Smart Water Metering Market is Anticipated to Reach USD 14.85 Billion in 2028
The Smart Water Metering Market accounted for USD 7.24 Billion in 2021 and is estimated to reach USD 14.85 Billion in 2028, at a Compound Annual Growth Rate (CAGR) of 10.3%. Smart Water Metering is an advanced electronic program designed to help resources automatically collect usage data, improve efficiency, complete meter readings manually, and save costs. In addition, Smart water measurement systems rely on wireless communication technologies such as Wi-Fi to connect LAN or wide area networks, allowing remote monitoring and maintenance of infrastructure through leak detection. In addition, a smart water measurement system can be used to charge water, energy use, and natural gas for industrial, residential, and commercial sectors. Additionally, smart water meters are installed for next-generation water map solutions throughout the water supply chain and provide reliable monitoring solutions. A smart water measurement system that uses IoT measures water consumption and, therefore, cannot influence water use patterns itself. Smart water metering designed with constituents such as thermoplastics allows businesses to promote sustainability by regenerating smart metering devices. In addition, the increasing demand for digital integration into the water industry has the potential for market growth.
Key factors that contribute to the growth of smart water metering include an increase in the need for a smart water meter to improve water use in line with the need for precision payment. In addition, the increase in services focused on lowering water revenue is expected to further market growth. However, the lack of government programs that are part of the emerging economy serves as a major barrier to early adoption, hampering the market growth. The market is particularly affected by a number of barriers created during the COVID-19 epidemic in the construction industry, including under-procurement, skilled workers and safety measures, deliveries, contract obligations, and delays or cancellations of a project. As a result, it has reduced the demand for smart water meters. However, the rise of digital infrastructure solutions across the major economy is expected to further boost the market for smart water meters after the epidemic. In contrast, the increasing digital integration of the water industry's performance is expected to provide an opportunity for the growth of the Smart Water Metering Market during the forecast period.
There are basically three types of smart water meters: ultrasonic meter, electromagnetic meter, and mechanical meter. Based on the components of the meter, the market is divided into IT solutions, communications, meters & accessories. On a technical basis, the Advanced Metering Infrastructure (AMI) component is expected to make a significant contribution to the smart water meter market at the time of forecasting over the technology of AMR. AMI is the latest meter reading technology, used by resources in the water industry. AMI technology allows 2-way communication between the meter and the user/utility. Therefore, it becomes much easier for users to monitor their water use. On the basis of the application, the share of water resources is expected to grow at a rapid pace during forecasting compared to industries. This section is also divided into residential and commercial areas. Accommodation is expected to grow faster than the commercial segment. This is due to population growth, urbanization, and the development of smart city infrastructure. In addition, the growing need for accuracy in charging residential users will enhance the growth of this segment.
The Global Smart Water Metering Market includes the regions of North America, South America, Asia Pacific, Europe, Middle East & Africa. The North American smart water measuring market shows a dominant share. The growing initiatives and campaigns of government and non-governmental organizations to save water encourage industrial growth in North American countries such as the U.S. and Canada.
The major players in the global Smart Water Metering Market are - Kamsturp (Denmark), Diehl (Germany), Badger Meter (US), Itron (US), Landis+Gyr (Germany), Neptune Technology Group (US), Sensus (US), Aclara Technologies (US), BMETER (Italy), Honeywell (US), Datamatic (US), and ZENNER (Germany).
Browse the full Report - Smart Water Metering Market by Technology (AMI, AMR), by Component (IT Solutions, Communications, Meters & Accessories), by Meter Type (Ultrasonic Meter, Electromagnetic Meter, Mechanical Meter), by Application (Water Utilities, Industries), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)