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 advantages of MDM is the ability to provide accurate and reliable data on energy consumption. By collecting data from smart meters in real-time, utility companies can gain insights on how customers are using their energy and identify potential areas for improvement. This data can also help to monitor system efficiency, detect leaks, and reduce energy theft, ultimately leading to cost savings for both the company and its customers.

Furthermore, MDM allows for more efficient billing processes. With accurate and timely data, utility companies can bill customers based on their actual usage rather than estimated readings. This not only reduces disputes and billing errors but also promotes transparency and trust between the company and its customers.

Another key benefit of MDM is the ability to support demand response programs. By analyzing consumption trends, utility companies can better predict peak demand periods and encourage customers to reduce their usage during these times. This not only helps to stabilize the grid and prevent blackouts but also enables customers to save money through reduced energy costs.

Additionally, MDM can enable utilities to provide more personalized services to their customers. By understanding individual consumption patterns, companies can offer tailored energy-saving tips and suggestions to help customers reduce their usage and lower their bills. This enhanced level of service not only improves customer satisfaction but also fosters a more sustainable energy culture.

Moreover, MDM plays a crucial role in promoting energy efficiency and conservation. By analyzing data on energy usage, companies can identify energy-intensive appliances and behaviors and provide recommendations for more efficient alternatives. This not only helps customers save money but also reduces overall energy consumption and carbon emissions, contributing to a more sustainable future.

However, despite its numerous benefits, MDM also poses some challenges for utility companies. Implementing this technology can be costly and time-consuming, requiring significant investment in infrastructure and staff training. Additionally, data privacy and security concerns remain a major issue, as collecting and storing sensitive customer information opens up the possibility of data breaches and cyber-attacks.

In conclusion, Meter Data Management has proved to be a valuable tool for utility companies in managing their meter data and optimizing their operations. By providing accurate and timely data, enabling demand response programs, and promoting energy efficiency, MDM is helping to revolutionize the way companies operate and serve their customers. While some challenges remain, the benefits of MDM far outweigh the drawbacks, making it a crucial technology for the future of the energy industry.

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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