Meter Data Management System Market Scenario on Current Industry Size, Development Trend, Key Manufacturers Analysis and Forecasts 2023
The Global Meter Data Management System Market is projected to reach US$ 428 Million by 2023 from an estimated US$ 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.
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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.
“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.
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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%
Report Highlights:
- To forecast the growth of the meter data management system market with respect to the major regions (Asia Pacific, Europe, North America, South America, and the Middle East & Africa)
- To define, describe, and forecast the global meter data management system market by component, utility type, end-user, application, and region
- To provide detailed information on the major factors influencing the growth of the meter data management system market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the meter data management system market with respect to individual growth trends, prospects, and contribution of each segment to the market
- To analyze market opportunities for stakeholders and details of a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market rankings and core competencies
- To track and analyze the competitive developments such as contracts & agreements, expansions, new product developments, mergers & acquisitions, and partnerships in the meter data management system market
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Competitive Landscape of Meter Data Management System Market:
1 Overview
2 Market Share Analysis
3 Competitive Scenario
3.1 New Product Launches
3.2 Contracts & Agreements
3.3 Mergers & Acquisitions
4 Competitive Leadership Mapping
4.1 Visionary Leaders
4.2 Innovators
4.3 Dynamic
4.4 Emerging
Top Companies in the Meter Data Management System Market include are Itron (US), Siemens (Germany), Landis+Gyr (Switzerland), Honeywell (US), Schneider Electric (France), ABB (Switzerland), Eaton (Ireland), Kamstrup (Denmark), DIEHL (Germany), and Alcara (US).
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