The Global Smart Meter Data Management Market size is expected to reach $3. 2 billion by 2028, rising at a market growth of 17. 5% CAGR during the forecast period. Smart meter data management is a kind of software that validates, stores, and makes pre-processed meter data available to business applications upstream.
New York, June 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Smart Meter Data Management Market Size, Share & Industry Trends Analysis Report By Component, By Application, By Deployment Mode, By Regional Outlook and Forecast, 2022 – 2028" - https://www.reportlinker.com/p06283464/?utm_source=GNW
Also, smart meters are utilized by a variety of major suppliers for a variety of objectives, including assisting businesses with revenue management by increasing meter and billing quality, giving correct bills to end users, and assisting consumers with energy saving. Detecting energy theft, estimating meter readings, and improving overall energy efficiency are all advantages of the smart meter management system over the old metering system.
The process of collecting, storing, and managing enormous amounts of data from various smart metering devices, such as water meters and gas meters, can be performed with smart meter data management. Moreover, it assists organizations in gathering, storing, and processing various forms of data in order to assist enterprises in dealing with the growing number of data and gives important information for gaining superior insights. Smart meter data management software also minimizes human errors and offers real-time data on smart meters. Furthermore, this software includes modules such as a meter-to-cash system, a labour management system, asset management, and other tools that assist enterprises in managing massive quantities of smart meter information efficiently and rapidly.
Some of the growth factors for the industry are the necessity for grid stability and outage management, severe government regulations and legislative mandates for smart metering infrastructure around the world. Additionally, a number of legislative measures mandate the metering of energy and water resources. These laws also establish rules and standards for the design of building systems, as well as assuring energy efficiency and sustainability. For example, Entergy Corporations, a US-based utility, chose OMNETRIC Group, a Siemens Company, to provide services such as meter data to help the utility enhance its billing processes in January 2017. Many other utilities across the world are also working to improve their billing operations by implementing proper meter data management systems.
Due to an alarming increase in COVID-positive patients, various countries around the world have paused the implementation of smart meters and smart city projects, thereby hampering the market growth. In addition, a number of governing bodies around the world are taking steps to halt the spread of the COVID-19 virus by enacting various legislation. However, in a pandemic situation, the increased deployment of smart meters across the globe to give smart billing systems and real-time updates on malfunctioning meters have fueled the growth of the industry.
Market Growth Factors
Favorable Government measures and investments that encourage grid digitization
The market is fueled by government rules and incentives for smart meter installation. According to the US International Trade Commission, utilities are reluctant to invest in smart meter technology without a government mandate or incentives. This is due to the limited capital expenditure capacity of utilities. Furthermore, utilities may be unaware of the long-term benefits of installing smart meters, making the investment less attractive in the absence of government incentives. As a response, governments around the world have enacted a slew of regulations and mandates to facilitate the deployment of smart meters and smart grids.
Rising deployment of next-generation metering infrastructure technologies
The adoption of advanced meter infrastructure (AMI) technology is fueled by numerous benefits provided by advanced metering technology, such as the capacity to identify outages and the facilitation of real-time energy usage patterns for end users. In addition, some of the growth catalysts for the market are rising energy demand, government regulations, and legislative compliances for smart metering, as well as the desire for improved customer service and utility efficiency. The collection of interval data has resulted in a significant increase in meter data volume, prompting utilities to use next-generation meter data management solutions. According to a report published in 2018 by the Edison Foundation, the United States alone logs about one million data points every day from more over 46 million deployed smart meters.
Market Restraining Factors
Need for massive initial investment and other operational expenses for utility providers.
When compared to standard meters, smart meter infrastructure requires a big upfront investment, and it takes a long time to see a significant return on investment. As a result, utility firms struggle to make a profit. Because of the large capital requirements, both energy customers and utility suppliers confront major hurdles. Because the entire programme is contingent on the utility’s capacity to complete the deployment, finance is a major roadblock. The necessity to integrate and upgrade software solutions for greater production, as well as the complexity of smart meter maintenance and repair, all add to operational costs.
Based on Component, the market is segmented into Software and Services. The Service segment collected a significant revenue share of the Smart Meter Data Management Market in 2021. The growth of this segment can be credited to a surge in utility and energy sector usage of consultancy, integration, and implementation services to cut costs and improve productivity.
Based on Application, the market is segmented into Electric Meters, Gas Meters, and Water Meters. The Gas Meters segment held a significant revenue share of the Smart Meter Data Management Market in 2021. This is because Smart gas meters automatically measure the basic properties of the gas flowing through the pipeline, such as pressure, volume, and temperature. The installation of smart gas meters in industrial, commercial, and residential settings is the next stage in ensuring that everyone has access to gas. Government rules and standards have driven the smart gas meter sector to contribute to global GDP growth. Collaboration between gas exploration firms and smart gas meter makers also helps. There has been no disparity in gas meters, ensuring that the market would continue to grow rapidly in the coming years. Furthermore, an increase in safety concerns and standards has contributed to double-digit growth in the global smart gas meter market in recent years.
Deployment Mode Outlook
Based on Deployment Mode, the market is segmented into On-premise and Cloud. In 2021, the On-premise segment collected the largest revenue share of the Smart Meter Data Management Market. This is because of the growing investments by large organizations in on-premise platform implementation. Despite the fact that cloud deployment has grown in popularity, on-premise deployment continues to satisfy the needs of a wide range of businesses. In addition, the increased requirement to protect sensitive data is fueling market expansion. Furthermore, the segment’s rise is due to associated benefits such as data privacy and security. Because they have complete control over the deployed software, they are able to prevent data breaches. Furthermore, the on-premise solutions are simple to install, and the data saved can be used for future reprocessing.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2021, the APAC emerged as the dominating region in the overall Smart Meter Data Management Market. The growth of the regional market is owing to the availability of next-generation metering infrastructure for ambitious smart grid system installations and an increase in smart meter installation across the region. Furthermore, the increased implementation of smart meters across various industries, such as manufacturing, automotive, and energy & utility, to improve energy consumption and enable proper energy usage during epidemic situations, is propelling the market in this region forward.
