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Meter Data Management System Market Statistics Report, 2021 | Global Industry Research on Growth and Opportunity in 2027
The global meter data management system market in terms of revenue was worth of USD 60.27 Million in 2020 and is expected to reach USD 97.84 Million in 2027, growing at a CAGR of 6.40% from 2021 to 2027. The Global Meter Data Management System Market is expected to grow at a substantial growth rate due to several driving factors.
A meter data management system (MDMS) belongs to a software-based application that is utilized to accumulate readings from automated metering devices. It performs as a vital component of the advanced metering infrastructure (AMI) that allows bidirectional communication between central management system and the meter. The system mainly incorporates smart meters that measure gas, electricity, and water consumption, together with devices to import, authenticate and procedure data prior to it is used for analysis and final billing. In comparison to the conventionally used systems, meter data management system facilitates the user to establish all consumption data below a single structure and control both analog and interval data to optimize business activities. Meter data management system is a component in the smart grid infrastructure supported by utility companies. This may also integrate meter data analytics, the analysis of data radiated by electric smart meters that track record consumption of electric energy. The system delivers a single repository for handling and managing meter and meter functions data as well as meter read data. MDMS implies to software that operates long-term data storage and management for the enormous quantities of data produced by smart metering systems.
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Currently, the growing penetration of advanced metering systems coupled with the Internet of things (IoT) and cloud computing systems is likely to drive the market for meter data management systems across the world. There are presently around 3.6 billion smartphones in the world, and their number rises by over 8% per year. For example; a German company, Siemen, launched a new solution named CloudConnect in 2020. Siemens has the technology that links the cloud with all types of plants. Also, according to Eurostat 2021, around 36% of enterprises in 2020 used cloud computing. Similarly, according to the Worldwide Internet of Things Spending Guide, in 2019, Europe was accountable for 23% of global IoT spending. This becomes Europe the third-largest market in IoT expenditure. Europe is projected to account for 25% of IoT spending across the world by 2024. Meter data management systems give the info on meter reading, power cut when power consumption surpasses outside the quantified limit with the use of IoT and cloud computing system. Therefore, the growing penetration of advanced metering systems such as the Internet of things (IoT) and cloud computing systems are eventually boosting the market for meter data management systems throughout the world. In addition, the growing adoption of smart water meters is likely to intensify the growth of meter data management systems globally. For instance, according to Smart Energy International May 2021, around 99 million smart meters had been established as of the end of 2019. Additional 115 million smart meter placements are estimated by the end of 2021. More than half of the United State have attained a rollout of more than 50% and about 58 investor-owned services have fully organized smart meters. However, the high installation cost of smart water meters may hamper the growth of meter data management systems globally over the forecast period. In spite of that, increasing advancements in this field may create more opportunities for the further growth of the market.
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On a geographic basis, North America is expected to dominate the global meter data management system market owing to various factors such as the increasing need to generate accurate bills for consumers based on various tariff rates, the rising adoption of advanced metering infrastructure technologies and the adoption of smart meters, and many more in this region. Increasing innovations in advanced water meter management systems or products in the region is one of the leading factors contributing to the growth of the meter data management system market. For instance; Honeywell’s multi-mode meter data collection solution transformed water utilities meter reading capacity in 2018. METRo solution has completely transformed SES Water’s meter reading ability which is quite easy to utilize route established meter reading software. Likewise, Landis+Gyr, an American company has designed SmartData Connect, a customer engagement platform that converts meter data into an easy to utilize resource for both consumers and service personnel.
The Asia Pacific is the fastest growing region in the meter data management system market due to the ever-growing population, speedy urbanization, and the increasing manufacturing industries in this region. Ever-intensifying awareness about smart water meters is one of the leading factors augmenting the growth of the meter data management system market. For instance; China is currently aiming on lowering water consumption and energy efficiency by the placement of smart grids, smart households, and smart cities in its 12th five-year plan, the usage of smart meters is also supported. The government of China has proclaimed a one-household-one-meter policy across the region. Jiangxi Water Utility has launched a lab to promote the implementation of NB-IoT-enabled smart water meters. The consciousness about smart water meters in the region is expanding.
The study provides a crucial view of the global meter data management system market by segmenting the market based on component, service, end-user and region & country level. Based upon the component, global meter data management system market is segmented into hardware and software. Based upon service, the global meter data management system market is classified into water utilities, wastewater management, sanitation management, and others. Based upon end-user, the global meter data management system market is categorized into residential, commercial, and industrial.
Global Meter Data Management System Market Segmentation:
Global Meter Data Management System Market: By Application
- Water Utilities
- Wastewater Management
- Sanitation Management
Global Meter Data Management System Market: By End User
The regions covered in this Meter Data Management System Industry report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Meter Data Management System is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
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Key Players Meter Data Management System Industry Report:
- ABB Ltd.
- Aclara Technologies LLC
- Diehl Metering GmbH
- Eaton Corporation
- Honeywell International, Inc.
- Itron Inc.
- Kamstrup A/S
- Landis+Gyr Group AG
- Schneider Electric SE
- Siemens AG
Key Benefits for Global Meter Data Management System Industry Market Report–
- Global Meter Data Management System Industry Market report covers in-depth historical and forecast analysis.
- Global Meter Data Management System Industry Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
- Global Meter Data Management System Industry Market report helps to identify opportunities in marketplace.
- Global Meter Data Management System Industry Market report covers extensive analysis of emerging trends and competitive landscape.
By Regional & Country Level:
- North America
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East and Africa
- Rest of Middle East and Africa
Table of Content:
1. Chapter – Report Methodology
1.1. Research Process
1.2. Primary Research
1.3. Secondary Research
1.4. Market Size Estimates
1.5. Data Triangulation
1.6. Forecast Model
1.7. USP’s of Report
1.8. Report Description
2. Chapter – Global Meter Data Management System Industry Market Overview: Qualitative Analysis
2.1. Market Introduction
2.2. Executive Summary
2.3. Global Meter Data Management System Industry Market Classification
2.4. Market Drivers
2.5. Market Restraints
2.6. Market Opportunity
2.7. Meter Data Management System Industry Growth
2.8. Porter’s Five Forces Analysis
2.9. Market Attractiveness Analysis
3. Chapter – Global Meter Data Management System Industry Market Overview: Quantitative Analysis
4. Chapter – Global Meter Data Management System Industry Market Analysis: Segmentation By End User
5. Chapter – Global Meter Data Management System Industry Market Analysis: Segmentation By Application
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