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Smart Meter Data Management Market to Reach USD 5.2 Billion by 2030 with 17.23% CAGR, Future Demand and Leading Players Updates by Forecast to 2023-2030
Smart Meter Data Management Market
The growth of the global smart meter data management market is propelled by an upsurge in energy demand, regulatory imperatives, adherence to legislative requirements in the realm of smart metering, and a heightened need for improved customer service levels and utility efficiency.
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COVID-19 scenario:
➢ The surge in Covid-positive cases worldwide has led several countries to suspend the progress of smart meter and smart city projects, hindering the market's expansion.
➢ Additionally, governing bodies globally are implementing various policies to curb the spread of the Covid-19 virus.
➢ Despite the challenges posed by the pandemic, the global deployment of smart meters has increased, facilitating smart billing systems and real-time monitoring of malfunctioning meters, thereby propelling market growth.
➢ A June 2020 research report from SMS PLC revealed that approximately 21.5 million smart meters were deployed in the United Kingdom during the Covid-19 lockdown in 2020. Consequently, the British government adopted smart meter data management software to effectively handle the substantial volume of data generated by these meters, presenting a lucrative business opportunity.
Contrarily, the market's growth is constrained by a range of data management issues such as data distribution, replication, transactional models, query processing, and location-based services. Nevertheless, the substantial increase in meter data volume, attributed to the collection of interval data, compels utilities to adopt next-generation meter data management solutions. This adoption is anticipated to unlock new opportunities in the forthcoming years.
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The report provides a thorough segmentation of the worldwide market for smart meter data management, categorizing it according to components, applications, deployment modes, and geographic regions.
In 2020, the electric meters category held the predominant share in the global smart meter data management industry, representing over half of the market. It is anticipated to persist as the leading segment throughout the forecast period. Meanwhile, the gas meters segment is forecasted to exhibit the highest Compound Annual Growth Rate (CAGR) of 19.26% from 2021 to 2030.
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In 2020, the software segment claimed the largest market share, constituting over two-thirds of the overall share. It is anticipated to continue its dominance throughout the forecast period. On the other hand, the service segment is expected to exhibit the most rapid Compound Annual Growth Rate (CAGR) of 17.91% from 2021 to 2030.
In 2020, the Asia-Pacific region was the leading contributor, representing over 40% of the total share, and it is anticipated to maintain its prominent position in terms of revenue share through 2030. Additionally, this particular segment is expected to exhibit the highest Compound Annual Growth Rate (CAGR) of 19.01% throughout the forecast period.
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Key players in the industry:
➢ Aclara Technologies LLC
➢ ABB Ltd
➢ Arad Group
➢ ElectSolve Technology Solutions & Services
➢ Eaton
➢ Hansen Technologies
➢ Itron Inc.
➢ Honeywell International Inc.
➢ Oracle Corporation
➢ Landis + Gyr
➢ Trilliant Holdings
➢ Siemens AG.
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