The global meter data management market witnesses continually rising revenues. The market growth attributes to the immensely growing need for meter data management software to format, process, and correlate the data to support accurate billing. With the increasing smart meter installation, a huge amount of data is generated quickly, which boosts the market demand substantially.
Besides, the growing need for grid reliability & outage management and stringent government policies substantiate the market growth. Growing pressure to improve utility billing systems across the globe create significant market demand. Similarly, many other utilities are focusing on improving their billing systems by deploying advanced meter data management systems, which pushes the market value further.
There are various legislative acts that require metering of energy and water resources, providing guidelines and standards for building system design and ensuring energy efficiency and sustainability. These legislative mandates for smart metering infrastructure worldwide, alongside the increasing demand for accurate energy bill generation, foster the growth of the market.
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According to Market Research Future (MRFR), the global meter data management market is poised to reach an exponential valuation by 2027, registering an impressive CAGR throughout the forecast period (2020-2027). The rising penetration of the internet, IoT, and smart and connected devices and the enormous amount of data generated create substantial market demand.
Meter data management helps discover utility usage patterns, which can further support improved user experience, enabling resource efficiency. Additionally, increasing numbers of smart city projects boost market growth, creating the need to manage and secure this tremendous amount of data. Furthermore, the rising focus on creating solutions that would deal with the management and security of a large volume of data influences the market's growth.
Global Meter Data Management Market – Segments
The report is segmented into component, utility type, application, end-use, and regions. The component segment is sub-segmented into hardware and software. The utility type segment is sub-segmented into electricity, gas, and water. The application segment is sub-segmented into smart grid, microgrid, energy storage, EV charging, and others.
The end-user segment is sub-segmented into residential, commercial, and industrial. Among these, the residential segment holds the largest market share. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Global Meter Data Management Market – Regional Analysis
North America dominates the global meter data management market, heading with increasing investments in smart grid infrastructure and network upgrades to prevent losses. Besides, the largest market share attributes to the presence of well-established industry players and technology development centers, allowing the early uptake of advanced technologies.
IoT and artificial intelligence (AI) in the region drives the meter data management market growth. The US, Canada, and Mexico are major meter data management markets in North America. Additionally, the continually rising healthcare and manufacturing industry and the rapid adoption of smart devices push the regional market growth.
Europe stands second in the global meter data management market. The market growth is driven by the increasing uptake of meter data management solutions across the electricity and water & gas industries. Additionally, the fast-developing IT infrastructures in the region influence the regional market growth.
The Asia Pacific region accounts for a significant share in the global meter data management market. Factors such as the growth in smart grid, microgrid, energy storage, EV charging, and other applications create significant market opportunities.
Spurring rise in IT & telecommunication sector and uptake of futuristic technologies & IoT devices across the industries influence the market growth. Furthermore, the strong presence of key players and the continuous growth in technologies in the region positively impact market growth.
Meter Data Management Market – Competitive Analysis
Highly competitive, the meter data management market appears fragmented, with numerous well-established players forming a competitive landscape. To gain a larger competitive share, industry players initiate strategic partnerships and collaboration. The market is expected to perceive intensified competition with increased R&D innovations and M&A.
Major Players:
Players active in the global meter data management market include ABB (Switzerland), Eaton (Ireland), Schneider Electric (France), Honeywell (US), Siemens (Germany), Itron (US), Kamstrup (Denmark), Landis+Gyr (Switzerland), Powel (Norway), Sensus (Xylem - US), Open Access Technology International, Inc. (US), and Enoro (Finland), among others.
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Industry/Innovation/Related News:
May 12, 2021 --- Itron, Inc. (the US), a leading developer of innovative utility and city management energy and water technologies, announced its collaboration with Microsoft to provide highly scalable and performant cloud-based meter data management services. Companies have completed benchmark testing, aid utilities' digital transformation through management of massive data volumes, supporting mission-critical business processes in the cloud.
This strategic deal would enable Itron to provide highly scalable cloud-based meter data management (MDM) services to its customers. This marks the industry's only meter data management solution to perform large-scale benchmarks in Microsoft Azure.
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