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.
Meter Data Management System Market Analysis
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.
Meter Data Management System Market Overview
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.
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Meter Data Management System Market: Strategic Insights
Market Size Value in US$ 983.3 Million in 2019 Market Size Value by US$ 2,891.7 Million by 2027 Growth rate CAGR of 14.4% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Meter Data Management System Market: Strategic Insights
| Market Size Value in | US$ 983.3 Million in 2019 |
| Market Size Value by | US$ 2,891.7 Million by 2027 |
| Growth rate | CAGR of 14.4% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Meter Data Management System Market Drivers and Opportunities
Growing Adoption of Advanced Metering Infrastructure Technologies
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.
Rising Investments in Smart Grids
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.
Meter Data Management System Market Report Segmentation Analysis
Key segments that contributed to the derivation of the meter data management system market analysis are offering, utility type, application, and end-user.
- Based on offering, the meter data management system market is bifurcated into software and services. The software segment held a larger market share in 2023.
- Based on utility type, the market is segmented into gas, water, and electricity. The electricity segment held a larger market share in 2023.
- Based on application, the market is segmented into smart grid, microgrid, energy storage, EV charging, and others. The smart grid segment is anticipated to grow in the forecasted period.
- By end-user, the market is segmented into residential, commercial, and industrial. The residential segment is anticipated to grow in the forecasted period.
Meter Data Management System Market Share Analysis by Geography
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.
Meter Data Management System Market Report Scope
Meter Data Management System Market News and Recent Developments
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:
- Siemens Smart Infrastructure relaunched its leading and proven smart meter data management software EnergyIP, focusing on enhancing user experience. This stems from increasing requirements for better data quality and further automation, leading to a focus on workflow improvements and user-centricity. Now, the software collates all relevant data on one screen, making it easier to understand and identify correlations and root causes through interactive visualizations and shortcuts. The latest EnergyIP Mosaic software is intuitive and efficient with noticeably fewer clicks, which leads to task time reduction by up to 85 percent.. (Source: Siemens, Press Release, 2023)
- Siemens Limited and Tata Power Delhi Distribution Limited (Tata Power-DDL) jointly announced the successful deployment of Smart Metering Technology for over 200,000 Smart Meters in North Delhi. The state-of-the-art EnergyIP Meter Data Management System installed and commissioned by Siemens enables timely and accurate collection of electricity meter data leading to increased visibility of the consumer network and reduction in carbon emissions. (Source: Siemens, Press Release, 2022)
Meter Data Management System Market Report Coverage and Deliverables
The “Meter Data Management System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Offering ; Utility Type ; Application ; End-User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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