The Global Smart Water Metering Market Size is valued at 4.28 billion in 2023 and is predicted to reach 9.75 billion by the year 2031 at a 10.94% CAGR during the forecast period for 2024-2031.
Smart water metering is an improved electronic application that allows utilities to collect usage data automatically, improve efficiency, reduce human meter readings, and save money. Furthermore, the Smart water metering system uses wired and wireless communications technology, such as a Wi-Fi water meter, to link LAN or wide area networks, allowing for remote location monitoring and infrastructure repair through leak detection.
Furthermore, the smart water metering system can be utilized in the industrial, residential, and commercial sectors to bill water, energy consumption, and natural gas. Similarly, smart electronic water meters are outfitted with next-generation water mapping systems throughout a water utility's supply chain and provide dependable monitoring solutions.
However, the COVID-19 outbreak significantly impacted the growth rate of the Smart water metering industry in 2020. Furthermore, due to a lack of government rules or initiatives globally, the market is expected to grow at a very moderate pace till the end of 2021. Due to COVID-19 pandemic, Construction industry is facing various difficulties in the market, including the supply of raw materials, skilled labor and safety measures, deliverables, contractual requirements, and project delays or cancellations. As a result, the demand for smart water meters has fallen.
Competitive Landscape:
Some of the Smart Water Metering Market players are:
- Badger Meter Inc.
- Sensus, Diehl Stiftung & Co. KG
- Aclara Technologies
- Itron Inc.
- Kamstrup A/S
- Landis+GYR
- Honeywell International
- B Meters SRL
- Arad Group
- Zenner International GMBH & Co. KG.
- Neptune Technology Group
- Iskraemeco Group
- Sagemcom
- Wasion Group
Market Segmentation:
The Smart Water Metering Market is segmented on the basis of end-use application, component, meter type, and technology. End-use Application segment includes water utilities and industries. The component segment includes meters & accessories, IT solutions, and communications. By meter type, the market is segmented into electromagnetic meters, ultrasonic meters, and smart mechanical meters. The technology segment includes AMR and AMI.
Based On Technology, The AMI Segment Is Accounted As A Major Contributor In The Smart Water Metering Market
The AMI category will hold a major share of the global Smart Water Metering Market in 2024. The advanced metering infrastructure segment currently has a smaller market share than auto meter reading, but due to the operational benefits of two-way communication and greater accuracy, the advanced metering infrastructure segment will lead the smart water meter market share in the forthcoming years. Auto meter reading meters provide only one-way communication from utilities to customers and are not chosen in current smart water metering rollouts.
Water Utility Segment Witnessed Growth At A Rapid Rate
The water utilities segment is projected to grow rapidly in the global Smart Water Metering Market. Water utilities require a full solution from a single vendor for system integration, making them less competitive than their counterparts in other business verticals. Increased public knowledge about the availability of resources and their sustainable use has resulted in increased government regulation of water utilities, holding them accountable for their customers' water usage and the overall infrastructure.
In The Region, The North America Smart Water Metering Market Holds A Significant Revenue Share
The North America Smart Water Metering Market is expected to register the highest market share in terms of revenue in the near future. This can be attributed to the strong focus on the environment in the region. The US Environmental Protection Agency (EPA) has declared plans to make all drinking water service lines in the United States "smarter" by replacing mechanical and electromechanical water meter systems with advanced AMI (Advanced Metering Infrastructure).
These devices are used in various industries in the United States and Canada, including water and wastewater management, sewage treatment, and flood detection and management. Some of the region's most common applications for smart water meters include leak detection and line monitoring to save energy. Utilities are concentrating on increasing software capabilities in order to increase revenue collection and optimize operations in response to rising demand from North America.
Smart Water Metering Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 4.28 Bn |
|
Revenue forecast in 2031 |
USD 9.75 Bn |
|
Growth rate CAGR |
CAGR of 10.94% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
End-use Application, Component, Meter Type, And Technology |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Badger Meter Inc., Sensus, Diehl Stiftung & Co. KG, Aclara Technologies, Itron Inc., Kamstrup A/S, Landis+GYR, Honeywell International, B Meters SRL, Arad Group, Zenner International GMBH & Co. KG., Neptune Technology Group, Iskraemeco Group, Sagemcom, Wasion Group. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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