Smart Meter Data Management Market Booming Worldwide By 2030: Report Focusing On Opportunities

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Smart Meter Data Management Market

Growth in demand for smart meters across the world to efficiently use energy sources and monitor energy consumptions drives the market growth.

PORTLAND , PORTLAND, OR, UNITED STATE, September 14, 2022 /EINPresswire.com / -- Development of communication Network infrastructure, high investments in digital electricity infrastructure, and supportive government initiatives drive the growth of the global smart meter market. However, the high cost of installation of smart meters hinders market growth. On the other hand, the development of smart city projects creates new opportunities in the coming years.

According to the report, the global smart meter industry generated $21.79 billion in 2020, and is expected to reach $54.34 billion by 2030, witnessing a CAGR of 10.1% from 2021 to 2030.

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Based on product, the electricity meter segment contributed the highest share in 2020, accounting for around three-fifths of the global smart meter market, and is expected to continue its lead position during the forecast period. Moreover, this segment is projected to manifest the highest CAGR of 10.9% from 2021 to 2030. This is attributed to an increase in investment in the digitalization of electrical systems, expansion of grid infrastructures, and a rise in electricity demand from commercial and residential sectors. The report also analyzes the segments including the gas meter and water meter.

Based on end use, the residential segment accounted for the largest share in 2020, holding more than three-fifths of the global smart meter market, and is projected to continue its leadership status during the forecast period. This is due to increase in power consumption with rising in the use of home appliances such as televisions, ceiling fans, lighting, personal computers, cloth washers, and air-conditioning equipment in residential buildings.

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However, the industrial segment is estimated to register the largest CAGR of 11.2% from 2021 to 2030, owing to the integration of distributed generation and smart meter infrastructures, which enables utilities to utilize smart grid offerings and fully leverage the distributed energy resources. Moreover, it can surge the overall process efficiency by using the heat emitted from the generation process.

Based on region, Asia-Pacific, followed by Europe and North America, held the highest market share in 2020, accounting for nearly three-fifths of the global smart meter market, and is estimated to continue its dominance in terms of revenue by 2030. Moreover, this region is expected to portray the fastest CAGR of 10.6% during the forecast period, owing to high adoption of smart technology in power grid infrastructure and increase in challenges such as aging transmission and distribution (T&D) infrastructure and distributed generation.

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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.

Covid-19 Scenario

•Manufacturing activities of smart meters halted due to lockdown measures implemented across many countries. Moreover, disruptions in the supply chain and shortage of raw materials presented challenges in carrying out manufacturing activities.

•The demand from end-use industries such as residential, commercial, and others lowered significantly due to a halt in daily operations during the lockdown. However, the demand is expected to grow steadily post-lockdown.

•The ban on import-export activities led to disruption in the supply chain and created a supply-demand gap. Many smart metering projects were stopped and delayed.

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