Meter data management system, is majorly used across the globe owing to the ability to provide timely reading, automating metering, and producing fine-grained data. The systems collect utility consumption data at a time interval, usually every 15 minutes or hourly. Meter data analytics systems are an ICT-based platform for analyzing the collected meter readings, which has become an indispensable part of utilities running the smart grid. The data is then used to generate various analytics, including constant consumption, meter to cash, negative consumption, abnormal consumption, others these reports help the client to get deep insights on utility consumption patterns and trends.
The meter data management system market accounted to US$ 837.6 Mn in 2018 and is expected to grow at a CAGR of 14.4% during the forecast period 2019 – 2027, to account to US$ 2,891.7 Mn by 2027.
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The demand for reliable, quality, and safe power accelerate the growth of the meter data management systems market globally. Furthermore, incentives and support from government worldwide are expected to fuel the market growth. However, recognizing the role of technology as well as their significance to utilities, along with the absence of adequate standards for communication and functionality, may hinder growth in the market. Also, inadequate or undeveloped service-oriented architectures at utilities rolling out the smart meters and AMI also acts as hindering factors to the market growth.
With the increasing population, the demand for utility consumption is expected to increase exponentially. A city’s utility management systems and distribution channel are expected to be viable over a longer period of in order to maintain growth consistently. They should also be integrated with technologies that are capable to monitor and check utility loss issues. The government of various countries are adopting the momentum of smart cities thereby, investing in the development of internet infrastructure in the countries with an aim to bring robust urbanization. The aforesaid factor is expected to provide huge benefits to the companies providing this system and thus, positively impacting the meter data management system market.
Some of the market Initiatives were observed to be the most adopted strategy in the global meter data management system market. Few of the recent market initiatives are listed below;
2019: Kamstrup joined forces with Siemens to offer a solution consisting of the data collection system, Kamstrup OMNIA, combined with high-quality smart meters and meter data management system solution, Siemens EnergyIP.
2019: Schneider Electric announced a new EcoStruxure Plant Performance Advisors suite for industrial enterprises to leverage their industrial automation data to increase operational profitability.
2019: Honeywell would be launching new hardware and software features, all poised to drive a holistic and surgical approach to enterprise-class demand response and distributed energy resource programs.
2018: Landis+Gyr announced an agreement with KUA (Kissimmee Utility Authority) to supply advanced metering infrastructure and a meter data management system. As per the agreement, Landis+Gyr would deploy its Gridstream AMI solution, including network infrastructure and 80,000 residential and commercial meters.
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