The smart meter data management global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Smart Meter Data Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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 in the historic period can be attributed to increasing energy demand, government initiatives promoting energy efficiency, rising awareness among utilities and 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 growth in the forecast period can be attributed to initial high costs, concerns over data privacy, resistance from traditional utility models, limited interoperability, and regulatory challenges. Major trends in the forecast period include increasing integration of advanced analytics, expansion of smart meter deployments, emergence of cloud-based solutions, growing emphasis on demand response programs and energy efficiency initiatives, and evolution towards advanced metering infrastructure (AMI) solutions.
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Scope Of Smart Meter Data Management Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Smart Meter Data Management Market Overview
Market Drivers –
An increase in energy demand is expected to propel the growth of the smart meter data management market going forward. Energy refers to the capability to perform tasks, observed in diverse forms such as heat, light, movement, or electricity. The rising energy demand is due to greater energy demand as cities become hubs for electricity-dependent activities such as transportation, heating, cooling, and the use of electronic devices. Smart meter data management aids in optimizing energy usage and improving grid efficiency through the provision of valuable insights into consumption patterns, facilitating informed decision-making processes. For instance, in July 2021, according to the International Energy Agency, a France-based intergovernmental organization, global electricity demand is projected to increase by nearly 5% in 2021 and 4% in 2022. With current policy frameworks and economic trajectories, the generation of electricity from renewable sources, encompassing hydropower, wind, and solar photovoltaics (PV), is expected to experience robust growth worldwide over the next two years, expanding by 8% in 2021 and over 6% in 2022. Therefore, an increase in energy demand is driving the growth of the smart meter data management market.
Market Trends –
Major companies operating in the smart meter data management market are focused on developing innovative products such as Stratus IQ+ electric meter, to gain a competitive edge in the market. Stratus IQ+ electric meter is designed to provide utilities with enhanced data visibility and control needed to adapt to the evolving smart grid environment. For instance, in December 2023, Xylem, a US-based water solutions and technology company specializing in data and technology, launched the Stratus IQ+ electricity meter with grid-edge capabilities. The innovative metering solution, the Stratus IQ+, aims to provide utilities with enhanced data collection capabilities, enabling the analysis of customer EV charging behaviors. This meter allows for near-real-time monitoring of energy consumption, making it easy to record, transmit, and receive data efficiently. With features such as software-defined metrology, the Stratus IQ+ offers flexibility and reliability, enhancing operational efficiency and empowering utilities to make informed decisions for contemporary grid management needs.
The smart meter data management market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Mode: On-Premise, Cloud
3) By Application: Electric Meters, Gas Meters, Water Meters
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Regional Insights –
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.
Key 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
Table of Contents
1. Executive Summary
2. Smart Meter Data Management Market Report Structure
3. Smart Meter Data Management Market Trends And Strategies
4. Smart Meter Data Management Market – Macro Economic Scenario
5. Smart Meter Data Management Market Size And Growth
…..
27. Smart Meter Data Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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