customer settlements.  


Meter Data Management Market


Meter Data Management Market Regional Analysis


On the basis of region, the global meter data management market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America holds the largest share in the market due to increasing investments in smart grid infrastructure and are focusing on upgrading their network to prevent losses.


Key players in the meter data management global market, such as Siemens, ABB, and Eaton, are actively focusing on signing contracts and agreements with utilities and industries to offer the best suitable meter data management systems. For instance, in 2017, E.ON, a German multinational energy company partnered with Finnish IT firm, Tieto, to automate the collection of energy usage data from 150,000 smart electric meters installed for the utility’s customers in Sweden. Similarly, Viesgo, a Spanish utility also entered into a contract with Siemens to improve its smart meter data acquisition and processing and improve services to almost 700,000 consumers. This would additionally also raise the need for proper meter data management, which is an integral part of smart metering.


Additionally, the global market is projected to grow at a high rate during the forecast period due to the increasing use of smart meters within the electricity network, thereby replacing the energy meters, especially in the developing nations. For instance, in September 2017, the Indian government launched a ‘Saubhagya’ scheme with the aim of providing access to electricity to all the households in the country. With almost 34.5 million households yet to be electrified, it presents a lot of opportunity for metering manufacturers. Additionally, the deployment of smart meters has taken an evolutionary turn in recent years in several key regions. For instance, the early adoption of PLC-enabled smart meters in China has given technology its momentum and will boost the implementation of smart meter even further in the coming years in the country. All these factors are likely to drive the demand for meter data management, with the increased implementation of smart meters.


Intended Audience



  • Smart meter manufacturers

  • Power distribution companies

  • Government and research organization

  • Consulting companies in the power industry

  • Investors and shareholders



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2024: USD 430 Million
  • 2030 : Significant Value
  •   CAGR   20.24% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022-2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Component, Utility Type, Application and End-Use
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Eaton (Ireland), ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Honeywell (US), Itron (US), Landis+Gyr (Switzerland), Kamstrup (Denmark), Powel (Norway), Sensus (Xylem) (US), Enoro (Finland), and Open Access Technology International, Inc. (US)
      Key Market Opportunities   Increasing use of smart meters within the electricity network
      Key Market Drivers

  • Need for grid reliability and outage management
  • Stringent government policies
  • Legislative mandates for smart metering infrastructure worldwide
  • Urgent requirement for accurate energy bill generation


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    Frequently Asked Questions (FAQ) :

    The market is anticipated to expand at a rate of 20.24% during the review period

    The market can potentially achieve a valuation of USD 430 Million by 2024.

    The most significant companies in the global market are Sensus (Xylem) (US), Itron (US), Schneider Electric (France), Siemens (Germany), Enoro (Finland), Honeywell (US), Powel (Norway), Eaton (Ireland), Kamstrup (Denmark), ABB (Switzerland), Landis+Gyr (Switzerland), Open Access Technology International, Inc. (US), and others.

    Massive investments in smart grid infrastructure along with the rising focus among manufacturers on modernizing their network to curb losses are the primary factors ensuring North America’s dominance in the global market.

    The application-based segments studied in the report include Microgrid, Smart Grid, EV Charging, Energy Storage, and others.