Europe Meter Data Management System Market to 2027 - Regional Analysis and Forecasts by Offering ; Utility Type ; Application ; End - User
Feb 18, 2020, 10:20 ET
NEW YORK, Feb. 18, 2020 /PRNewswire/ --
The meter data management system market in Europe is expected to grow from US$ 274.4 Mn in 2018 to US$ 961.8Mn by the year 2027 at a CAGR of 14.6% during the forecast period.The meter data management solutions provide transparency for the utilities and municipalities, and thereby enable significantly increased efficiency in reading, billing and service processes. Energy and grid utilities in Europe are vigorously contributing to the deployment of public fast and ultra-fast charging networks. . Such rapid development in EV charging installations across Europe is expected to bolster the meter data management system market.
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Most utilities are investing in the new technology due to government mandate.Many countries have passed legislation mandating the adoption of smart meters as part of broader clean energy initiatives.
Thus, growing the need for meter data management system during the forecast period.The major adoption of Electric Vehicle (EV) has been recognized as a primary challenge for the future development of smart grids.
The ever-growing electric vehicle charging further increases energy demand.The carbon release due to EV charging is leading to critical environmental concerns.
Apart from environmental and economic reasons, the most important driving force of the EV market is strong policies, such as legislation, benefits, and rebates from various governments.
On the basis of offering, software held a significant share of the Europe meter data management system market.The software segment leads the meter data management system market and is projected to maintain its dominance over the forecast period 2019-2027.
Smart meters are the next-generation metering devices that are utilized for obtaining energy consumption feedbacks, manage, monitor, and further send this feedback to the billing management system. These devices allow bidirectional communication between the central management system and the meter.
The overall Europe meter data management system market size has been derived using both primary and secondary sources.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Europe meter data management system market.
It also provides an overview and forecast for the meter data management system based on all the segmentation provided with respect to the Europe region.Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the mater data system industry. Some of the players present in meter data management system are ABB Ltd, Eaton Corporation, Honeywell International, Inc, among others.
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