The global Meter
Data Management System Market is projected to reach USD 428 million by 2023
from an estimated USD 169 million in 2018, at a CAGR of 20.48%. This growth can
be attributed to the increased government policies and supportive mandates for
smart meter installations and need for accurate utility bill generation.
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The
electricity segment is expected to hold the largest share of the Meter Data
Management System Market, by utility type, during the forecast period.
The electricity segment is estimated to dominate the Meter
Data Management System Market in 2018 and is projected to have the largest
market share during the forecast period. This is mainly because there is
increased global rollout of smart meters to reduce energy consumption and
monitor customer usage pattern to determine load and outage management.
Furthermore, meter data management allows utilities to develop new business
models such as time of consumption tariff rate which is further expected to
contribute to the growth of the electricity segment.
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33 - Figures
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The residential segment
is expected to be the fastest growing segment of the Meter Data Management
System Market, by end-user, during the forecast period.
The
residential segment accounted for the highest CAGR during the forecast period.
The growth of this segment can be attributed to the increasing mandated rollout
of smart meters in the residential sectors across regions such as the EU and
North America. Countries such as the UK, France, Italy, and the US have
mandated smart meter installation targets by 2023. This is expected to increase
the demand for Meter Data Management System Market in the forecast years. In
addition to this, grid upgrade, energy efficiency targets, and transmission and
distribution investment in North America and Europe is further contributing to
the growth of the residential segment.
North America: The
leading market for meter data management system.
In
this report, the Meter Data Management System Market has been analyzed with
respect to 5 regions, namely, North America, South America, Europe, Asia
Pacific, and the Middle East & Africa. North America is estimated to
dominate the global Meter Data Management System Market in 2018 owing to the
smart meter installation development and growth in countries such the US,
Canada and Mexico. There is a huge requirement for power and infrastructural
development due to aging grid network in the region. The US and Mexico are also
investing in infrastructure and power generation projects to tackle growing
population demands. The growth of the Meter Data Management System Market in
this region is also driven by smart meter rollouts and need to stabilize the
grid and generate accurate utility billing. Subsequent smart grid development
programs, microgrid, energy storage, and EV charging infrastructure is further
expected to propel the growth of the market in the region.
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To
enable an in-depth understanding of the competitive landscape, the report
includes the profiles of some of the top players in the Meter Data
Management System Market. Some of the key players are Itron (US), Siemens
(Germany), Landis+Gyr (Switzerland), Honeywell (US) and Schneider Electric
(France), ABB (Switzerland), Eaton (Ireland), Kamstrup (Denmark), DIEHL
(Germany), and Alcara (US). The leading players are adopting various strategies
to increase their shares in the Meter Data Management System Market.
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Phase), and Region - Global Forecast to 2023
Smart Water Metering Market by Type (AMR and AMI), by
Component (Meters & Accessories, Communication, and IT Solution), by
Application (Water Utilities and Industries) and by Region - Global Trends
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