Report : Meter data management system Market to 2027 - Global Analysis and Forecast by Offering (Software and Services); Utility Type (Gas, Water, and Electricity); Application (Smart grid, Microgrid, Energy Storage, EV Charging, and Others); End-User (Residential, Commercial, and Industrial)
According to the new research report published by The Insight Partners, titled “Meter Data Management System Market - Global Analysis and Forecast to 2027”, the global meter data management system market is expected to reach US$ 2.89 Bn in 2027, registering a CAGR of 14.4% during the forecast period 2019-2027.
In 2018, North America was estimated to hold the largest market share, whereas South America is expected to be fastest region with a CAGR of 19.7%.
The constant growth in the global smart grid deployment is the key factor bolstering the growth of the meter data management system market worldwide. The rising deployment of AMI and smart meter technologies by utilities to better manage their services and enhance ROI is propelling market growth. A meter data management system enables easy integration of information and technology in the AMI. It executes long term data storage as well as captures metering data from AMI systems to create a system of record for the metering data. Additionally, meter data management systems also help in the distribution of the meter data across the utilities.
North America is estimated to dominate the meter data management system market owing to the rapid installation of smart metering technology. Furthermore, Europe is also experiencing high growth due to stringent measures taken by the R&D initiatives taken by the government as well as rising electricity prices. Moreover, emerging countries in the APAC region are contributing significantly to the market growth. The growth in the APAC region is attributed to increasing electricity theft. Also, the government of these economies has taken several initiatives to develop EV charging infrastructure to reduce gas emissions.
In South America region, Brazilian government has not mandated deployment of smart meters for power distribution companies, and the majority of the investments in smart meters are restricted to pilot smart grid projects started by power distribution companies. The EV charging infrastructure is also undeveloped in the SAM region, with a presence on very few charging stations. However, countries such as Chile and Brazil, are noticing a growth in the adoption of EVs, which is expected to drive the development of EV charging infrastructure. For instance, Chile aims to increase the number of EVs ten times by 2022. Also, the Brazilian government has adopted a new regulation to launch the measures and conditions for deploying EV charging stations across the country. Such initiatives in the EV charging infrastructure would offer new opportunities to the meter data management system market.
Key findings of the study:
North America held the largest market in 2018 in the meter data management system market. The government of the US has introduced the “Distributed Energy Demonstration Act of 2017”, which is focused on establishing grant programs concerning the smart grid and its deployment-related technologies. These technologies comprise energy generation technologies, EVs and related supply equipment and systems, response and energy efficiency resources, as well as aggregations and integrated control systems, such as microgrids. Aforesaid factors supports the high growth of meter data management system in the North America region.
The global meter data management system market is anticipated to witness impressive growth during the forecast period, high adoption of technological advancement in metering technologies facilitates for measuring and monitoring the information. During the forecast period of 2019 to 2027, EV charging is expected to drive the demand for meter data management system worldwide. Software by offering in 2018 led the meter data management system market is expected to be the fastest-growing offering during the forecast period 2019-2027 growing at a high CAGR value.
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