Meter Data Management System Market worth $428 Million by 2023 Meter Data Management System Market - 2023

Meter Data Management System Market worth $428 Million
by 2023
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 the increased
government policies and supportive mandates for smart meter installations and need for accurate utility bill
generation.
The electricity segment is expected to hold the largest share of the meter data management system
market, by utility type, during the forecast period.
The electricity segment is estimated to dominate the meter data management system market in 2018 and is
projected to have the largest market share during the forecast period. This is mainly because there is increased
global rollout of smart meters to reduce energy consumption and monitor customer usage pattern to determine
load and outage management. Furthermore, meter data management allows utilities to develop new business
models such as time of consumption tariff rate which is further expected to contribute to the growth of the
electricity segment.
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The residential segment is expected to be the fastest growing segment of the meter data management
system market, by end-user, during the forecast period.
The residential segment accounted for the highest CAGR during the forecast period. The growth of this segment
can be attributed to the increasing mandated rollout of smart meters in the residential sectors across regions
such as the EU and North America. Countries such as the UK, France, Italy, and the US have mandated smart
meter installation targets by 2023. This is expected to increase the demand for meter data management system
market in the forecast years. In addition to this, grid upgrade, energy efficiency targets, and transmission and
distribution investment in North America and Europe is further contributing to the growth of the residential
segment.
North America: The leading market for meter data management system.
In this report, the meter data management system market has been analysed with respect to 5 regions, namely,
North America, South America, Europe, Asia Pacific, and the Middle East & Africa. North America is
estimated to dominate the global meter data management system market in 2018 owing to the smart meter
installation development and growth in countries such the US, Canada and Mexico. There is a huge requirement
for power and infrastructural development due to aging grid network in the region. The US and Mexico are also
investing in infrastructure and power generation projects to tackle growing population demands. The growth of
the meter data management system market in this region is also driven by smart meter rollouts and need to
stabilize the grid and generate accurate utility billing. Subsequent smart grid development programs, microgrid,
energy storage, and EV charging infrastructure is further expected to propel the growth of the market in the
region.
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