Smart Meter Data Management Market to Grow Worth USD 5 Billion by 2033 | Exhibiting CAGR of 17.4%: Fact.MR Analysis

Rockville, Feb. 20, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global smart meter data management market is predicted to reach a size of US$ 5 billion by 2033, surging ahead at a 17.4% CAGR from 2023 to 2033.

Smart meters are generally used to collect data on energy consumption and monitor, manage, and transmit this feedback to the billing management system. Smart meters provide a bidirectional connection between the central management system and the meter.

Smart meter data management systems support organizations in dealing with the increasing volume of data and provide critical information for getting superior insights. These metering systems provide numerous benefits over conventional metering systems, including energy theft detection, estimated meter readings, and overall energy efficiency.

Increased adoption of smart meters and rapid urbanization are driving the global smart meter data management market. The demand for efficient data monitoring systems to handle overall energy use and accurately track utility bills among consumers is growing, especially in the residential sector, boosting the need for smart meter data management systems.

Furthermore, increased energy demand, regulatory requirements and legislative compliances for smart metering, and a strong urge for greater customer service and utility efficiency are pushing the global smart meter data management market growth. The increasing installation of modern metering systems for power failure management and grid stability is accelerating global market growth. Moreover, the incorporation of advanced metering systems with the Internet of Things (IoT) and cloud computing systems, as well as active research and development (R&D), is bolstering the market expansion.

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Significant expenditure on smart grid projects, greater improvements in transmission and distribution infrastructure, and government regulations in developing markets encouraging the implementation of smart grids and smart meters are contributing to the market growth. Additionally, a considerable increase in meter data volume as a consequence of interval data collecting is pushing utilities to use next-generation meter data management solutions, raising the adoption of smart meter data management systems.

Key Takeaways from Market Study

• The global smart meter data management market amounted to US$ 1 billion in 2023.
• Worldwide demand for smart meter data management systems is forecasted to increase rapidly at a CAGR of 17.4% during the forecast period (2023 to 2033).
• The global market is anticipated to garner US$ 5 billion by 2033.
• Asia Pacific accounted for 36.7% share of the global market in 2022.
• The gas meters segment is projected to exhibit considerable growth from 2023 to 2033.
  

"Rising use of smart meters in power networks, which are substituting energy meters, is fueling global smart meter data management market growth. Furthermore, favorable rules & regulations and measures conducted by governing bodies are increasing the demand for smart meter data management technologies," says a Fact.MR analyst.

Key Segments of Smart Meter Data Management Industry Research

• By Component :
  • Software
  • Services
• By Deployment Mode :
  • On-premise
  • Cloud
• By Application :
  • Electric Meters
  • Gas Meters
  • Water Meters
• By Region :
  • North America
  • Latin America
  • Europe
  • Asia Pacific & China
  • Middle East & Africa

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Regional Market Analysis

Asia Pacific is leading the worldwide smart meter data management market. Japan and South Korea are witnessing a great demand for smart meter data management software. Moreover, the market in North America and Europe is expanding at a significant pace.

Competitive Landscape

Key players in the smart meter data management market are focusing on strategies such as collaborations, new developments, investments, R&D activities, and acquisitions to gain market share. Furthermore, several start-ups are offering improved smart meters, contributing to worldwide market growth.

• Greenbird, a Norwegian start-up, is creating Utilihive, a smart meter data integration platform. The start-up's cloud-native technology is available as an application programming interface (API) to accelerate grid digitalization. Among other things, the API provides simulated data to pinpoint system inefficiencies and a set of software connectors for most major utility applications. This enables utilities to quickly incorporate big data features into grid management and make greater use of smart meter data.
• Itron partnered with Utilismart Corporation, a meter data management-driven analytics provider, in March 2022. Under this partnership, the firms planned to fill the gap that small utilities face between AMR and AMI systems by providing a fully operated and hosted data accusation and meter reading model that also covers the growing submetering requirement. Furthermore, utility companies would have a comprehensive data management system that can enable the automation of organizational activities and display data for better decision-making.
• ABB India launched a new generation of power monitoring and electrical measurement meters in February 2022. The meters would enable users to make more informed decisions about their energy consumption.
• Siemens launched EnergyIP in November 2021 with an emphasis on enhanced consumer experience. The smart meter data analogize all relevant data on a single screen, making it easy to grasp and discover interaction and underlying causes via integrated shortcuts and visualizations.
• Itron acquired Smart Efficient Lighting Control, a leading smart lighting controls enterprise, in October 2021. The acquisition aims to integrate SELC's products into Itron's solution offering and strengthen Itron's position as an end-to-end smart city solution supplier.
• Itron formed a relationship with Microsoft in May 2021. The companies hoped to improve cloud-based meter data management services to aid utilities in leveraging data acquired from AMI and increase smart meter use cases through this collaboration.

Key Companies Profiled

• ABB Ltd
• Aclara Technologies LLC
• Eaton
• ElectSolve Technology Inc
• Arad Group
• Honeywell International Inc

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global smart meter data management market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.

The study divulges essential insights on the market on the basis of component (software, services), deployment mode (on-premise, cloud), and application (electric meters, gas meters, water meters), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

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