CHICAGO, April 1, 2019 /PRNewswire/ --According to the new market research report "Meter Data Management System Market by Component (Hardware, Software), Utility (Electricity, Gas, Water), Application (Smart Grid, Micro Grid, Energy Storage, EV Charging), End-User (Residential, Commercial & Industrial), and Region - Global Forecast to 2023", published by MarketsandMarkets™, 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 the increased government policies and supportive mandates for smart meter installations and need for accurate utility bill generation.
The electricity segment is expected to hold the largest share of the Meter Data Management System Market, by utility type, during the forecast period.
The electricity segment is estimated to dominate the Meter Data Management System Market in 2018 and is projected to have the largest market share during the forecast period. This is mainly because there is increased global rollout of smart meters to reduce energy consumption and monitor customer usage pattern to determine load and outage management. Furthermore, meter data management allows utilities to develop new business models such as time of consumption tariff rate which is further expected to contribute to the growth of the electricity segment.
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The residential segment is expected to be the fastest growing segment of the Meter Data Management System Market, by end-user, during the forecast period.
The residential segment accounted for the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing mandated rollout of smart meters in the residential sectors across regions such as the EU and North America. Countries such as the UK, France, Italy, and the US have mandated smart meter installation targets by 2023. This is expected to increase the demand for Meter Data Management System Market in the forecast years. In addition to this, grid upgrade, energy efficiency targets, and transmission and distribution investment in North America and Europe is further contributing to the growth of the residential segment.
North America: The leading market for meter data management system.
In this report, the Meter Data Management System Market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. North America is estimated to dominate the global Meter Data Management System Market in 2018 owing to the smart meter installation development and growth in countries such the US, Canada and Mexico. There is a huge requirement for power and infrastructural development due to aging grid network in the region. The US and Mexico are also investing in infrastructure and power generation projects to tackle growing population demands. The growth of the Meter Data Management System Market in this region is also driven by smart meter rollouts and need to stabilize the grid and generate accurate utility billing. Subsequent smart grid development programs, microgrid, energy storage, and EV charging infrastructure is further expected to propel the growth of the market in the region.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Meter Data Management System Market. Some of the key players 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). The leading players are adopting various strategies to increase their shares in the Meter Data Management System Market.
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