ID: MRFR/E&P/6500-HCR | February 2021 | Region: Global | 111 pages
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.
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.
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.
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).
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.
The meter data management global market is expected to grow at ~20.24% CAGR during the forecast period.
The global meter data management market is expected to witness substantial growth during the forecast period owing to government policies and legislative mandates for meter data management analytics, need for accurate energy bill generation, and need for grid reliability and outage management.
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.
|Market Size||2024: USD 430 Million|
|CAGR||20.24% CAGR (2020-2027)|
|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||
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.