According to a recent report published by Allied Market Research, titled, "Smart Meter Data Management Market by Component, Deployment Mode, Application: U.S. Opportunity Analysis and Industry Forecast, 2019–2026," the U.S. market was valued at $176.56 million in 2018, and the U.S. smart meter data management market forecast is projected to reach $556.94 million by 2026, growing at a CAGR of 15.54% from 2019 to 2026.
Smart meters are next-generation metering devices that are used to obtain energy consumption feedbacks, monitor, manage, and send these feedbacks to the billing management system. The smart meter data management system gathers data from analog & smart meter, aggregates & validates the data, and calculates the billing determinants. Numerous benefits associated with smart meter data management include consolidation of large volume of data in one system, handling all the analog & interval data and similarly facilitating new customer offerings such as providing detail information about customer’s energy consumption.
Growth in demand for smart meters across the U.S. region to efficiently use energy sources and monitor energy consumptions drive the U.S smart meter data management market growth. Further, supportive rules and regulations for energy consumption, as well as initiatives undertaken by the governing bodies of the nation, boosts the demand for smart meter data management products. However, the high cost of these meters and management of high volumes of data can be concerning factors that impact the market development. Nevertheless, increase in volume of meter data and high demand for predictive analysis are expected to offer considerable growth opportunities for the smart meter data management market.
The electric gas meter segment is expected to garner significant share during the forecast period. The major factors driving the adoption of U.S. smart meter data management software in this sector include, increase in the demand for smart grids and energy across the U.S. and surge in electric vehicle & grid integration majorly drive the market growth. However, the water meter sector is expected to grow at a highest rate during the forecast period, owing to increase in government initiatives for installation of water meter data management across the U.S. to convert meter data into actionable insights.
According to Pramod Borasi, Research Analyst, ICT at Allied Market Research, “Significant adoption of AI in smart meters has created lucrative opportunities for smart meter analytics in the U.S.”
Key Findings of the Study
- On the basis of component, the software segment led the U.S. smart meter data management market, in terms of revenue in 2018.
- By deployment model, the on-premise accounted for the highest U.S. smart meter data management market share in 2018.
- Depending on application, the electric gas segment is anticipated to exhibit substantial growth during the forecast period.
The key players profiled in the U.S. smart meter data management market analysis are Oracle Corporation, Arad Group, Trilliant Holdings, Inc., Elster Group GmbH, Itron, Siemens AG, Aclara Technologies LLC, Enoro, ElectSolve Technology Solutions & Services, Inc., and Landis+Gyr. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.