Asia Pacific Smart Meter Data Management Market Size, Share & Industry Trends Analysis Report By Component, By Application, By Deployment Mode, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Asia Pacific Smart Meter Data Management Market would witness market growth of 18.1% CAGR during the forecast period (2022-2028).
The increasing implementation of smart grids as well as rapid urbanization is driving the global market. Consumer need for effective data monitoring systems to manage overall energy consumption and properly track utility bills is expanding, particularly in the residential sector. 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 the 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.
One of the major trends of the regional market is the increased usage of smart meters in the power network, which are replacing energy meters, particularly in emerging countries. For example, the Indian government began the 'Saubhagya' scheme in September 2017 with the goal of delivering power to all families in the country. With about 34.5 million residences yet to be electrified, metering producers have a lot of room to grow. In addition, the implementation of smart meters has evolved in recent years in a number of critical regions. For example, China's early adoption of PLC-enabled smart meters has given the technology a boost and will accelerate smart meter deployment in the country in the coming years.
Moreover, there has been a rapid growth of the Chinese market and the huge increase in the adoption of smart metering technology in ASEAN countries. Myanmar and the Philippines, for example, are likely to embrace advanced smart grids and other smart utility network components by focusing on upgrading and replacing ageing infrastructure and implementing smarter power networks. They will be able to maximize their energy consumption as a result of this.
The China market dominated the Asia Pacific Smart Meter Data Management Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $340.6 million by 2028. The Japan market is experiencing a CAGR of 17.4% during (2022 - 2028). Additionally, The India market would exhibit a CAGR of 18.9% during (2022 - 2028).
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 China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
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, Aclara Technologies LLC. (Hubbell Incorporated), Hansen Technologies, Ltd.
Scope of the Study
Market Segments Covered in the Report:
- Electric Meters
- Gas Meters
- Water Meters
By Deployment Mode
- South Korea
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Oracle Corporation
- Trilliant Holdings, Inc.
- Itron, Inc.
- Arad Group
- Siemens AG
- ABB Group
- Honeywell International, Inc.
- Eaton Corporation PLC
- Aclara Technologies LLC. (Hubbell Incorporated)
- Hansen Technologies, Ltd.