Meter Data Management Market size was valued at USD 531.05 Million in 2023. The meter data management industry is projected to grow from USD 588.94 Million in 2024 to USD 1391.82 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 10.03% during the forecast period (2024 - 2032). Rise in adoption of advanced metering infrastructure technologies and increase in volume of meter data are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Numerous benefits provided by the advanced metering technology, such as ability to detect outages and facilitation of real-time energy consumption patterns for end users fuel the adoption of advanced meter infrastructure (AMI) technology. Moreover, increase in energy demand, government mandates, and legislative compliances toward smart metering, and rise in need for improved customer service level and utility efficiency boost the market growth.
Further, smart meters can assist the end-users to monitor its electricity, gas consumption data, and thus customize their usage based on the electricity tariff rates. Smart electric meters are intelligent devices, which measure the electrical consumption along with remote meter connection and disconnection, fault detection, reporting, and analysis of the consumed electricity in units on a day-to-day basis. Smart meters can also assist in voltage & power quality monitoring and collection & storage of real-time data in the central system.
Hence, a customer can access their energy consumption data anytime and take suitable measures to cut down energy costs. All these allow a reduction in consumption of electricity during peak time as customers can observe, calculate, and analyze their usage to reduce the energy consumption during peak hours, thereby effectively managing energy costs. Such crucial benefits offered by smart electric meters over the conventional meters have attracted the attention of governments and end-users and thus driven the adoption of smart electric meters over the years.
Additionally, significant increase in meter data volume, resulting from the collection of interval data, prompts utilities to employ next-generation meter data management applications, which is anticipated to provide numerous opportunities for the market expansion. For instance, according to a report from the Edison Foundation published in 2018, the U.S. alone logs around one million of data points every day from more than 46 million installed smart meters.
In addition, rise in deployment of smart meters at the residential customer's level is expected to increase the generation of data volume, from monthly or annual frequency to daily and even intraday resolution, which drives the market for meter data management market CAGR across the globe in the recent years.
However, surge in energy demand, regulatory requirements, and legislative compliances toward smart meter data management, and increase in requirement for enhanced customer service level & utility efficiency drive the growth of the meter data management market revenue.
The meter data management market segmentation, based on component, includes hardware, and software. The software segment held the majority share in to the meter data management market revenue. This is attributed to increase in awareness toward energy meter data management software in industrial sectors for efficient utilization of energy consumption and rise in alertness about carbon emission meter data management. However, hardware is the fastest-growing category owing to surge in adoption of consulting, integration, and implementation of hardware in the utility & energy sector to reduce cost and improve productivity.
Figure 2: Meter Data Management Market, by Component, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The meter data management market segmentation, based on utility type, includes electricity, water, and gas. The electricity segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The usage of smart electricity meter data management assists in compensating for losses by controlling the energy consumption of various electronic devices. Due to technological advancements and the growing population, the applicability of fuel has been increasing the market growth. However, gas is the fastest-growing category due to growing demand of meter data management in gas industry.
The meter data management market data has been bifurcated by application into smart grid, microgrid, energy storage, EV charging, and others. The EV charging segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030 due to growing demand of electric vehicle. However, microgrid is the fastest-growing category over the forecast period due to rising need for dependable, uninterrupted power supply and ongoing adoption of renewable energy technologies.
Based on end users, the meter data management industry has been segmented into residential, commercial, and industrial. Residential held the largest segment share in 2021. The commercial end-use section consists of all commercial buildings and aligned infrastructures such as hotels, residential lodges, small to large shopping complexes, and offices. The industrial segment involves product manufacturing facilities and processing plants. However, commercial is the fastest-growing category due to the regulatory, and administrative framework, and surging awareness regarding reducing energy consumption and aligned expenses.
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America meter data management market accounted for USD 0.04 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. Government of developing countries is taking various initiatives to digitalize the meter data management and to automate transfer, processing, meter data management, and utilization of metering data. Further, the US meter data management market held the largest market share, and the Canada meter data management market was the fastest growing market in the North America region
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Meter Data Management Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe meter data management market accounts for the second-largest market share due to the significant promotion of green energy, efficient transmission facilities, and integrated presence across the value chain, especially for sharing real-time information pertaining to the usage and tariff rates. Further, the Germany meter data management market held the largest market share, and the UK meter data management market was the fastest growing market in the European region
The Asia-Pacific meter data management Market is expected to grow at the fastest CAGR from 2022 to 2030. This is owing to the significant growth in the adoption of smart meter data management technology in this countries and rapid growth in the region. Developing countries are also expected to adopt advanced smart grids and other smart utility network components by focusing on upgrading & replacing outdated infrastructure and installing smarter power networks. Moreover, China meter data management market held the largest market share, and the India meter data management market was the fastest growing market in the Asia-Pacific region
Major market players are spending a lot of money on R&D to increase their product lines, which will help the meter data management market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the meter data management industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the meter data management industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. The meter data management market major player such as Eaton (Ireland), ABB (Switzerland), Schneider Electric (France), and others are working to expand the market demand by investing in research and development activities.
Siemens Energy AG operates as a renewable energy company. The Company offers power generation and transmission, technical consultancy, and operation and maintenance services. Siemens Energy serves customers worldwide. In June 2020, Siemens Energy entered a long-term partnership with the Norwegian technology company EnergyNest. The start-up is a supplier of thermal energy storage systems. The aim of the partnership is to jointly offer modularized and standardized thermal energy storage systems for industrial customers.
Also, Itron, Inc. provides solutions for collecting, communicating, and analyzing electric, gas, and water usage data. The Company sells its products to the utility industry. Itron designs, manufactures, markets, sells, installs, and services hardware, software, and integrated systems for handheld computer-based electronic meter reading and automatic meter reading systems. In January 2020, Itron, Inc. launched a 4G LTE smart metering solution. This new technology provides broad territory coverage, low latency, and network longevity, using the fastest 4G LTE technology
January 2020: Landis+Gyr launched the Revelo, the next generation of electric meters with leading-edge grid sensing technology. These newly developed electric meters as grid sensors capable of providing new levels of awareness and insight.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 531.05 Million |
| Market Size 2024 | USD 588.94 Million |
| Market Size 2032 | USD 1391.82 Million |
| Compound Annual Growth Rate (CAGR) | 10.03% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Â Component, Utility Type, Application End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Eaton (Ireland), ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Honeywell (US), Itron (US), Landis+Gyr (Switzerland), Kamstrup (Denmark), Powel (Norway), Sensus (Xylem) (US), Enoro (Finland), and Open Access Technology International, Inc. (US) |
| Key Market Opportunities | Increasing use of smart meter data management within the electricity network |
| Key Market Dynamics | Urgent requirement for accurate energy bill generation Need for grid reliability and outage meter data management |
Meter Data Management Market Highlights:
Frequently Asked Questions (FAQ) :
The meter data management market size was valued at USD 531.05 Million in 2023.
The market is projected to grow at a CAGR of 10.03% during the forecast period, 2024-2032.
North America had the largest share in the market
The key players in the market are Eaton (Ireland), ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Honeywell (US), Itron (US), and Landis+Gyr (Switzerland).
The software category dominated the market in 2021.
The electricity had the largest share in the market.
The EV charging category dominated the market in 2021.
The residential had the largest share in the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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