Europe 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 Europe Smart Meter Data Management Market would witness market growth of 17.0% CAGR during the forecast period (2022-2028).
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.
The smart meter data management market is expected to grow in response to rising energy demand, regulatory requirements, and legislative compliances toward smart metering, as well as increased desire for greater customer service and utility efficiency. 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 as data distribution and replication, transactional models, query processing, and location-based services, would act as the obstacles to the market growth. Conversely, a considerable rise in meter data volume as a result of collecting interval data drives utilities to use next-generation meter data management solutions, which is expected to open up several lucrative growth opportunities. 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.
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 smart meter data management 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.
The UK government has announced its decisions on consumer engagement, privacy, and security rules, including allowing consumers to set frequency preferences, prohibiting energy suppliers from using energy consumption data without explicit consent, reminding consumers of their previous privacy choices, and allowing them to change their minds. Furthermore, countries such as Russia are concentrating on modernizing their obsolete infrastructure and introducing modern metering and consumption analysis systems. Smart meter sales are increasing as smart meters and smart grids become more widely adopted. Therefore, these aspects are expected to fuel the further development of the regional Smart Meter Data Management Market over the forecast years.
The Germany market dominated the Europe Smart Meter Data Management Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $197.8 million by 2028. The UK market is estimated to grow at a CAGR of 16.1% during (2022 - 2028). Additionally, The France market would witness a CAGR of 17.9% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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
- Rest of Europe
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.