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.

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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 main benefits of MDM is its ability to streamline data collection and analysis processes. By automatically collecting and storing meter data, utilities can easily track customer usage patterns, identify potential inefficiencies, and make informed decisions about resource allocation. This data-driven approach allows utilities to better plan for peak demand periods, detect leaks or theft, and optimize grid performance.

In addition to improving operational efficiency, MDM also helps utilities enhance customer service and engagement. With access to real-time data, utilities can provide customers with more accurate and timely information about their energy usage, enabling them to make more informed decisions about their consumption habits. This not only leads to greater customer satisfaction but also allows utilities to implement targeted energy conservation programs that benefit both the customer and the environment.

Furthermore, MDM plays a crucial role in improving grid resilience and reliability. By monitoring key performance indicators, such as system voltage and frequency levels, utilities can proactively identify potential issues and take corrective actions before they escalate into widespread outages. This proactive approach to grid management helps prevent costly downtime and minimizes disruptions to customers.

Another key benefit of MDM is its role in promoting energy efficiency and sustainability. By analyzing meter data, utilities can identify opportunities for load shifting, demand response, and renewable energy integration. This data-driven approach enables utilities to optimize energy usage, reduce greenhouse gas emissions, and promote a more sustainable energy future.

While some may argue that MDM is a costly investment, the long-term benefits far outweigh the initial costs. By improving operational efficiency, enhancing customer service, and promoting energy sustainability, MDM helps utilities achieve significant cost savings and improve their overall performance. In the long run, the return on investment for MDM is evident in reduced operational expenses, increased revenue generation, and greater grid reliability.

In conclusion, meter data management plays a critical role in transforming the utility industry and paving the way for a more efficient, sustainable, and resilient energy future. By harnessing the power of data analytics, utilities can optimize resource management, enhance customer service, and improve grid reliability. As technology continues to evolve and the demand for clean, affordable energy rises, the role of MDM will only grow in importance. Embracing this technology now will position utilities for success in the rapidly changing 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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