Meter Data Management Market Size to Touch USD 430 Million at 4.21% CAGR by 2024
Market Analysis
The global Meter Data
Management Market Size is predicted to touch USD 430 million at a 4.21% CAGR
between 2019- 2024, states the recent Market Research Future (MRFR) analysis. A
meter data management system or MDMS, simply put, is a software-based
application that is used for collecting readings from an automated metering
device. EV charging, microgrid energy storage, smart grid, and others are some
of its key applications.
Various factors are
propelling the global Meter Data Management Market Size share. According to the
recent MRFR report, such factors include increasing adoption of smart meters,
growing implementation of advanced metering technology, worldwide energy
demand, legislative compliances towards metering drive, and favorable
government policies. Additional factors adding market growth include a rise in
smart city initiatives, accurate monitoring of electricity, water, and gas
usage, improve customer and billing service, legislative mandates for smart
meters, and growing government policies.
On the contrary, high
installation costs, high integration, consulting, upgradation, and maintenance
costs, integration issues, security concerns like data protection and remote
access, unawareness among consumers, and the on-going COVID-19 pandemic are
factors that may impede the global meter data management market size growth over the
forecast period.
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Market Segmentation
The MRFR report
highlights an inclusive segmental analysis of the global Meter Data Management
Market Size based on end use, application, utility type, and component.
By end use, the global Meter
Data Management Market Size is segmented into industrial, commercial, and
residential. Of these, the residential end use segment will lead the market
over the forecast period for increasing mandatory implementation of smart
meters worldwide.
By application, the
global Meter Data Management Market Size is segmented into EV charging,
microgrid energy storage, smart grid, and others. Of these, the smart grid
application segment will dominate the market over the forecast period for
increasing smart grid investments where meter data management plays a
part.
By utility type, the
global Meter Data Management Market Size is segmented into water, gas, and
electric. Of these, the electric utility type segment will have a major share
in the market over the forecast period.
By component, the global
Meter Data Management Market Sizeis segmented into hardware and software. Of
these, the software segment will command the largest share over the forecast period
for the increasing installations of smart meters that require supporting,
formatting, and processing through proper software management.
Regional Analysis
Based on the region, the
global Meter Data Management Market Sizereport covers the recent trends and
growth opportunities across the Asia Pacific (APAC), North America, Europe,
& the Middle East and Africa (MEA). Of these, North America will spearhead
the market over the forecast period. The growing installation of smart meters,
increasing investments in smart meters, and rising installation to reduce
greenhouse gas emissions are adding to the global Meter Data Management Market
Sizegrowth over the forecast period.
The global Meter Data
Management Market Size in Europe is predicted to hold the second-largest share
over the forecast period. The increasing rollout of smart meters in Sweden and
Italy is adding to the global Meter Data Management Market Size growth in the
region.
The global Meter Data
Management Market Size in the APAC region is predicted to grow at a fast pace
over the forecast period. The increasing use of EVs and favorable initiatives
to adopt these systems are adding to the global Meter Data Management Market
Size growth in the region.
The global Meter Data
Management Market Size in the MEA is predicted to have sound growth over the
forecast period.
Key Players
Eminent players profiled
in the global Meter Data Management Market Size report include Open Access
Technology International, Inc. (US), Enoro (Finland), Schneider Electric
(France), Sensus (Xylem) (US), Honeywell (US), Powel (Norway), Siemens
(Germany), Kamstrup (Denmark), Landis+Gyr (Switzerland), Itron (US), ABB
(Switzerland), and Eaton (Ireland).
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