Meter Data Management System Market by Component (Hardware, Software), Utility (Electricity, Gas, Water), Application (Smart Grid, Micro Grid, Energy Storage, EV Charging), End-User (Residential, Commercial & Industrial), and Region - Global Forecast to 2023
“The global meter data management system market is projected to grow at a CAGR of 20.48%, from 2018 to 2023.”
The global meter data management system market is projected to reach USD 428 million by 2023 from an estimated USD 169 million in 2018, at a CAGR of 20.48%. This growth can be attributed to factors such as increasing government support and legislative requirements to install smart meters and smart grids and the need to increase energy efficiency. However, cyber security and vulnerability of data generated and lack of proper standards interoperability is hindering the growth of the meter data management system market.
“The software segment is expected to be the fastest growing market from 2018 to 2023.”
The software segment, by component, is estimated to be the largest and the fastest growing segment during the forecast period. The software component of meter data management aids in data collection, synchronization, enables load mapping and stores non-billing data such as voltage and amperage to provide deeper visibility into the smart grid and smart metering infrastructure.
“The residential segment, by end-use type, is expected to be the largest market from 2018 to 2023.”
The residential segment is expected to hold the largest market share and the fastest growing segment during the forecast period because of the accelerating rollouts of smart meters in the residential sector. The meter data management system used in smart meters enables processing hundreds of millions of data to generate utility bills. Also, the meter data management system enables utilities to provide utility bills based on different tariff structures and enable in accurate billing for residential consumers.
“North America: The largest market for meter data management system.”
The North American region is expected to be the largest market for meter data management system, by 2023. The meter data management system market in this region is mainly driven by major utilties across the region who are implementing the meter data management system to support their growing smart meter installation. Countries such as the US and Mexico are among the major countries are planning to adopt ambitious, smart meter rollout mandates by 2023. For instance, Mexico is planning to install about 30 million new smart meters by 2023 to improve management of its grid network, reduce non-technical losses, and generate accurate bill to customers. This is expected to drive the market for meter data management system in the region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 60%, Tier 2- 27%, and Tier 3-13%
By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
By Region: Asia Pacific- 19%, Europe- 22%, North America- 29%, Middle East- 14%, Latin America- 11%, and Africa-5%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3: <USD 500 million
The global meter data management system market is dominated by a few major players that have a wide regional presence. The leading players in the meter data management system market are Itron (US), Siemens (Germany), Landis+Gyr (Switzerland), Honeywell (US) and Schneider Electric (France), ABB (Switzerland), Eaton (Ireland), Kamstrup (Denmark), DIEHL (Germany), and Alcara (US).
The report defines, describes, and forecasts the global meter data management system market, by component, utility type, end-user, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value and future trends in the meter data management system market.
Why Buy this Report?
1. The report identifies and addresses key markets for meter data management system, which would help various stakeholders such as utilities, regulators, IT vendors, and meter vendors to review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
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