The size 2023 of the worldwide smart water metering market is anticipated to be US$ 3695.82 million. By the end of 2033, the estimated market value for smart water metering will be US$ 9586.02 million, up 10% CAGR from current levels.
As a result of the concern about water shortage brought on by climate change and population growth, there is an increase in demand for efficient water use globally. Monitoring water use has grown crucial as urbanization and globalization increase. Water utility operators can now increase operational efficiency by using smart water flow meters.
Smart water meters, as opposed to conventional water meters, give users additional details about their water usage, enhancing water efficiency and lowering waste. Consequently, it is anticipated that in the upcoming years, demand for smart water meters would soar.
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Wireless communication, data gathering, and cellular connectivity are some of the features that smart water meters have. These capabilities provide an integrated infrastructure for water utilities and save wiring costs. Smart water meters also offer remote identification and other advantages, which are anticipated to increase the effectiveness of smart water metering infrastructure in the future as technology develops quickly.
The hardware, software, and services divisions are separated into their own categories in the analysis of the global smart water metering market. Over the next five years, the hardware sector is anticipated to increase at the fastest rate. Included are measurement tools, modules, pressure sensors, and auxiliary gear.
The prognosis suggests that there would be strong demand for meters. The meter is a crucial component of the smart water meter since it offers data on household and commercial water usage. There are many different types of smart water flow meter systems, and each one is designed to meet a different set of accuracy standards and flow measurement needs. These meters have digital readouts for a variety of valuable data, such as the detection of leaks, pipe bursts, tampering, dryness, reverse water flow, and ambient/meter temperatures. They can be used with either cold or hot water.
The industry’s growth is anticipated to be fueled by the increasing need for smart water metering hardware, such as meters, modules, and pressure sensors.
Key Takeaways
- Smart water metering is gaining popularity due to the rise in urbanization, globalization, and population growth.
- Smart water meters provide customers with more information about their water consumption, thereby improving water usage and reducing wastage.
- Wireless connectivity, data collection, and cellular connectivity can provide integrated infrastructure for water utilities, lowering wiring costs.
- The demand for hardware components such as meters, modules, and pressure sensors is expected to surge during the forecast period, contributing to the growth of the smart water metering market.
- The Asia-Pacific region is projected to dominate the smart water meter market, due to the growing demand for water conservation and the increasing adoption of smart technologies.
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Competitive Landscape
The smart water metering market is highly competitive, with several industry players striving to expand their product portfolios and develop new technologies to gain a competitive edge. Companies such as Badger Meter, Elster Group, and Sensus USA are investing in strategic collaborations, partnerships, and acquisitions to strengthen their market presence and expand their customer base. The increasing investment in research and development activities to improve smart water meter technology is expected to drive market growth shortly, leading to intense competition among players in the industry.
- Badger Meter,
- Diehl,
- Aclara Technologies,
- Neptune Technology Group,
- Sensus,
- BMETER,
- Datamatic,
- Honeywell,
- ZENNER, and
- Holley Technology
Key Segments
Smart Water Metering Industry by Type:
- Automatic Meter Reader
- Advanced Metering Infrastructure
Smart Water Metering Industry by Component:
- Controlling Units
- Display Storage & Integrated Software
- Others
Smart Water Metering Industry by Application:
- Residential
- Industrial
Smart Water Metering Industry by Meter Type:
- Ultrasonic Meters
- Electromagnetic Meters
- Electromechanical Meters
Smart Water Metering Industry by Geography:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia Market
- Oceania Market
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10 years.
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