The major strategy followed by the market participants is Partnerships. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation is the forerunners in the Smart Meter Data Management Market. Companies such as Honeywell International Inc., and Trilliant Holdings, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, Trilliant Holdings, Inc., Itron, Inc., Arad Group, Siemens AG, ABB Group, Honeywell International, Inc., Eaton Corporation PLC, Aclara Technologies LLC. (Hubbell Incorporated), Hansen Technologies, Ltd.
Recent Strategies deployed in Smart Meter Data Management Market
Partnerships, Collaborations and Agreements
Mar-2022: Itron joined hands with Utilismart Corporation, a provider of meter data management-driven analytics. Under this collaboration, the companies aimed to fill the space that miniature utilities are facing between AMI and AMR solutions and provide a substitute completed operated and hosted meter reading and data accusation model that also addresses increasing submetering necessity. Moreover, utilities would have an entire data management solution that can support the automation of enterprise procedures and present the information for improved company decision-making.
Nov-2021: Trilliant formed a partnership with FLONIDAN, a leading provider of smart gas meters. Through this collaboration, the FLONIDAN would enable utilities to securely and safely recover gas meter data, either direct through Trilliant RF WANs or by employing actual cellular networks, via Zigbee or Wireless mBus networks, all to provide functional data into consumers’ hands. Together, the companies aimed to develop global solutions for all meter connection kinds, such as new carbon-friendly hydrogen meters, for prepayment and credit applications that demand no hardware derived to provide the best total price of ownership.
Aug-2021: Siemens came into a partnership with Tata Power Delhi Distribution Limited, a joint venture between the Government of NCT of Delhi and Tata Power Company Limited. Through this partnership, the companies aimed to deploy Smart Metering Technology for over 200,000 Smart Meters in North Delhi. Additionally, Siemens’ technologies would support Tata Power-DDL to accomplish their ESG targets of energy efficiency, decreased greenhouse gas emissions, and enhanced safety for workers and the people. Moreover, Siemens is also working towards enhancing safety and accuracy in operations for Tata Power-DDL’s crucial energy benefits.
May-2021: Itron formed a partnership with Microsoft, an American multinational technology corporation. Through this partnership, the companies aimed to advance highly ascendable cloud-based meter data management services to assist utilities completely using data obtained from AMI and expand smart meter use cases.
Jul-2020: Trilliant came into a partnership with Grid4C, a producer of AI and Machine Learning solutions. Through this partnership, Grid4C would improve Trilliant’s capabilities to deliver precise, real-time data and analytics to consumers. Additionally, Grid4C’s AI technology uplifts solutions to the next level, allowing Trilliant to provide an even deeper level of consumer service to our various credible partners.
Jan-2020: Honeywell came into a partnership with Verizon, an American wireless network operator. Through this partnership, Verizon’s Managed Connectivity LTE would combine Honeywell Internet of Things sensors to generate a smarter energy grid. Additionally, the project’s focus is to speed up and simplify the launch of controllers, sensors, and various internet-connected hardware on electrical grids.
Product Launches and Product Expansions
Feb-2022: ABB India introduced new series of power monitoring and electrical measuring meters. The meters would allow consumers to make a better decision to surveillance their power utilization. Moreover, the meters would guarantee basic to complete power quality accurately and analysis monitor the energy benefit for industrial, residential, and commercial building segments.
Nov-2021: Siemens introduced EnergyIP, focusing on improved consumer experience. The smart meter data analogize all applicable data on one screen, making it accessible to understand and identify interaction and root causes through immersive shortcuts and visualizations. Additionally, energy Mosaic software is perceptive and capable with noticeably lesser clicks, which leads to task time detection by up to 85 per cent.
Feb-2021: Honeywell unveiled the Honeywell E-Mon Class 6000 product range, a new era of multi-protocol-capable energy. The meters assist building landowners with better surveillance, measuring and controlling energy use throughout a building in an easy installation and operation form. Moreover, with The perceptive E-Mon app, consumers can rapidly instruct the meters and feel confident in its dependable everyday operation.
Dec-2020: Trilliant introduced Libra series edge-ready smart electric meter for commercial, residential and industrial applications. The Libra series would allow consumers to use the advantages of the Libra series edge-ready smart electric meter regardless of the networking technology currently have in place, enabling utility suppliers to modernize current systems seamlessly, significantly minimizing both price and risk.
Acquisitions and Mergers
Oct-2021: Itron completed the acquisition of Smart Efficient Lighting Control, a market leader in the smart lighting controls enterprise. Through this acquisition, the companies aimed to add SELC’s products to its solution offering, Itron vertically blend its smart city portfolio, growing Itron’s leadership as an end-to-end smart city solution supplier. Additionally, SELC allows Itron to construct on authorized smart cities leadership by expanding the abilities of smart city platforms.
Scope of the Study
Market Segments covered in the Report:
• Electric Meters
• Gas Meters
• Water Meters
By Deployment Mode
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Oracle Corporation
• Trilliant Holdings, Inc.
• Itron, Inc.
• Arad Group
• Siemens AG
• ABB Group
• Honeywell International, Inc.
• Eaton Corporation PLC
• Aclara Technologies LLC. (Hubbell Incorporated)
• Hansen Technologies, Ltd.
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