Smart Meter Data Management Market Size, Share & Industry Analysis, By Component (Software, Hardware), By End-user (Residential, Commercial, Industrial) And Regional Forecast, 2024-2032

Smart meters are primarily used to obtaining energy consumption feedbacks, monitor, manage, and send these feedbacks to the billing management system. Smart meters enable bidirectional communication between the meter and the central management system. The smart meter management system offers various advantages over the traditional metering system including fraud prevention, detection of energy theft, estimate meter readings, and better overall energy efficiency. The smart meter data management system solution includes smart meter deployment planning and management, smart meter and network asset monitoring and management, workforce management system, and meter-to-cash system.

Based on component type, the global smart meter data management market is segmented into software and hardware. The software segment is anticipated to hold the major share of the market in 2019 and it is expected to maintain its share during the forecast period, owing to the rising smart meter installation. Software is used to format, process, and correlate the data to support precise billing.

Based on the end-user, the market is segmented as residential, commercial, and industrial. The residential segment held a major share of the global smart meter data management market due to the compulsion of smart meter implementations across the globe. Furthermore, residential consumers are using smart meters for access to their energy consumption data through a meter data management system, which will help in improving energy consumption.

The key market driver for the global smart meter data management market is the increasing deployment of smart meters, the rise in adoption of advanced metering infrastructure technologies, and the rising need for predictive analytics. Smart meters are accurately monitoring water, gas, and electricity usage. This results in efficiently managing consumption and improving billing & customer service.

The key market restraint for the market is the high cost of installing smart meters.  Also, high maintenance, upgradation, consulting, and integration are affecting the growth of the market.

Key Players Covered:

Some of the major companies in the smart meter data management market are Oracle Corporation, Trilliant Holdings, Inc., Siemens AG, ElectSolve Technology Solutions & Services Inc., Arad Group, Itron, Elster Group GmbH, Aclara Technologies LLC, Enoro, and Landis+Gyr.

Regional Analysis:

The global smart meter data management market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia-Pacific region is the fastest-growing region for the global smart meter data management market during the forecast period. Owing to the significant growth in the adoption of smart metering technology in ASEAN countries and rapid growth in the Chinese market. Countries like Myanmar and the Philippines are also expected to adopt advanced smart grids and other smart utility network components by focusing on upgrading & replacing outdated infrastructure and installing smarter power networks. This will allow them to leverage their energy consumption.

Segmentation

Key Industry Developments

• On January 27, 2020, Landis+Gyr launched the Revelo, the next generation of electric meters with leading-edge grid sensing technology. These newly developed electric meters as grid sensors capable of providing new levels of awareness and insight.


• In January 2020, Itron, Inc. launched a 4G LTE smart metering solution. This new technology provides broad territory coverage, low latency, and network longevity, using the fastest 4G LTE technology