North America 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 North America Smart Meter Data Management Market would witness market growth of 16.8% CAGR during the forecast period (2022-2028).
Smart meters are generally used to collect energy usage data, monitor, manage, and transfer that data to a billing management system. Bidirectional connection between the meter and the central management system is possible with smart meters. Fraud protection, detection of energy theft, estimated meter readings, and improved overall energy efficiency are all advantages of the smart meter management system as compared to the old metering system. Smart meter deployment planning and management, smart meter and network asset monitoring and management, workforce management system, and meter-to-cash system are all part of the smart meter data management system package.
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.
Utilities in the United States, Canada, and Mexico are implementing smart grid technology and upgrading their grid networks to avoid losses. The market is also characterized by the growing necessity to generate precise bills for customers based on varied tariff rates.
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. In addition, Utilities in the United States have a large number of advanced metering infrastructure (AMI) installations. Smart meters, which are part of the AMI system, help to track hourly electricity consumption and communicate the information to both the utility company and the consumer. Hence, these factors are anticipated to fuel the growth of the regional Smart Meter Data Management Market during the forecasting period.
The US market dominated the North America Smart Meter Data Management Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $653.7 million by 2028. The Canada market is anticipated to grow at a CAGR of 19.5% during (2022 - 2028). Additionally, The Mexico market would showcase a CAGR of 18.4% 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 U.S., Mexico, Canada, and Rest of North America.
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 North America
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.