Meter Data Management System Market Size, Regional Outlook, Application Development Potential, Price Trends, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3622
Meter Data Management (MDM) System Market size is anticipated to grow from 2021 to 2027 on account of the rapid urbanization and the increasing deployment of smart grids. The rising government support and the higher incursion of Internet-of-Things (IoT) and cloud computing systems has led to rise in the number of R&D activities. The soaring adoption of electric vehicles has triggered the rise in investments in charging infrastructures. The prolific installation rate of smart meter networks and the growing modernization of old power infrastructure will propel the market growth.
Based on components, the meter data management system industry is segmented into hardware and software. The software segment is expected to grow significantly driven by the rising volumes of data generation and the optimum number of smart meter installations. According to the Institute for Electric Innovation (IEI), the U.S. electric companies installed nearly 98 million smart meters in 2019, covering around 70% of all U.S. households. The soaring requirement for accurate billing will positively influence software penetration.
With regards to utility type, the MDM system market size from the electricity segment will witness notable proceeds through 2027. This is due to their soaring adoption for outage management. The AMI meter data management systems are used to measure the electricity consumption of customers over different time intervals. They also have utility in measuring the voltage levels and monitoring the on and off status of electricity. Higher demand for reduced energy losses and more effective electrical generation will bolster the market growth.
In terms of end-use, the demand for meter data management systems across the residential sector will expand with the growing emphasis of residential consumers on improved energy consumption. The rising efforts undertaken by numerous government authorities have made way for the higher need for replacing conventional structures with automated devices. The surging utility bills have led to the increased obligation for controlling and monitoring the energy flow. The influx of advanced metering technologies for power outages, like automated systems deployed with IoT technology, will further boost the product application outlook.
Regionally, North America MDM industry size is set to gain remarkable traction impelled by the higher incursion of smart grid infrastructure. For instance, in 2018, The Government of Canada, in collaboration with the Ministry of Natural Resources, announced the funding of $100 million towards the development of smart grids. The escalating focus on tariffs and accurate bills will fuel the regional market expansion.
The meter data management system market comprises players such as Eaton, Schneider Electric, Kamstrup (OK – Tankstation), Honeywell, Sagemcom (Sagemcom SAS, SAGEMCOM), Itron, Alcara, Landis+Gyr, ABB, and Siemens.
These firms are actively involved in inorganic marketing moves, like investments, acquisitions, partnerships, and technological innovations for new product launches to fortify their geographical stronghold while attaining competitive advantages.
For instance, in October 2019, Landis+Gyr released MDMS 4.2, its novel meter data management system with updates to offer enhanced performance and integration in utility applications.
In another instance, in November 2020, Siemens AG upgraded EnergyIP, its meter data management application which is widely employed by over 200 gas, electricity, and water utility companies, with Amazon Web Services to offer more scalability and ease of use to its customers.
Impact of the COVID-19 pandemic on MDM system market trends
The global economic upheaval set into motion by the ongoing COVID-19 crisis paved the path for unanticipated impacts on a massive number of businesses. The adoption of meter data management systems also witnessed a sharp dip mainly across the commercial and industrial establishments with the massive chunk of the global population stationed indoors due to the lockdown. However, the increasing intervention of industry players on offering smart metering benefits to both consumers and DISCOMs will favor the market dynamics in the post-pandemic period.
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