Smart Meter Data Management Market 2023-2030 by Deployment Mode (On-premise, Cloud), Component (Software, Service), by Application (Electric Meters, Gas Meters, Water Meters): Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Information Technology | Pages : 187 Pages | Published On : Jul 2023
In 2023, the Global Market For Smart Meter Data Management was valued at $1.1 billion, and it is anticipated to reach $5.2 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 17.23% from 2023 to 2030.
Following the COVID-19 pandemic, the demand for smart meter data management software is expected to rise significantly due to its numerous features, such as an accurate billing system and real-time updates on customer data. These features will have a positive impact on the market's growth.
Smart meter data management software serves the purpose of validating, storing, and making pre-processed meter data accessible for upstreaming into business applications. Various key vendors utilize smart meters for diverse purposes, including assisting organizations in managing their revenue by enhancing meter quality and billing accuracy, providing precise bills to end-users, and aiding consumers in improving their energy efficiency. The smart meter management system offers several advantages over traditional metering systems, such as the ability to detect energy theft, estimate meter readings, and enhance overall energy efficiency.
The global growth of the smart meter data management market is driven by factors such as increasing energy demand, government mandates and legislative compliances for smart metering, and the need for improved customer service levels and utility efficiency. Furthermore, investments in smart grid projects, the upgrading of transmission and distribution infrastructure, and government policies promoting smart grid and smart meter deployment in emerging countries contribute positively to market growth.
However, data management challenges, including data distribution and replication, transaction models, query processing, and location-based services, hinder market expansion. On the other hand, the significant increase in meter data volume, driven by interval data collection, encourages utilities to adopt next-generation meter data management applications, creating opportunities for market expansion. Additionally, the adoption of machine learning and AI in smart meter data management enhances operational planning, reduces peak demand, increases energy savings, and creates new revenue streams for organizations. These factors collectively provide growth prospects for the market during the forecast period.
Market segmentation includes components (software and services), deployment models (on-premise and cloud), applications (electric meters, gas meters, and water meters), and regions (North America, Europe, Asia-Pacific, and LAMEA).
The key players in the smart meter data management market analysis are ABB Ltd., Aclara Technologies LLC, Arad Group, Eaton Corporation, ElectSolve Technology Solutions & Services, Inc., Hansen Technologies Ltd. (Enoro Holding A/S), Honeywell International Inc. (Elster Group GmbH), Itron Inc., Landis+Gyr, Oracle Corporation, Siemens AG, and Trilliant Holdings, Inc. These players have implemented various strategies to enhance market penetration and strengthen their position in the smart meter data management industry.
The report primarily focuses on analyzing the growth prospects, restraints, and trends in the smart meter data management market. To understand the industry's dynamics, Porter's five forces analysis is employed, examining the impact of factors such as the bargaining power of suppliers, competitive intensity among competitors, the threat of new entrants, the threat of substitutes, and the bargaining power of buyers.
In terms of components, the software segment dominated the smart meter data management market share in 2023 and is expected to maintain its dominance throughout the forecast period. This can be attributed to the increasing awareness of energy management software in industrial sectors for efficient energy consumption and growing concerns about carbon emissions management. However, the service segment is anticipated to exhibit the highest growth rate during the forecast period. This is due to the surge in adoption of consulting, integration, and implementation services in the utility and energy sector, aimed at reducing costs and improving productivity.
COVID-19 Impact Analysis
The implementation of smart meter and smart city projects was halted in various countries due to the rapid increase in COVID-19 cases, negatively impacting market growth. Government bodies worldwide initiated policies to curb the spread of the virus, further affecting the market. However, the adoption of smart meters continued to grow during the pandemic, driven by the need for smart billing systems and real-time updates on faulty meters. For example, in June 2023, the UK deployed around 21.5 million smart meters during the COVID-19 lockdown period. To manage the large volume of data generated by these meters, the British government adopted smart meter data management software, presenting lucrative opportunities for the market.
Top Impacting Factors
Rise in Adoption of Advanced Metering Infrastructure Technologies
The adoption of advanced meter infrastructure (AMI) technology is driven by the various benefits it offers, such as the ability to detect outages and provide real-time energy consumption patterns for end users. This, coupled with the increase in energy demand, government mandates, and the need for improved customer service and utility efficiency, contributes to the growth of the market.
Challenges Associated with High Installation Costs of Smart Meters
The deployment of smart meters involves multiple components, including handheld devices, communication networks, meter data management systems (MDMS), meter data analytics (MDA), and other software. Additionally, services such as consulting, maintenance, installation, integration, and upgrades incur additional costs, which hinder the widespread adoption of smart meter data management software. Integration challenges between traditional and advanced systems, especially for small and medium-sized enterprises (SMEs), further impede market growth. Moreover, the cost required to implement big data initiatives and analytical models poses a significant barrier to market expansion.
Increase in Meter Data Volume
The significant increase in meter data volume, resulting from the collection of interval data, drives the adoption of next-generation meter data management applications by utilities, creating opportunities for market expansion. For example, a report from the Edison Foundation in 2018 revealed that the United States alone records over one million data points daily from more than 46 million installed smart meters. Furthermore, the deployment of smart meters at the residential level is expected to increase data volume, transitioning from monthly or annual frequency to daily and even intraday resolution. This growing volume of data underscores the need for robust meter data management systems.
Key Benefits For Stakeholders
• This report presents a comprehensive analysis of the smart meter data management market, including market segments, current trends, estimations, and dynamics, covering the period from 2023 to 2030. The aim is to identify the existing opportunities in the smart meter data management market.
• The research provides valuable insights into the key drivers, restraints, and opportunities shaping the market. Through Porter's five forces analysis, the report examines the power dynamics between buyers and suppliers, enabling stakeholders to make informed business decisions and strengthen their supplier-buyer network.
• A detailed analysis of the market segmentation in smart meter data management helps to identify the prevailing market opportunities. The report also maps major countries within each region based on their revenue contribution to the global smart meter data management market forecast.
• Market player positioning is included to facilitate benchmarking and provide a clear understanding of the current position of key market players. Additionally, the report covers regional and global trends, key players, market segments, application areas, and market growth strategies in the smart meter data management market.
Table and Figures
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