Global meter data management system Industry is valued at approximately USD 168 million in 2017 and is anticipated to grow with a healthy growth rate of more than 20.1 % over the forecast period 2019-2025. The advent of smart meters and smart infrastructure is considered as a major growth trend for the global meter data management system Industry.
Key drivers for the meter data management system Industry are growing adoption of advanced metering technology, progressing deployment of smart meters, increasing volume of meter data coupled with demand for grid reliability and outage management. Adoption of advance metering technologies facilitates monitoring and measuring the consumers information. AMI adoption offers operational and financial benefits and eliminates the requirement of on-site meter reading, improves energy theft detection and response to power outages. It also brings financial gains to utility, gas and water companies through reduction in maintenance and equipment costs. It is an integrated system of communication, smart meters and data management systems that enables communication between customers and utilities. For instance, as per the U.S. Energy Information Administration, in 2016 U.S. electric utilities has installed about 71 million advanced metering infrastructure smart meters representing about 47% of the electricity consumers in the United States. Similarly, the government of India sanctioned about 12 smart grid projects in 2019 involves the implementation of advanced metering infrastructure. Thus, adoption of advance metering infrastructure is supplementing the adoption & growth of meter data management system Industry. Furthermore, smart city initiatives by emerging economies is expected to create lucrative growth prospects of the meter data management system Industry across the globe. However, lack of standards and threat of cyber security and vulnerability act as a key restraint for the Industry during the forecast period.
On the basis of segmentation, the meter data management system Industry is segmented into component, utility type, application and end-user. On the basis of component, the Industry is sub-segmented into software and hardware of which software segment holds the major share owing to growth in data volume generated with the smart meter installation. Meter data management software is used for processing and to co-relate the data for supporting accurate billing. The utility type segment is classified into electricity, gas and water. Further, end-use segment is sub-classified in to residential, commercial and industrial of which residential segment dominates the Industry due to government support towards the adoption and deployment of smart meters. With the meter data management system, consumers have access to the energy consumption data through the meter data management system that lead towards improvement in the consumers energy consumption. The application segment is diversified into smart grid, energy storage, microgrid, EV charging and others.
The regional analysis of meter data management system Industry is considered for the key regions such as North America, Europe, Asia Pacific, Latin America and ROW. North America holds the leading position in meter data management system Industry. Major utilities in the regions are implementing the meter data management system with the growing smart meter installation. In addition, growing need to generate accurate bills on the basis of varied tariff rates in the regions is also significantly driving the Industry growth in the region. Whereas, Asia-Pacific is expected to emerge as the fastest growing region in terms of Industry share. The growth of Asia-Pacific is witnessed owing to the untapped opportunities in countries such as India and China. Moreover, high investment by government bodies coupled with supportive policies and regulation regarding smart metering technology are significantly adding growth in meter data management system Industry in the region.
Some Industry players include-
The objective of the study is to define Industry sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the Industry. Additionally, the report shall also incorporate available opportunities in micro Industrys for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
Meter Data Management System Industry Share and Size by 2019-2025
Meter Data Management System Market Segmentation:
Commercial & industrial
* North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
Major Market Players in Meter Data Management System Market are as follows: