VANCOUVER, BC, December 16, 2021 / PRNewswire / – The World Meter Data Management System (MDMS) Market Size should reach $ 1,040.9 million in 2028 and record a stable CAGR over the forecast period, according to the latest analysis from Emergen Research. The steady growth in revenue of the global meter data management systems market can be attributed to the growing need to deploy solutions and devices to effectively detect energy theft, the increasing application of more advanced metering infrastructure, the growing installation of smart grids and the growing need to improve energy efficiency and save energy. Meter data management is a process of collecting and storing meter data generated by automated metering systems. It primarily enables the monitoring of smart meters which are commonly used in the commercial and residential sectors to enable organizations to manage their overall revenues by using accurate energy meters and providing efficient energy solutions.
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The growing adoption of smart meters, the availability of cloud computing infrastructure and the Internet of Things (IoT), as well as the increasing attention and investment by governments in metering data management solutions are some of the major factors expected to drive the revenue growth of Global Meter Data Management System. market is moving forward. Asia Pacific is expected to register the fastest growth rate relative to other regional markets in the global market during the forecast period. Growing urbanization, growing number of SMEs and increasing adoption of smart grids are factors that are propelling the market revenue growth in the region.
Some key findings from the report:
In May 2021, Itron announced its partnership with Microsoft. This partnership will help the two companies create highly scalable cloud-based meter data management services for their consumers.
The residential segment accounted for the largest revenue share in the global market in 2020. The increase in revenue share is attributed to the increasing application of smart meters in the residential sector and the growing need to analyze the consumption of electricity. energy.
North America accounted for 32.7% of global market revenue in 2020. Increased investment in smart meter infrastructure and strong presence of key vendors are major factors driving the market revenue growth in this region.
The major companies included in the market report are Itron, Siemens, Landis + Gyr, Honeywell, Schneider Electric, ABB, Eaton, Kamstrup, DIEHL and Alcara.
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For the purposes of this report, Emergen Research has segmented the meter data management systems market depending on component, utility, application, end use and region:
Components Outlook (Revenue, USD Million; 2018-2028)
Utilities Outlook (Revenue, USD Million; 2018-2028)
Application Outlook (Revenue: Million USD; 2018-2028)
End use Outlook (Revenue: Million USD; 2018-2028)
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SOURCE Emerging research