The Europe Smart Meter Data Management Market would witness market growth of 16.9% CAGR during the forecast period (2023-2030).
The increasing deployment of smart meters, the growth in acceptance of sophisticated metering infrastructure technologies, and the expanding requirement for predictive analytics are some of the catalysts for the overall market. In addition, smart meters keep track of how much water, gas, and electricity are used. As a result, consumption is more efficiently managed, and invoicing and customer service are improved. Furthermore, the increased use of machine learning and artificial intelligence in smart meter data management enhances operational planning, reduces peak demand, increases energy savings, and generates new revenue streams for businesses.
Additionally, growing deployment of sophisticated metering technologies for power outage management and improving grid resilience would help the market in the long run. Meter Data Management (MDM) systems can identify power interruptions and offer real-time energy consumption information to users. Furthermore, the modernization of old power infrastructure can act as the catalysts for market growth. Factors such as integration of advanced metering systems with cloud computing systems and the Internet of Things (IoT), as well as intensive research and development (R&D) activities, are projected to further propel the market.
By 2020, the European Union (EU) has mandated that utility firms deliver smart meters to 80% of their electricity customers. This regulation is expected to provide abundant opportunities in the market for both domestic and international smart meter suppliers. The market in Europe is impacted by a high penetration of smart meter installations in Central and Eastern Europe, preventive actions taken to limit power theft, and different favourable government policies regarding electricity management. Therefore, these aspects are expected to fuel the further development of the regional market over the forecast years.
The Germany market dominated the Europe Smart Meter Data Management Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $293.3 million by 2030. The UK market is registering a CAGR of 15.9% during (2023 - 2030). Additionally, The France market would showcase a CAGR of 17.8% during (2023 - 2030).
Based on Component, the market is segmented into Software and Services. Based on Application, the market is segmented into Electric Meters, Gas Meters and Water Meters. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Smart Meter Data Management Market will Hit $4.9 Billion by 2030, at a CAGR of 17.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, Trilliant Holdings, Inc., Itron, Inc., Arad Group, Siemens AG, ABB Group, Honeywell International, Inc., Eaton Corporation PLC, Hubbell Incorporated and Hansen Technologies, Ltd.
By Component
By Application
By Deployment Mode
By Country
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