Meter Data Management Expected to be a $1.7Bn Market by 2024: Report
FREMONT, CA: Meter Data Management Systems (MDMSs) and Meter Data Analytics (MDA) Market is expected to reach $1.7Bn by 2024, says the report from Navigant Research. The report reveals that the key market players expect a future of multivariate data management systems, where data from distributed sensors, smart inverters, appliances, and more can be collected, organized, managed and analyzed.
Navigant Research has conducted a survey “Market Data: Meter Data Management,” on the global market for MDMSs and MDA includes revenue forecasts within different segments: software licenses and upgrades, services, maintenance, and software as a service (SaaS) and regions. The report also examines the key technology developments, drivers, and barriers related to MDMSs and MDA and found that there is a growing need for MDMSs and MDAs as billions of data points are being logged by more than 500 million deployed smart meters across various regions.
MDMS is a system of records that collects, processes and stores meter data to help utilities turn information into valuable insights that improve the operations of the grid. MDA delivers predictive analytics with a capability to use meter data in outage management, distribution management, demand response (DR) time-of-use (TOU) rates, power quality monitoring, distributed energy resources (DER) integration and home energy management.
With the rise in new applications emerging into the energy sector, that are relying on the smart electric meter data, the need for enhanced MDMSs and MDA is also increasing that delivers better management and grid optimization. Utility companies are considering data architecture as a necessary implementation before deploying smart meters.
Navigant Research estimates that the global revenue for MDMSs and MDA will reach $401.1Mn in 2015, and it is expected to increase to approximately $1.7Bn in 2024. Growth in revenue will largely be attributed to markets in North America and Europe, with compound annual growth rates (CAGRs) of 13.0 percent and 17.3 percent, respectively. However, revenue in the Middle East & Africa is expected to see higher growth, with a CAGR of 38.7 percent.
“MDMSs help utilities turn meter data into valuable insights that improve the operation of the grid,” says Lauren Callaway, research analyst with Navigant Research. “Vendors of the technology have seen more utility companies prioritizing data architecture as a necessary implementation before deploying smart meters—whereas traditionally it has been seen as an afterthought to smart meters.”