The North America Smart Meter Data Management Market would witness market growth of 16.6% CAGR during the forecast period (2023-2030).
A number of legislative measures mandate the metering of energy and water resources. These laws also establish rules and standards for the design of building systems, as well as assuring energy efficiency and sustainability. For example, Entergy Corporations, a US-based utility, chose OMNETRIC Group, a Siemens Company, to provide services such as meter data to help the utility enhance its billing processes in January 2017. Consumer need for effective data monitoring systems to manage overall energy consumption and properly track utility bills is expanding, particularly in the residential sector.
Moreover, rising investments in smart grid projects, increased upgrades to transmission and distribution infrastructure, and government policies in emerging nations encouraging the implementation of smart grids and smart meters all contribute to the growth of the market. On the other hand, factors such as various data management difficulties, including data distribution and replication, transactional models, query processing, and location-based services, would act as obstacles to market growth.
The North American region has seen the highest penetration in terms of meter reading around the globe due to the creation of advanced metering infrastructure for smart grid system installations. In 2017, American Electric Power, for example, upgraded its meter data management software to enhance customer service and operations. In the United States, the market for smart meter data handling has a huge potential. Hence, these factors are anticipated to fuel the growth of the regional market during the forecasting period.
The US market dominated the North America 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 $989.5 million by 2030. The Canada market is exhibiting a CAGR of 19.2% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 18.2% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Smart Meter Data Management Market is Predict to reach $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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