Market Analysis
The global meter data management market is predicted to touch USD 430 million at a 4.21% CAGR between 2019- 2024, states the recent Market Research Future (MRFR) analysis.
A meter data management system market, simply put, is a software-based application that is used for collecting readings from an automated metering device. EV charging, microgrid energy storage, smart grid, and others are some of its key applications.
Various factors are propelling the global meter data management market share. According to the recent MRFR report, such factors include increasing adoption of smart meters, growing implementation of advanced metering technology, worldwide energy demand, legislative compliances towards metering drive, and favorable government policies. Additional factors adding market growth include a rise in smart city initiatives, accurate monitoring of electricity, water, and gas usage, improve customer and billing service, legislative mandates for smart meters, and growing government policies.
On the contrary, high installation costs, high integration, consulting, upgradation, and maintenance costs, integration issues, security concerns like data protection and remote access, unawareness among consumers, and the on-going COVID-19 pandemic are factors that may impede the global meter data management market growth over the forecast period.
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Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global meter data management market based on end use, application, utility type, and component.
- By end use, the global meter data management market is segmented into industrial, commercial, and residential. Of these, the residential end use segment will lead the market over the forecast period for increasing mandatory implementation of smart meters worldwide.
- By application, the global meter data management market is segmented into EV charging, microgrid energy storage, smart grid, and others. Of these, the smart grid application segment will dominate the market over the forecast period for increasing smart grid investments where meter data management plays a part.
- By utility type, the global meter data management market is segmented into water, gas, and electric. Of these, the electric utility type segment will have a major share in the market over the forecast period.
- By component, the global meter data management market is segmented into hardware and software. Of these, the software segment will command the largest share over the forecast period for the increasing installations of smart meters that require supporting, formatting, and processing through proper software management.
Regional Analysis
Based on the region, the global meter data management market share report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, North America will spearhead the market over the forecast period. The growing installation of smart meters, increasing investments in smart meters, and rising installation to reduce greenhouse gas emissions are adding to the global meter data management market growth over the forecast period.
The global meter data management market in Europe is predicted to hold the second-largest share over the forecast period. The increasing rollout of smart meters in Sweden and Italy is adding to the global meter data management market growth in the region.
The global meter data management market in the APAC region is predicted to grow at a fast pace over the forecast period. The increasing use of EVs and favorable initiatives to adopt these systems are adding to the global meter data management market growth in the region.
The global meter data management market in the MEA is predicted to have sound growth over the forecast period.
Key Players
- Open Access Technology International Inc. (US)
- Enoro (Finland)
- Schneider Electric (France)
- Sensus (Xylem) (US)
- Honeywell (US)
- Powel (Norway)
- Siemens (Germany)
- Kamstrup (Denmark)
- Landis+Gyr (Switzerland)
- ABB (Switzerland)
- Eaton (Ireland).
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