Smart Water Metering Market

Smart Water Metering Market: By Meter Type, Technology, Component, Application, and Region

Market Synopsis:

Global Smart Water Metering market is valued at USD 7.70 Billion in 2022 and is projected to attain a value of USD 16.52 Billion by 2030 at a CAGR of 10.00% during the forecast period, 2022–2028.

One of the main reasons why Smart Water Metering is becoming popular is because it helps in cutting down water wastage. The traditional method of manually reading and recording meter data for billing purposes does not end up providing accurate results. Nowadays, more and more people are looking to gain automatic meters that rely on electronic means to calculate usage and bill accordingly. It's a known fact that the biggest users of water at home and workplace include washing machines and dishwashers. With electronic devices like these being automatically tracked, there is no longer a need to wait around for your utility guy to show up for a manual check when they have been using more electricity or gas than usual due to faulty meters or human error when data.

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Market Segmentation:

By Technology, Advanced Metering Infrastructure to Dominate Smart Water Metering Market

High demand for Advanced Metering Infrastructure (AMI) is driven by factors that include (but are not limited to) the following: Reduction in water leakage due to improved water management, ability of AMI to continuously monitor performance and this results in proactive maintenance, real-time monitoring of usage allows for better load balancing between regions, states, cities etc. This means more efficient allocation of resources when there is a scarcity or surplus, improved cash flow owing to increased billing accuracy which eliminates disputes over faulty billings, Reduced human error with the use of wireless meters that easily transmit data back to AMI servers via radio frequency, areas with steep water tariffs and cross-subsidies can more easily handle their billing process while factoring in consumption, AMI is easy to integrate with water meter data and it's a simple way of billing for industrial and commercial users, ability of smart meters to provide accurate information about usage on an hourly basis which allows for restrictions on peak time usage during the day.

By Application, Water Utilities to Hold Largest Share of the Smart Metering Market

Water utilities are the world’s largest aggregators of smart water meters with over 50% of the global share. Smart Water Metering is most probably implemented for ~90% of its utility customers at any given time. The smart water meters help to reduce non-revenue water (NRW) through improved leak detection, better billing accuracy and have early warning capabilities for potential disasters. Water utilities continuously search new technology that offer higher efficiency, reduced maintenance cost and provide the highest return on investment.

Water utilities require complete solution from a single vendor for systems integration which make them less competitive as compared to their counterparts from other industry verticals. Increase in awareness about availability of resources and its sustainable use has led to increasing regulation on water utilities from government, making them accountable for their customer’s water usage and the overall infrastructure. The global smart water meter market is dominated by companies like Itron, Landis+Gyr (Schneider Electric), Siemens PLC, General Electric Company and other regional players.

North America to Dominate Global Smart Water Metering Market

North America region is the largest consumer of smart water meters in the world and this trend will remain steady. At present around 8 million smart water meters are operational across the globe while over 98% of such devices are connected to electricity grids in North America. This high percentage is expected to increase further as the US Environmental Protection Agency (EPA) has announced its plans for making all drinking water service lines across USA "smarter" by replacing mechanical and electromechanical water meter systems with advanced AMI (Advanced Metering Infrastructure). Moreover, the year 2022 will see a rapid increase in the deployment of smart water meters as major utilities such as Suez and United Utilities have already announced their plans to replace aging conventional meters with AMI devices.

In the US and Canada, these devices are deployed across various sectors such as water and wastewater management, sewage treatment, flood detection and management. Some of the major applications for smart water meters in the region include leak detection and line monitoring in order to save electricity costs. With rising demand from North America, utilities are focusing on improving software capabilities in order to improve revenue collection and streamline operations. In addition, water utilities in this region are also shifting their focus towards hybrid-AMI platforms which integrate existing communications infrastructure with wireless network.