The Smart Water Metering Market is expected to reach USD 14.85 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 10.3% from 2022 to 2028. Factors such as aging water systems, increasing energy prices, use of water utilities with increasing pressure, and smart water network solution are driving the growth of the Smart Water Metering Market in the coming years. These factors are responsible for providing significant benefits with the help of advanced metering technology, software, and effective communications systems.
- AMI technology segment holds the steady growth in the Smart Water Metering Market over the projected years. It is the latest meter reading technology that provides 2-way communication between the meter and the user/utility. Thus, it is very helpful for consumers to easily monitor their water consumption units.
- The water utility segment is expected to witness the substantial growth of Smart Water Metering Market during the forecast period. The development of smart city infrastructure with increased population and urbanization is responsible for the segmental growth of the Smart Water Metering Market.
- North America is expected to dominate the Smart Water Metering Market during the forecast period. This is fueled due to the government engagement inaccurate meter reading strategy and the development of smart city infrastructure in the US and Canada.
Major players involved in the development of 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).
A major requirement for water consumption in water-scarce areas is bolstering the advancement in smart water meters. According to a World Water Development Report, 480 million people in Asia alone are expected to face water scarcity in the future. And about 500 million people live in areas where water consumption exceeds locally renewable water resources by a factor of two. By taking considering all these factors, there is a huge necessity to monitor water usage, which ultimately increases the demand for Smart Water Metering Market in the coming years.
Increased population, growing industrial effluents, and increasing economic development are affecting the various environmental concerns in Japan. With this regard, the Ministry of Health, Labor, and Welfare has implemented various advanced water treatment and management technologies. Around 97% of constructions are implemented with traditional meters. Thus, smart and efficient water supply has enhanced the Japanese government to start the usage of smart water meter solutions to meet their objectives.