Government policies and regulatory compliances for smart metering devices is driving the global smart meter data management market.
Covid-19 Impact & Market Status
Various governments throughout the world are implementing cloud-based smart metre data management software to limit human interaction and the impact of the corona virus, which is creating a profitable business opportunity.
The ongoing COVID-19 dilemma has put in motion a global economic upheaval that has had unintended consequences for a large number of firms. With a large portion of the world population stationed within due to the lockdown, the use of metre data management systems has also seen a steep drop, mostly in commercial and industrial facilities.
However, as industry players become more involved in providing smart metering benefits to both customers and DISCOMs, market dynamics will improve in the post-pandemic period.
The report comprehensively analyzes the developments taken place in the Global Smart Meter Data Management Market in the previous and presents the current and future trends impacting the Global Smart Meter Data Management Market. Moreover, the scope of the market is studied based on the previous market observations. The report examines the financial performance of major companies operating in the Global Smart Meter Data Management Market across the globe. It evaluates Global Smart Meter Data Management Market liquidity, management efficiency, product portfolios, and competitiveness of the major companies. Moreover, the report offers strategic recommendations which could help Global Smart Meter Data Management Market participants improve the performance in the market. The regulatory policies implemented by market players and other stakeholders to boost productivity, technical progress, and facilitate productivity in long-term are detailed in the report.
Software Component Segment Dominated the Market
The global smart meter data management market is classified into Software, Meter data management system (MDMS), Meter data analytics (MDA), and Communication software on the basis of component. Among these, in 2020, the software segment dominated the smart metre data management market, and it is expected to continue to do so during the forecast period. This is due to a surge in awareness of energy management software in industrial sectors, which allows for more efficient energy consumption and increased awareness of carbon emission control
Electric Meters Segment to Witness Significant Market Growth
The global smart meter data management market is classified into electric meters, gas meters, water meters on the basis of application. Among these, the electric meters segment will see significant growth. This is due to its growing popularity in the field of outage management. Customers' electricity use is measured across various time intervals using AMI metre data management systems. They can also be used to measure voltage levels and monitor the status of electricity on and off.
Residential Segment Accounted for Highest Market Revenue
The rising emphasis of home consumers on improved energy consumption will drive up demand for metre data management solutions in the residential sector. As a result of the increased efforts made by various government agencies, there is a greater need to replace traditional buildings with automated technology.
North America is Expected to Grow Significantly
The MDM market in North America is expected to grow significantly, owing to the increased penetration of smart grid infrastructure. For example, in 2018, the Canadian government committed $100 million in funding for smart grid development in conjunction with the Ministry of Natural Resources. The growing emphasis on tariffs and proper billing will drive regional market growth.
The need to adopt smart devices to enable accurate calculation of cost and transparency into previous energy usage is improving the reliance on smart meter furthering the development of global smart meter data management market.
Advantages of the smart metre management system over the traditional metering system such as detection of energy theft, metre readings estimations, and improving overall energy efficiency encourage further adoption of smart meter. These factors collectively influence thumping growth of global smart meter market. The global smart metre data management market is estimated to reach close to $2.49 billion by 2028 with an annualized growth rate of 15.3% through the forecast span, 2021-2028.
Smart meter records electronic data such as consumption of electric energy, voltage current levels, power factor, and current. Smart metres are utilised by a variety of major suppliers for a variety of objectives, including assisting businesses with revenue management by increasing metre and billing quality, giving correct bills to end users, and assisting consumers with energy saving.
A metre data management system (MDMS) is a software-based programme for collecting data from automated metering equipment. It's an important part of the advanced metering infrastructure (AMI), which allows for bidirectional communication between the metre and the central management system. Smart metres that measure gas, electricity, and water use, as well as devices that input, validate, and process data before it is utilised for analysis and final billing, are the main components of the system.
In comparison to other systems, MDMS allows users to integrate all consumption data into a single structure and manage both analogue and interval data to improve business processes.
Furthermore, the market is expected to rise due to a surge in the use of smart metres around the world and an increase in the penetration of sophisticated metering infrastructure technologies. Furthermore, the growing demand for both prescriptive and predictive analytics, as well as increased incentives and attempts by governments throughout the world to embrace smart metre data management software, all contribute to the market's growth.
However, data management concerns and expensive smart metre installation costs are projected to stifle industry expansion. As a result, each of these factors is expected to have a significant impact on the global smart metre data management market growth.
Furthermore, the number of R&D projects has increased as a result of increased government backing and the increased penetration of Internet-of-Things (IoT) and cloud computing platforms. The rapid popularity of electric vehicles has prompted an increase in charging infrastructure investments. The market will develop due to the rapid implementation of smart metre networks and the increasing modernisation of out dated power infrastructure. This is anticipated to be growth opportunity to the global smart metre data management market.
The major players in global smart meter data management market are Trilliant, ABB, Siemens, Oracle, Landis+Gyr, Honeywell, Hansen Technologies, ElectSolve Technology Solutions & Services, Eaton Corporation, Arad Groul, and Aclara Technologies among others.
Latest Innovations in the Global Smart Meter Data Management Market: a Snapshot
- ESB granted Siemens a contract to roll out 25,000 smart metres across Ireland in January 2019. For ESB, it would implement a remote reading system as well as a data management system.
Smart Meter Data Management Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD $2.49 billion|
|Growth Rate||CAGR of 15.3% during 2021-2028|
|Segment Covered||End User, Deployment Mode, Component, Application, Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Trilliant, ABB, Siemens, Oracle, Landis+Gyr, Honeywell, Hansen Technologies, ElectSolve Technology Solutions & Services, Eaton Corporation, Arad Groul, and Aclara Technologies among others.|
Key Segments of the Global Smart Meter Data Management Market
Application Overview, 2018-2028 (USD Billion)
- Electric Meter
- Gas Meter
- Water Meter
Component Overview, 2018-2028 (USD Billion)
- Meter data management system (MDMS)
- Meter data analytics (MDA)
- Communication software
Service Overview, 2018-2028 (USD Billion)
- Consulting services
- Project management
- Implementation & integration service
- Other support services
Deployment Mode Overview, 2018-2028 (USD Billion)
End-User Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa