DUBLIN, April 8, 2019 /PRNewswire/ -- The "Meter Data Management System Market by Component, Application (Smart Grid, Micro Grid, Energy Storage, EV Charging), End-User and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
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 factors such as increasing government support and legislative requirements to install smart meters and smart grids and the need to increase energy efficiency. However, cyber security and vulnerability of data generated and lack of proper standards interoperability is hindering the growth of the meter data management system market.
The software segment is expected to be the fastest growing market from 2018 to 2023.
The software segment, by component, is estimated to be the largest and the fastest growing segment during the forecast period. The software component of meter data management aids in data collection, synchronization, enables load mapping and stores non-billing data such as voltage and amperage to provide deeper visibility into the smart grid and smart metering infrastructure.
The residential segment, by the end-user type, is expected to be the largest market from 2018 to 2023.
The residential segment is expected to hold the largest market share and the fastest growing segment during the forecast period because of the accelerating rollouts of smart meters in the residential sector. The meter data management system used in smart meters enables processing hundreds of millions of data to generate utility bills. Also, the meter data management system enables utilities to provide utility bills based on different tariff structures and enable in accurate billing for residential consumers.
North America: The largest market for meter data management system.
The North American region is expected to be the largest market for meter data management system, by 2023. The meter data management system market in this region is mainly driven by major utilities across the region who are implementing the meter data management system to support their growing smart meter installation. Countries such as the US and Mexico are among the major countries are planning to adopt ambitious, smart meter rollout mandates by 2023.
For instance, Mexico is planning to install about 30 million new smart meters by 2023 to improve management of its grid network, reduce non-technical losses, and generate an accurate bill to customers. This is expected to drive the market for meter data management system in the region.
The leading players in the meter data management system market 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).
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Meter Data Management System Market During the Forecast Period
4.2 Meter Data Management System Market, By Region
4.3 Meter Data Management System Market, By Component
4.4 North American Meter Data Management System Market, By Utility Type & Country
4.5 Meter Data Management System Market, By End-User
4.6 Meter Data Management System Market, By Utility Type
4.7 Meter Data Management System Market, By Application
5 Market Overview
5.2 Market Dynamics
126.96.36.199 Government Policies and Legislative Mandates for Smart Metering Infrastructure in the US and EU
188.8.131.52 Need for Grid Reliability and Outage Management
184.108.40.206 Need for Accurate Energy Bill Generation
220.127.116.11 Cybersecurity and Vulnerability
18.104.22.168 Lack of Standards and Interoperability
22.214.171.124 Commitment to Smart City Programs By Major Economies
126.96.36.199 New Business Opportunities
188.8.131.52 Improper Installation of Smart Meters
184.108.40.206 Delayed Realization of ROI
6 Meter Data Management System, By Component
6.2.1 Increasing Number of New Applications and Supporting Legislations are Expected to Drive the Software Segment
6.3.1 Emergence in Smart Metering Across the Globe is Expected to Drive the Hardware Segment
7 Meter Data Management System, By Utility Type
7.2.1 Remote Access to Secure Data and Power Quality Data Management are Expected to Drive the Electricity Meter Data Management System Market
7.3.1 Improving Gas Grid Networks and Improving Billing Accuracy are Expected to Drive the Gas Meter Data Management System Market
7.4.1 Minimizing Water Loss and Improving Water Supply are Expected to Drive the Water Meter Data Management System Market
8 Meter Data Management System Market, By End-User
8.2.1 Increasing Implementation of Smart Meters and Increasing Demand for Modernization of Metering Infrastructure are Expected to Drive the Residential Sector
8.3.1 Growing Commercial Trade Hubs and Energy Efficiency Regulations are Expected to Drive the Commercial Sector
8.4.1 Growing Manufacturing, Processing, and Data Center Establishments are Expected to Drive the Industrial Sector
9 Meter Data Management System Market, By Application
9.2 Smart Grid
9.2.1 Aging Grid Infrastructure and Smart Meter Mandates are Driving the Smart Grid Segment
9.3.1 Electrification of Remote Areas and Increasing Renewable Energy Installations are Driving the Microgrid Segment
9.4 Energy Storage
9.4.1 Need to Reduce Energy Costs and Growing Energy Storage Technologies are Driving the Energy Storage Segment
9.5 EV Charging
9.5.1 Growing Electric Vehicle Adoption and Need for Managing Grid Integrity are Driving the EV Charging Segment
9.6.1 Rising Demand for Gas and Water and the Need to Be Competitive are Driving the Others Segment
10 Meter Data Management System Market, By Region
11 Competitive Landscape
11.2 Market Share Analysis
11.3 Competitive Scenario
11.4 Competitive Leadership Mapping
12 Company Profile
12.1 Company Benchmarking
12.6 Schneider Electric
12.12 Sensus (Xylem)
For more information about this report visit https://www.researchandmarkets.com/r/vm1h28
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