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Meter Data Management Market Projected to Reach USD 0.43
New York, US, March 14, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Meter Data Management Market Research Report Information By Component, By Utility Type, By Application, By End Users, And By Region – Market Forecast Till 2030”, In 2021, the market for metre data management was estimated to be worth USD 0.1 billion. According to projections, the meter data management market will increase from USD 0.12 billion in 2022 to USD 0.43 billion in 2030, growing at a compound annual growth rate (CAGR) of 20.20% throughout the course of the forecast year (2022 - 2030).
Meter Data Management Market Overview
The primary Meter Data Management market factors boosting market expansion are an increase in the adoption of advanced metering infrastructure technologies and an increase in the volume of metre data. The adoption of advanced metre infrastructure (AMI) technology is driven by the many advantages offered by advanced metering, such as the capacity to identify outages and the facilitation of real-time energy usage patterns for end users.
In addition, rising utility efficiency demands and regulatory regulations for smart metres, as well as rising need for better customer service, all contribute to the market's expansion.
Moreover, smart metres can let end users keep track of their gas and electricity consumption information and tailor their usage based on power tariff rates. Smart electric metres are clever devices that monitor electrical consumption as well as remotely connecting and disconnecting metres, detecting faults, reporting, and analysing the daily consumption of electricity in units. Monitoring voltage and power quality, as well as gathering and storing real-time data in the central system, are other functions that smart metres can help with.
Key Companies in the Meter Data Management market includes
- Eaton (Ireland)
- ABB (Switzerland)
- Schneider Electric (France)
- Siemens (Germany)
- Honeywell (US)
- Itron (US)
- Landis+Gyr (Switzerland)
- Kamstrup (Denmark)
- Powel (Norway)
- Sensus (Xylem) (US)
- Enoro (Finland)
- Among others.
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As a result, a client may check their energy usage statistics whenever they want and take the necessary actions to reduce their energy expenditures. All of these enable a decrease in power use during peak hours as consumers may monitor, compute, and analyse their usage to lower energy use during peak hours and effectively manage energy expenditures. Governments and end users have been drawn to the many advantages that smart electric metres offer over conventional metres, which has accelerated the deployment of these metres over time.
Additionally, utilities use next-generation metre data management solutions as a result of the considerable rise in metre data volume brought on by the collection of interval data, which is expected to create a wide range of market expansion prospects.
For instance, the U.S. alone captures over one million data points every day from more than 46 million installed smart metres, according to a research by the Edison Foundation published in 2018. The adoption of smart metres at the home customer level is also anticipated to increase the volume of data generated, from monthly or annual frequency to daily and even intraday resolution, which has recently driven the global market for metre data management.
However, the increased need for improved customer service and utility efficiency, as well as regulatory and legislative compliances related to smart metre data management, are what are driving the rise of the metre data management market revenue.
Meter Data Management Market Report Scope:
|Market Size by 2030||2030: USD 0.43 billion|
|CAGR during 2022-2030||20.20% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Utility Type, Application End User, and Region|
|Key Market Opportunities||Increasing use of smart meter data management within the electricity network|
|Key Market Dynamics||Urgent requirement for accurate energy bill generation Need for grid reliability and outage meter data management|
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Meter Data Management Market Segments
Meter Data Management Market Component Insights
Hardware and software are included in the market segmentation for metre data management based on component. The majority of the market revenue for metre data management was generated by the software sector. This is due to a growth in vigilance regarding carbon emission metre data management as well as increased awareness of energy metre data management software in industrial sectors for optimal utilisation of energy consumption. The fastest-growing category is hardware, nevertheless, as a result of the rapid uptake of consultancy, integration, and implementation of hardware in the utility and energy sectors to cut costs and boost productivity.
Meter Data Management Market by Utility Type Insights
Electricity, water, and gas are included in the market segmentation for metre data management depending on utility type. Throughout the projection period, 2022–2030, the electricity segment is expected to increase at the fastest rate. It dominated the market in 2021. Using smart electricity metre data management helps offset losses by limiting the amount of energy used by various electrical devices. The use of gasoline has increased market growth because of technical developments and the expanding population. Yet, due to the rising need for metre data management in the gas business, gas is the segment with the greatest growth.
Meter Data Management Market by Application Insights
The smart grid, microgrid, energy storage, EV charging, and other applications have been divided in the metre data management market data. Due to the increasing demand for electric vehicles, the EV charging category is expected to develop at the fastest rate over the forecast period, 2022–2030. However, due to the increasing demand for a consistent, uninterrupted power supply and the ongoing adoption of renewable energy technology, microgrid will have the highest growth over the course of the projection period.
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Meter Data Management Market by End User Insights
The metre data management market has been divided into three categories based on end users: residential, commercial, and industrial. In 2021, the residential segment had the highest share. The commercial end-use sector includes all commercial structures as well as related infrastructures like offices, hotels, and large to small shopping centres. Manufacturing and processing facilities for products are included in the industrial section. Yet, due to the legal and administrative structure, as well as the growing public awareness of ways to cut back on energy use and align expenses, the commercial sector is the one that is expanding the fastest.
Meter Data Management Market Regional Analysis
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. The market for metre data management in North America, which had sales of USD 0.04 billion in 2021, is anticipated to develop at a substantial CAGR over the research period. Governments in developing nations are pursuing a number of steps to automate the transport, processing, management, and use of metre data as well as to digitalize metre data management. Moreover, the North American metre data management market in the US had the biggest market share, while the market in Canada had the quickest rate of expansion.
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Due to the strong promotion of green energy, effective transmission infrastructure, and integrated presence across the value chain, particularly for sharing real-time information pertaining to usage and tariff rates, Europe holds the second-largest market share for metre data management. Also, the UK metre data management market had the quickest rate of growth in the European region, while the Germany metre data management market had the greatest market share.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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