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 factors such as government policies and support for smart metering infrastructure across major global countries and the need for accurate utility bill generation. Meter data management systems are an integral part of smart metering infrastructure as it helps in data collection, synchronization, validation, and estimation of smart meter billing data.
The North American region is estimated to be the largest and the second fastest growing market for the meter data management system market during the forecast period. The region has been segmented, by country, into the US, Canada, and Mexico. The growth of this region is primarily driven by countries such as the US and Mexico accelerating the implementation of smart grid and smart metering infrastructure. The meter data management system market in the region is mainly driven by the need to increase energy efficiency and generate accurate billing for consumers. With meter data management system and smart meters, utilities in the region can better manage their bill credit and collection process. Also, the meter data management system enables a consumer to view their energy usage and payments. Major players in the meter data management system market are looking to expand their business in the region further because meter data management system better prepares the utilities to manage events such as outages and natural disasters along with new business models such as new tariff rates.
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The meter data management system market, by utility type, is segmented into electricity, gas, and water. The electricity segment holds the largest market share in 2018 and is projected to grow at the highest CAGR during the forecast period. Regulation support and mandates to rollout smart electric meters is driving the market for electricity utility type. The gas segment, by utility type, is projected to grow at the second fastest CAGR with countries such as the UK and France in the EU region planning to install smart gas meters to monitor their gas consumption further.
The report segments the meter data management system market, by end-use, into residential, commercial, and industrial segments. The residential segment of the meter data management system market is expected to grow at the highest CAGR during the forecast period, because of the accelerating implementation and rollout targets for smart electric meters in the residential sector across regions such as North America, the EU, the Middle East, and Asia Pacific. The North American region is expected to hold the largest market share for the residential segment between 2018 and 2023 because utilities in the region are looking to increase energy efficiency and develop new business models and tariff rates for residential consumers. On the other hand, increasing renewable energy installations such as rooftop solar power generation and growing EV charging infrastructure supports the implementation of the meter data management system. This is expected to boost the market for meter data management system as it helps the utilities to manage the consumer energy usage information and in the billing process.
Europe is projected to be the second largest region, with countries such as the UK, France, Spain, and Italy rapidly installing smart meters to meet their mandatory EU rollout target. Also, there is an increased focus on energy efficiency and emphasis on carbon reduction which offers opportunities to the major players in the region to develop new business models using meter data management system.
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
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