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The Smart Water Meter Market Registered US$ XX Bn in 2019 and is Estimated to Reach More Than US$ XX Mn by 2028, Likely to Grow with a CAGR of 11.59% During the Forecast Period.
Governments across various countries specialize in the development of smart cities. Smart cities involve the deployment of varied communication devices and IT, like smartphones, the IoT, and cloud-based services to optimize the utilization of resources and improve governance, transportation, healthcare, and waste management. The development of smart cities will create new growth opportunities for smart water meter vendors.
For instance, under the Smart Cities Mission of the state of India, smart water meters are proposed to be installed within the households of smart cities. Such developments undertaken by the government are expected to boost the demand for smart water meters during the forthcoming years. Thus, the development of smart cities is going to be one of the critical smart meter market trends over the forecast period. The trend is predicted to influence the expansion of the market during the forecast period.
Based on technology, the Advanced Metering Infrastructure (AMI) segment is expected to make the largest contribution to the smart water meter market during the forecast per
AMI is that the latest meter reading technology, which is being adopted by the utilities within the water industry. The AMI technology enables 2-way communication between the meter and therefore the user/utility. Hence, it becomes more convenient for users to watch their water consumption. Further, with the assistance of this technology, leak detection is straightforward. Due to this, the utilities are ready to reduce their nonrevenue water significantly. Other benefits of AMI include better asset management, conservation, and improved customer service.
Based on application, the water utility segment is expected to grow at the fastest rate during the forecast period
The water utility segment is predicted to grow at the fastest rate during the forecast period. This segment is further sub-segmented into residential and commercial. The residential sub-segment is predicted to grow faster than the commercial sub-segment during the forecast period. This is often mainly due to the increasing population, urbanization, and development of smart city infrastructure. Further, the increasing need for accuracy within the billing of the residential users will boost the expansion of this segment.
The smart water meter market in Europe Occupied a Significant Market Share in 2019.
By geography, the smart water meter market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Growing R&D efforts to supply efficient remote sensing water metering techniques and increasing public initiatives for water leakage reduction have triggered industry growth within the European region. The region has been very responsive in adopting advanced technologies like automatic meter reading (AMR), pressure meter (PWM), and district meter (DWM). Large scale adoption of such techniques is instrumental in maintaining the industry prospects upbeat within the European region.
The smart water meter market in Germany, France, UK, and Italy are expected to emerge as areas due to increased administrative focus and rising government initiatives for subsidizing water meters. Furthermore, growing end-use industrial dependence on the water resource is projected to propel smart water meters market growth over the subsequent seven years. Growing awareness about the smart water management method considering rising investments for level production installation of water meters is projected to fuel growth within the Asia Pacific regional market
Major players in the global smart water meter market are involved in extensive research and adopting advanced practical applications to innovate their products. This may also help them in improving their position within the market against their competitors. Competition among the players within the global smart water meter market is projected to extend considerably during this tenure. This is often mainly due to the presence of a large number of players that have created a fragmented vendor landscape within the market. Key industry players such as FECOSAN S.L., Shenzhen Star Instrument Co. Ltd., DH Metering Europe, Powercom Ltd., Ningbo Water Meter Co. Ltd., Electronic Equipment Pvt. Ltd., Baylan Water Meters, Elster AMCO Water LLC, Carlon Meter Co. Inc., MFB di Bonomi Eliseo & C. Snc, among others.
By Meter Type
- IT Solutions
- Meters & Accessories
- Water Utilities
- North America
- Asia- Pacific (APAC)
- Middle East and Africa (MEA)
- Latin America