Meter Data Management System - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Meter Data Management System Market is accounted for $200.27 million in 2019 and is expected to reach $778.67 million by 2027 growing at a CAGR of 18.5% during the forecast period. Some of the key factors propelling the market growth include growing government policies and legislative mandates for smart meters, need for grid reliability, increasing number of connected elements of the power grid to the internet, and need for accurate utility bill generation. However, lack of standards and interoperability is likely to hamper the market.
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.
By end user, the residential segment is expected to be the significant growing market with smart meter implementations being mandated across global regions in the residential sector. Furthermore, residential consumers will have access to their energy consumption data through meter data management system that will in turn help them in improving their energy consumption. In addition to this, grid upgrade, energy efficiency targets, and transmission and distribution investment in North America and Europe is further contributing to the growth of the residential segment.
On the basis of geography, North America is estimated to have considerable market growth during the forecast period, owing to the smart meter installation development and growth in countries such the US, Canada and Mexico. There is a huge requirement for power and infrastructural development due to aging grid network in the region. The US and Mexico are also investing in infrastructure and power generation projects to tackle growing population demands. The growth of the meter data management system market in this region is also driven by smart meter rollouts and need to stabilize the grid and generate accurate utility billing.
Some of the key players in Meter Data Management System Market include Honeywell International, Inc., Itron Inc., Kamstrup A/S, Landis+Gyr Group AG, Sensus (Xylem), ABB Ltd., Aclara Technologies LLC, Schneider Electric SE, Siemens AG, Diehl Metering GmbH, Eaton Corporation, Powel, Elster Group GmbH, Arad Group, Trilliant Holdings Inc., Oracle Corporation, and Sagemcom.
Utility Types Covered:
Deployment Types Covered:
• Energy Storage
• EV charging
• Smart grid
• Other Applications
End Users Covered:
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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