Dublin, April 09, 2019 (GLOBE NEWSWIRE) -- The "Meter Data Management System Market by Component, Application (Smart Grid, Micro Grid, Energy Storage, EV Charging), End-User and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global meter data management system market is projected to reach USD 428 million by 2023 from an estimated USD 169 million in 2018, at a CAGR of 20.48%.
This growth can be attributed to factors such as increasing government support and legislative requirements to install smart meters and smart grids and the need to increase energy efficiency. However, cyber security and vulnerability of data generated and lack of proper standards interoperability is hindering the growth of the meter data management system market.
A meter data management system is a solution used for managing metered consumption data of utilities such as electricity, gas, and water. It imports the data, validates, cleanses, and processes before making it available for billing and analysis. It shares the data with customers, partners, and regulators. The meter data management system market is segmented into component, utility type, application, end user, and region.
North America is expected to hold the largest market share during the forecast period. The North American meter data management system market is mainly driven by increasing investments in smart grids, government regulations, and rising focus on the modernization of metering infrastructure.
Major factors driving the growth of the market include power quality management, peak load forecasting, and increasing automation. Improvement of gas grid networks and helping consumers improve their energy efficiency are driving the data management system in the gas sector.
The major players in the meter data management system market are Itron (US), Siemens (Germany), Landis+Gyr (Switzerland), Honeywell (US), and Schneider Electric (France).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Meter Data Management System Market During the Forecast Period
4.2 Meter Data Management System Market, By Region
4.3 Meter Data Management System Market, By Component
4.4 North American Meter Data Management System Market, By Utility Type & Country
4.5 Meter Data Management System Market, By End-User
4.6 Meter Data Management System Market, By Utility Type
4.7 Meter Data Management System Market, By Application
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Government Policies and Legislative Mandates for Smart Metering Infrastructure in the US and EU
5.2.1.2 Need for Grid Reliability and Outage Management
5.2.1.3 Need for Accurate Energy Bill Generation
5.2.2 Restraints
5.2.2.1 Cybersecurity and Vulnerability
5.2.2.2 Lack of Standards and Interoperability
5.2.3 Opportunities
5.2.3.1 Commitment to Smart City Programs By Major Economies
5.2.3.2 New Business Opportunities
5.2.4 Challenges
5.2.4.1 Improper Installation of Smart Meters
5.2.4.2 Delayed Realization of ROI
6 Meter Data Management System, By Component
6.1 Introduction
6.2 Software
6.2.1 Increasing Number of New Applications and Supporting Legislations are Expected to Drive the Software Segment
6.3 Hardware
6.3.1 Emergence in Smart Metering Across the Globe is Expected to Drive the Hardware Segment
7 Meter Data Management System, By Utility Type
7.1 Introduction
7.2 Electricity
7.2.1 Remote Access to Secure Data and Power Quality Data Management are Expected to Drive the Electricity Meter Data Management System Market
7.3 Gas
7.3.1 Improving Gas Grid Networks and Improving Billing Accuracy are Expected to Drive the Gas Meter Data Management System Market
7.4 Water
7.4.1 Minimizing Water Loss and Improving Water Supply are Expected to Drive the Water Meter Data Management System Market
8 Meter Data Management System Market, By End-User
8.1 Introduction
8.2 Residential
8.2.1 Increasing Implementation of Smart Meters and Increasing Demand for Modernization of Metering Infrastructure are Expected to Drive the Residential Sector
8.3 Commercial
8.3.1 Growing Commercial Trade Hubs and Energy Efficiency Regulations are Expected to Drive the Commercial Sector
8.4 Industrial
8.4.1 Growing Manufacturing, Processing, and Data Center Establishments are Expected to Drive the Industrial Sector
9 Meter Data Management System Market, By Application
9.1 Introduction
9.2 Smart Grid
9.2.1 Aging Grid Infrastructure and Smart Meter Mandates are Driving the Smart Grid Segment
9.3 Microgrid
9.3.1 Electrification of Remote Areas and Increasing Renewable Energy Installations are Driving the Microgrid Segment
9.4 Energy Storage
9.4.1 Need to Reduce Energy Costs and Growing Energy Storage Technologies are Driving the Energy Storage Segment
9.5 EV Charging
9.5.1 Growing Electric Vehicle Adoption and Need for Managing Grid Integrity are Driving the EV Charging Segment
9.6 Others
9.6.1 Rising Demand for Gas and Water and the Need to Be Competitive are Driving the Others Segment
10 Meter Data Management System Market, By Region
11 Competitive Landscape
11.1 Overview
11.2 Market Share Analysis
11.3 Competitive Scenario
11.4 Competitive Leadership Mapping
12 Company Profile
12.1 Company Benchmarking
12.2 Honeywell
12.3 Eaton
12.4 ABB
12.5 Siemens
12.6 Schneider Electric
12.7 Itron
12.8 Landis+Gyr
12.9 Kamstrup
12.10 DIEHL
12.11 Alcara
12.12 Sensus (Xylem)
12.13 Powel
For more information about this report visit https://www.researchandmarkets.com/r/bgqvq6
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