Smart Meter Data Management Global Market Report 2024

The smart meter data management market size has grown rapidly in recent years. It will grow from $1.74 billion in 2023 to $2.08 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth observed during the historic period can be attributed to several factors, including increasing energy demand, government initiatives aimed at promoting energy efficiency, heightened awareness among utilities regarding the importance of efficient energy management, and the growing adoption of renewable energy sources.

The smart meter data management market size is expected to see rapid growth in the next few years. It will grow to $4.25 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The anticipated growth in the forecast period can be attributed to several factors, including initial high costs associated with smart meter data management implementation, concerns regarding data privacy and security, resistance from traditional utility models, limited interoperability between systems, and regulatory challenges. Key trends expected during this period include the increasing integration of advanced analytics into smart meter data management systems, the expansion of smart meter deployments across various regions, the emergence of cloud-based solutions for enhanced scalability and flexibility, a growing emphasis on demand response programs and energy efficiency initiatives to optimize resource utilization, and the evolution towards advanced metering infrastructure (AMI) solutions to enable more efficient data collection and management processes.

The anticipated rise in energy demand is set to drive significant growth in the smart meter data management market in the coming years. Energy, vital for performing tasks and manifesting in various forms such as heat, light, movement, or electricity, is witnessing increased demand, particularly in urban areas where electricity-dependent activities such as transportation, heating, cooling, and electronic device usage are prevalent. Smart meter data management plays a crucial role in optimizing energy consumption and enhancing grid efficiency by providing valuable insights into consumption patterns, thereby facilitating informed decision-making processes. For example, as per the International Energy Agency's projections in July 2021, global electricity demand is expected to rise by nearly 5% in 2021 and 4% in 2022, with renewable energy sources such as hydropower, wind, and solar photovoltaics (PV) experiencing robust growth worldwide, expanding by over 8% in 2021 and more than 6% in 2022. Thus, the surge in energy demand is fueling the growth of the smart meter data management market.

Key players in the smart meter data management market are dedicated to developing innovative products such as the Stratus IQ+ electric meter to gain a competitive advantage. The Stratus IQ+ electric meter is designed to offer utilities enhanced data visibility and control necessary for adapting to the evolving smart grid landscape. For instance, in December 2023, Xylem, a US-based water solutions and technology company, unveiled the Stratus IQ+ electricity meter with grid-edge capabilities. This cutting-edge metering solution aims to provide utilities with advanced data collection capabilities, facilitating analysis of customer EV charging behaviors. With near-real-time energy consumption monitoring and features such as software-defined metrology, the Stratus IQ+ ensures flexibility and reliability, enhancing operational efficiency and empowering utilities to make informed decisions to meet contemporary grid management requirements.

In July 2021, CrescoNet, a US-based cellular utility solutions company, acquired Smart Earth Technologies, strengthening its position in the utility solutions market. This acquisition enabled CrescoNet to consolidate electric, gas, and water solutions under the Smart Earth Technologies (SET) brand, offering a unified solution for utility customers. Smart Earth Technologies specializes in seamlessly integrated products such as battery-operated cellular endpoint transceivers and valves, meter data management (MDM), and customer information systems (CIS), providing comprehensive solutions to utility companies.

Major companies operating in the smart meter data management market are Siemens AG, Oracle Corporation, Schneider Electric SE, Honeywell International Inc., ABB Group, Xylem Inc., El Sewedy Electric Company, Itron Inc., Landis+Gyr Group AG, Secure Meters Ltd., Wasion Group Holdings Limited, Holley Metering Limited, Jiangsu Linyang Electronics Co. Ltd., Badger Meter Inc., Aclara Technologies LLC, Neptune Technology Group Inc., EDMI Limited, Circutor S.A., Kamstrup A/S, Genus Power Infrastructures Limited, Nuri Telecom Company Limited, Zenner International GmbH & Co. KG, Iskraemeco d.d., Trilliant Holdings Inc., Elster Group GmbH.

North America was the largest region in the smart meter data management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart meter data management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the smart meter data management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Smart meter data management encompasses the comprehensive handling of data collected from smart meters, including its collection, storage, analysis, and application. This process empowers utilities to optimize their operations, enhance energy efficiency, and elevate customer service through informed decision-making based on data-driven insights.

The primary components of smart meter data management consist of software and services. Software within the smart meter data management market comprises computer programs and applications utilized by utilities to gather, store, process, and analyze data obtained from smart meters. These software solutions are deployed through on-premise or cloud-based models to cater to various applications, including electric meters, gas meters, and water meters.

The smart meter data management market research report is one of a series of new reports that provides smart meter data management market statistics, including smart meter data management industry global market size, regional shares, competitors with a smart meter data management market share, detailed smart meter data management market segments, market trends and opportunities, and any further data you may need to thrive in the smart meter data management industry. This smart meter data management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart meter data management market consists of revenues earned by entities by providing services such as data collection, billing and revenue management, demand response support, and regulatory compliance. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart meter data management market also includes sales of meter data aggregation devices, security devices, power supplies and backup systems, gateway devices, and data concentrators. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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