Global Meter Data Management System Market Size, Trends, and Analysis - Forecasts To 2026 By Component (Hardware, Software), By Utility Type (Electricity, Water. Gas), By End-User (Residential, Commercial, Industrial), By Application (Smart Grid, Energy Storage, EV Charging, Microgrid, Others), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
Meter Data Management System Market: Insights
Meter data management is the system that stores and manages large amounts of data generated by smart metering systems over a long period. It collects, processes, and stores a wide range of data to help utilities cope with growing data volumes and compete in a fast-paced industry.A meter data management system is a computer program that collects data from automated metering systems. It's an essential part of the advanced metering infrastructure (AMI), which allows for bidirectional contact between the meter and the central management system.
Data validation, calculation, retail billing support, and billing-determinant computations for consumer settlements are all capabilities of meter data management.The need for grid stability and outage management, strict government policies and regulatory requirements for smart metering infrastructure around the world, and the urgent need for accurate energy bill generation are the key factors pushing the global meter data management market further.
Power outages can be detected by MDM systems, which can then provide users with real-time feedback based on their energy usage. Furthermore, especially in developing countries, the modernization of aging energy infrastructure seems to have a positive impact on market development.
The increasing number of adverse accidents in electric infrastructure, the growing significance of disaster management information, and the need to stimulate Meter Data Management System (CIP) implementation in the private sector are some of the factors contributing to the growingmeter data management systemmarket.Furthermore, robust research and development (R&D) activities, as well as the convergence of advanced metering systems with cloud services networks and the Internet of Things (IoT), are expected to propel the market ahead. According to the research, the demand will expand at a moderate rate over the next five years.
The demand for water meter data management systems will be driven by rising water consumption and rapid pipeline expansion. The industry environment is expected to be fueled by increasing concern about water shortages and the reduction of liquid waste. Furthermore, because of the technological capacity to track resource usage patterns, demand for intelligent meters has increased substantially.
MDM products can include a subset of meter asset data, as well as the premise, topology, and customer data. The key data being tracked is metered commodity consumption and meter-related activities, depending on the type of commodity metered, a type of meter, communications technologies, or collection unit.
Meter Data Management System Market: By Component
Over the forecast period, the software segment will generate the most revenue as well as grow at a substantial CAGR rate.As the number of smart meters installed increases, hundreds of millions of data are generated every 15 minutes, and meter information management software is used to process, format, and compare the data to aid successful billing.The meter data management system provides significant benefits to utilities, including enhanced data quality and accuracy across grids, the optimized output from the meter to cash, and support for grid modernization initiatives such as smart meter programs.
Meter Data Management System Market: By Utility
During the forecast period of 2021-2026, the electricity segment dominated the utility type segment of the MDMS industry.Distribution companies can save money, minimize risk, and enhance the reliability of critical assets using advanced technology and statistical methods.
Meter Data Management System Market: By Application
The smart grid segment is anticipated to lead the application segment throughout the forecast era. The Industrial Internet of Things (IIoT's) smart grid data management field can help utilities solve key operational, financial, and consumer challenges. Moreover, the smart grid segment is being driven by aging smart grid infrastructure and smart meter mandates in the forecast era.
Meter Data Management System Market: By End-User
Over the forecast period, the residential segment will expand at the fastest pace and generate the most revenue with smart meter installations being mandated across the geographic locations in the residential sector.Furthermore, through the meter information management system, residential consumers will have access to their energy usage data, which will aid them in reducing their power consumption.
Meter Data Management System Market: By Region
The North American region will continue to lead in terms of sales in the upcoming years as the demand is driven by the rising necessity to generate appropriate bills for consumers based on different tariff rates. Furthermore, utilities in the United States, Mexico,and Canada are installing smart grid infrastructure and upgrading their infrastructure development to avoid losses.The funds raised from this request for proposals would be used to promote larger-scale trials of near-commercial smart grid technology, and also the deployment of smart grid integrated systems to reduce greenhouse gas emissions.
Furthermore, the Asia-Pacific region will show a substantial CAGR rate over the forecast timeframe, due to the growing acceptance, of electric vehicles which are escalating the number of EV charging stations.Furthermore, China's early adoption of PLC-enabled smart meters has given the technology a boost and will accelerate smart meter adoption in the country in the forthcoming years. With the growing introduction of smart meters, both of these factors are necessary to enhance demand for meter data management.
The demand for meter data management systems in the United Kingdom is expected to expand as a result of regulatory initiatives aimed at promoting sustainability and energy conservation. These instruments will contribute to the achievement of national priorities and policies by providing reliable and real-time information about resource use, as well as effective energy protection capabilities.
Meter Data Management System Market: Share & Competitor Analysis
Honeywell, Itron, ABB, Kamstrup, Siemens, Alcara, Eaton, Powel, Schneider Electric, Landis+Gyr, DIEHL, and Sensus (Xylem)among others are the prime players competing in the meter data management system market.
Please note: This is not an exhaustive list of companies profiled in the report.
In January 2019, ESB awarded Siemens a contract to install 25,000 smart meters across Ireland. For ESB, it will implement a remote reading system as well as a data processing system.
In October 2019, Schneider Electric released a new EcoStruxure Plant Performance Advisors suite for manufacturing companies looking to improve operational profitability by optimizing their industrial automation data.
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The Global Meter Data Management System Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Meter Data Management System Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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