Smart Meter Data Management Market Value to Cross USD 5.2 Billion in 2030
Upsurge in adoption of smart meters across worldwide & increase in penetration of advanced metering infrastructure technologies boost market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, February 14, 2023 /EINPresswire.com/ — The smart meter data management market generated $1.1 billion in 2020, and it is anticipated to reach $5.2 billion by 2030, with a CAGR of 17.23% from 2021 to 2030, according to a report by Allied Market Research. The study provides a thorough analysis of the value chain, main market segments, key investment pockets, regional scenarios, and competitive environment.
Surge in energy demand, regulatory requirements, and legislative compliances toward smart metering, and increase in requirement for enhanced customer service level & utility efficiency drive the global smart meter data management market growth. On the contrary, various data management problems, including data distribution and replication, transactional models, query processing, and location-based services limit the market’s growth. However, a considerable rise in meter data volume as a result of collecting interval data drives utilities to use next-generation meter data management solutionsto create new opportunities in the coming years.
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The report offers detailed segmentation of the global smart meter data management market based on component, application, deployment mode, and region. Based on component,the software segment held the highest market share in 2020, accounting for more than two-thirds of the total share, and is projected to maintain its leadership status during the forecast period. However, the service segment is estimated to grow at the fastest CAGR of 17.91% from 2021 to 2030.
Based on application,the electric meters segment accounted for the largest share in 2020, contributing to more than half of the global smart meter data management industry, and is expected to maintain its lead position during the forecast period. However, the gas meters segment is projected to portray the highest CAGR of 19.26% from 2021 to 2030.
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Based on region, Asia-Pacific contributed the highest share in 2020, accounting for more than two-fifths of the total share, and is expected to continue its dominant share in terms of revenue by 2030. Moreover, the same segment is projected to manifest the largest CAGR of 19.01% during the forecast period.
Leading players of the global smart meter data management market discussed in the research include Aclara Technologies LLC, ABB Ltd., Arad Group, ElectSolve Technology Solutions & Services, Inc., Eaton, Hansen Technologies, Itron Inc., Honeywell International Inc., Oracle Corporation, Landis + Gyr, Trilliant Holdings, Inc., and Siemens AG.
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Key Findings of the Study:
• By component, the software segment led the global smart meter data management market in terms of revenue in 2020.
• By deployment mode, the on-premise segment accounted for the highest global smart meter data management market share in 2020.
• By application, the electric meters segment generated the highest revenue in 2020
• By region, Asia-Pacific generated the highest revenue in 2020.
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