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 meter data management is the ability to accurately track and monitor energy usage in real-time. By collecting data from smart meters and other monitoring devices, utility companies can gain insights into when and how energy is being consumed by their customers. This level of granular detail allows for more accurate billing, as well as opportunities to identify areas of wastage or inefficiency that can be corrected to reduce costs and improve sustainability.

For consumers, meter data management offers increased transparency and control over their energy usage. By having access to detailed information about when and how they are using energy, consumers can make more informed choices about their habits and behaviors. This data can help them identify opportunities to reduce energy consumption, lower their bills, and lessen their environmental impact.

Meter data management also plays a crucial role in enabling demand response programs, which allow utilities to incentivize consumers to reduce their energy usage during peak demand periods. By analyzing real-time data and communicating with customers via smart devices, utilities can offer pricing incentives or other rewards to encourage shifting energy usage to off-peak hours. This not only helps reduce strain on the grid during times of high demand but also allows consumers to lower their energy costs.

Furthermore, meter data management is essential for improving grid reliability and resilience. By monitoring energy usage patterns and identifying potential issues proactively, utilities can prevent outages, reduce downtime, and respond more quickly to emergencies. This can help minimize disruptions for consumers and ensure that essential services are maintained during periods of high demand or extreme weather events.

Overall, meter data management is a critical tool for modern energy management, providing essential insights and benefits for both utilities and consumers. By leveraging real-time data collection and analysis, utility companies can improve efficiency, reduce costs, and enhance sustainability efforts. Consumers, in turn, can take control of their energy usage, reduce their bills, and contribute to a more resilient and reliable grid.

As technology continues to advance and the energy landscape evolves, the importance of meter data management will only continue to grow. By investing in robust data collection and analysis systems, utilities and consumers alike can harness the power of data to create a more efficient, sustainable, and reliable energy future.

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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