Meter Data Management Statistics


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Meter Data Management Statistics 2023: Facts about Meter Data Management outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Meter Data Management, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

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Top Meter Data Management Statistics 2023

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Meter Data Management “Latest” Statistics

  • For instance, the U.S. alone collects around one million data points every day from more over 46 million installed smart meters, according to a research by the Edison Foundation released in 2018.[1]
  • For instance, according to a study report released by SMS PLC in June 2020, about 21.5 million smart meters were installed in the United Kingdom by 2020 during the COVID-19 shutdown period.[1]
  • The market for managing data from smart meters was estimated to be worth $1.1 billion in 2020 and is expected to rise to $5.2 billion by 2030, with a CAGR of 17.23% from 2021 to 2030.[1]
  • The U.S. smart meter data management market was valued at $176.56 million in 2018, and it is anticipated to reach $556.94 million by 2026, increasing at a CAGR of 15.54% from 2019 to 2026.[2]
  • Since utilizing email meter, Payday HCM has decreased response times by 71%, resulting in fewer lost leads and dissatisfied customers.[3]
  • The worldwide smart meter data management market produced $666.1 million in 2016 and is projected to reach $1.89 billion by 2023, showing a CAGR of 16.4% from 2017 to 2023, according to a research by Allied Market Research.[4]
  • In terms of component contribution, the software sector accounted for more than two-thirds of the total in 2016 and is anticipated to continue holding a commanding position throughout the projected period.[4]
  • However, from 2017 to 2023, the services category is anticipated to have the greatest CAGR of 17.3%.[4]
  • According to Allied Market Research, smart meter data management market to $1.89 billion by 2023.[4]
  • World energy consumption is projected to rise to 736 quadrillion btu (quads) in 2040 from 575 quads in 2015, an increase of 28%, according to the latest International Energy Outlook 2017 (IEO2017) from the US Energy Information Administration.[5]

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How Useful is Meter Data Management

One of the primary benefits of MDM is its ability to provide utilities with real-time data on energy consumption. This allows companies to better predict and manage peak loads, reduce grid congestion, and ultimately lower operating costs. By having a detailed understanding of when, where, and how energy is being used, utilities can make informed decisions that benefit both them and their customers.

Furthermore, MDM enables utilities to offer more personalized services to customers. By analyzing consumption patterns, utilities can identify opportunities for energy efficiency improvements and help customers make informed decisions about their electricity usage. This can lead to lower bills for customers and a reduced environmental impact for the utility company.

In addition, MDM plays a crucial role in grid modernization efforts. As more distributed energy resources are integrated into the grid, utilities must have the ability to monitor and control these resources in real-time. MDM systems provide the necessary visibility and control to effectively manage distributed energy resources, ensuring the stability and reliability of the grid.

Moreover, MDM can help utilities detect and respond to outages more quickly. By analyzing data from smart meters, utilities can pinpoint the location of outages and dispatch repair crews more efficiently. This can result in faster restoration times and improved customer satisfaction.

However, despite these clear benefits, there are some challenges associated with MDM implementation. One of the primary challenges is data security and privacy. With the increasing amount of data being collected and stored by utilities, there is a growing concern about how this information is being used and protected. Utilities must take proactive measures to safeguard customer data and ensure compliance with data privacy regulations.

Additionally, there is a significant upfront investment required to implement an MDM system. This investment includes not only the cost of the software and hardware but also the training and support necessary for employees to effectively utilize the system. Utilities must carefully assess the potential return on investment to justify the expense of implementing MDM.

In conclusion, while MDM offers numerous benefits to utility companies, it is essential for organizations to carefully consider the costs and challenges associated with its implementation. By investing in robust data security measures, training employees on how to effectively use the system, and conducting a thorough cost-benefit analysis, utilities can maximize the value of MDM and position themselves for success in the rapidly evolving energy landscape.

Reference

  1. alliedmarketresearch – https://www.alliedmarketresearch.com/smart-meter-data-management-market
  2. alliedmarketresearch – https://www.alliedmarketresearch.com/us-smart-meter-data-management-market
  3. emailmeter – https://www.emailmeter.com/
  4. globenewswire – https://www.globenewswire.com/en/news-release/2020/08/12/2077247/0/en/Smart-Meter-Data-Management-Market-to-Reach-1-89-Billion-by-2023-Allied-Market-Research.html
  5. taiwannews – https://www.taiwannews.com.tw/en/news/4369685
  6. ogj – https://www.ogj.com/general-interest/article/17288978/eia-world-energy-consumption-to-increase-28-by-2040

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