The meter data management system market size is projected to reach US$ 5.92 billion by 2031 from US$ 1.96 billion in 2023. The market is expected to register a CAGR of 14.8% in 2023–2031. The growing technological advancement in meter data management systems is likely to remain a key meter data management system market trend.
Increasing adoption of advanced metering infrastructure technologies is one of the major factors fueling the growth of the market. Also, regulatory mandates and legislative compliances for smart metering and a growing need for greater customer service and utility efficiency are driving the market growth globally. Furthermore, the rising investments in smart grid projects and government initiatives in supporting the installation of smart meters in developing nations are expected to create an opportunity for the growth of the market in the forecasted period. Additionally, the rising use of next-generation meter data management solutions by utilities is expected to propel the growth of the market in the forecasted period.
The meter data management system assists in receiving, validating, storing, and analyzing large amounts of data, which can be used by different utilities for various applications such as billing, managing customer information, and grid operational management systems. Moreover, utilities can produce actionable insights for proactive and preventative maintenance when the system is integrated with other utility systems like Advanced Distribution Management, Mobile Workforce Management, and Geographic Information systems. This helps to enhance operations and guarantee that their customers have a consistent supply of energy. Additionally, the system gives agents more precise and fast information to promptly respond to consumer concerns. Better data accuracy promotes better decision-making and enforceable processes.
The adoption of advanced meter infrastructure (AMI) technology is fueled by a number of advantages offered by advanced metering technology, including the capacity to identify outages and the ability to facilitate end users' real-time energy consumption patterns. In addition, the market is growing due to the rise in energy demand, statutory requirements for smart metering, government mandates, and the demand for better utility efficiency and customer service.
As homes and companies incorporate a growing number of electronic gadgets and technical capabilities, the need for utilities to learn about changing electricity demand in real-time is increasing. In this case, integrating smart grids can assist in giving all grid customers more dependable electricity. To cater to this, the governments of various countries are making various investments in smart grids. For instance, in September 2022, the US Department of Energy (DoE) was working on seeking input on a US$ 10.5 billion program for smart grids and other upgrades to strengthen the electricity grid of the country. This funding is allocated in three parts, under which US$ 2.5 billion will be used for grid resilience, US$ 3 billion for smart grids, and US$ 5 billion for grid innovation. Thus, the rising investment in the smart grid infrastructure is expected to create an opportunity for the growth of the meter data management system market.
Key segments that contributed to the derivation of the meter data management system market analysis are offering, utility type, application, and end-user.
The geographic scope of the meter data management system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America is anticipated to witness significant growth in the meter data management system market. The market in this region is segmented into the US, Canada, and Mexico. The region is witnessing a rise in the demand for electricity owing to the economic and population growth. According to the International Energy Agency (IEA), in 2021, the total electricity production was 5,397,346 GWh, 19% of the global share. In addition, according to the US Energy Information Administration, the total electricity consumption in the US in 2022 was ~4.07 trillion kWh. As the region is witnessing a continuous rise in electricity consumption, the need for meter data management systems is increasing in the region.
The regional trends and factors influencing the Meter Data Management System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Meter Data Management System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.96 Billion |
| Market Size by 2031 | US$ 5.92 Billion |
| Global CAGR (2023 - 2031) | 14.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Meter Data Management System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Meter Data Management System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The meter data management system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
The “Meter Data Management System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global meter data management system market is expected to reach US$ 5.92 billion by 2031.
The key players holding majority shares in the global meter data management system market are ABB Group, Aclara Technologies LLC (Hubbell Incorporated), Diehl Stiftung and Co. KG, Eaton Corporation, Honeywell International, Itron Inc., Kamstrup, Landis Gyr, Schneider Electric, and Siemens AG.
The growing adoption of advanced metering infrastructure technologies is the major factors that propel the global meter data management system market.
Growing technological advancement in meter data management systems is anticipated to play a significant role in the global meter data management system market in the coming years.
The global meter data management system market was estimated to be US$ 1.96 billion in 2023 and is expected to grow at a CAGR of 14.8% during the forecast period 2023 - 2031.