LAMEA 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 Latin America, Middle East and Africa Smart Meter Data Management Market would witness market growth of 19.5% CAGR during the forecast period (2022-2028).
Smart meter data management software assists businesses and organizations in analyzing vast amounts of data in order to unearth important information and improve decision-making capabilities. Moreover, it offers businesses with a centralized data collection center, streamlines the data validation process, and gives real-time updates on numerous crucial concerns in data acquired from smart meters. In addition, the smart meter data management system collects data from analogue and smart meters, aggregates and validates the information, and determines billing determinants. Consolidation of enormous volumes of data in one system, handling of analogue and interval data, and giving consumers with detailed information about their energy consumption are just a few of the advantages associated with smart meter data management. Furthermore, the global deployment of smart meters is increasing proportionately with the penetration of sophisticated metering infrastructure technologies, which is driving the global smart meter data management market forward.
Middle Eastern governments have recognized the need to improve its grid network to meet international standards and have begun enacting subsidy reform policies and building methods to fund energy modernization. As a result, market challenges such as inadequate planning, insufficient finance, large non-technical losses owing to energy theft, unstable energy supply and demand, and bad consumer energy have been overcome.
Many telecommunications firms are constructing communication infrastructure to support smart grids and ensure that data is transferred in a fast, safe, and secure manner. The Kuwait Ministry of Energy and Water (MEW), for example, has cooperated with local telecom firms, business consultants, smart grid vendors, and system integrators to implement 1.1 million water and electricity smart meters.
In the regional market, United Arab is expected to be a promising country. Under the country's Energy Strategy 2050, the country's energy sector has also been transitioning from 100 percent gas-fired power plants to 100 percent nuclear, solar, and other renewables-fired power plants. This initiative would help to significantly reduce carbon emissions while also increasing clean energy consumption by 50%.
The Brazil market dominated the LAMEA Smart Meter Data Management Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $66.3 million by 2028. The Argentina market is poised to grow at a CAGR of 20.1% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 19.1% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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
- Saudi Arabia
- South Africa
- Rest of LAMEA
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.