Smart Meter Data Management Market Expected to Reach $5.2 Billion by 2030-Allied Market Research
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Key Findings of Study:
► By component, the software segment led the global smart meter data management market in terms of revenue in 2020.
► By deployment mode, the on-premise segment accounted for the highest global smart meter data management market share in 2020.
► By application, the electric meters segment generated the highest revenue in 2020
► By region, Asia-Pacific generated the highest revenue in 2020.
By component, the smart meter data management market was led by the software segment in 2020, and is projected to maintain its dominance during the forecast period. This is attributed to increase in awareness toward energy management software in industrial sectors for efficient utilization of energy consumption and rise in alertness about carbon emission management. However, the service segment is expected to grow at the highest rate during the forecast period, owing to surge in adoption of consulting, integration, and implementation services in the utility & energy sector to reduce cost and improve productivity.
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By region, the smart meter data management market is being dominated by Asia-Paicfic in 2020, and is expected to maintain this trend during the forecast period owing to availability of advanced metering infrastructure for ambitious smart grid system installments and increase in installation of smart meters across the region. Furthermore, rise in adoption of smart meters across different industries, such as manufacturing, automotive, and energy & utility to improve the consumption of energy and to provide proper utilization of energy during the pandemic situation further drives the growth of the market in this region.
The global smart meter data management market is positively impacted by the COVID-19 outbreak. This is attributed to the surge in adoption of different smart meters, such as smart electric meter, smart gas meter, and smart water meter across the household and other enterprises. Post COVID-19, the preference for smart meters and smart meter data management software is expected to increase, due to their various features, such as accurate billing system and real-time updates on customer's data, thereby positively impacting the growth of the market.
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Key Market Players:
► Landis + Gyr
► Honeywell International Inc.
► ElectSolve Technology Solutions & Services, Inc.
► Trilliant Holdings, Inc.
► Aclara Technologies LLC
► Arad Group
► Oracle Corporation
► ABB Ltd.
► Itron Inc.
► Hansen Technologies
► Siemens AG
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