The latest report by IMARC Group, titled “Meter Data Management System Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global meter data management system market is expected to grow at a CAGR of 19.7% during the forecast period (2022-2027). A meter data management system (MDMS) refers to software used to import, validate, and store data delivered by smart metering systems. It includes smart meters that measure gas, electricity and water consumption and process the acquired data before it is used for final billing. It enables the user to consolidate and manage consumption data under a single structure and optimize business processes. It also assists in preventing fraudulent activities, detecting energy theft, estimating meter readings, and enhancing overall efficiency. As a result, MDMS is extensively adopted across commercial and residential sectors across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Meter Data Management System Market Trends:
The market is primarily driven by the increasing deployment of smart grids and rapid urbanization across the globe. Besides this, the widespread adoption of advanced metering technologies that can detect a power outage and provide real-time updates based on the energy consumption is also contributing to market growth. In addition, various key players are integrating advanced technologies, such as cloud computing, machine learning (ML) and Internet-of-Things (IoT), with metering systems to improve operational planning and increase the overall energy saving. This, coupled with the escalating demand for efficient data monitoring systems from the residential sector to manage the overall energy consumption and track utility bills, is creating a favorable market outlook across the globe. Furthermore, significant developments in the power infrastructure across the developing economies, the rising need for predictive analytics, and ongoing research and development (R&D) activities are some of the other factors propelling the market growth.
- Based on the component type, the market has been segmented into hardware, and software and services.
- On the basis of the utility type, the market has been classified into electricity, gas, and water.
- Based on the application, the market has been categorized into smart grid, microgrid, energy storage, EV charging, and others.
- On the basis of the deployment type, the market has been bifurcated into cloud-based and on-premises.
- Based on the end user, the market has been segregated into residential, commercial, and industrial.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report, with some of the key players being ABB Ltd., Aclara Technologies LLC, Arad Group, Diehl Stiftung & Co. KG, Eaton Corporation Inc., Elster Group GmbH, Honeywell International Inc., Itron Inc., Kamstrup, Landis+Gyr, Oracle Corporation, Schneider Electric, Siemens AG, and Trilliant Holdings Inc.
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