In 2023, the smart water metres market is anticipated to be worth 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.
The demand for efficient water usage is rising worldwide, fueled by the threat of water scarcity due to climate change and population growth. With urbanization and globalization on the rise, monitoring water usage has become essential. Smart water flow meter has emerged as a viable solution for water utility providers to improve operational efficiency. Compared to traditional water meters, smart water meters provide customers with more information about their water consumption, thereby improving water usage and reducing wastage. Consequently, the demand for smart water meters is expected to surge in the coming years.
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Smart water meters come with features like wireless connectivity, data collection, and cellular connectivity, which offer an integrated infrastructure for water utilities and reduce wiring costs. Additionally, with technology evolving rapidly, smart water meters provide remote identification and other benefits, which are expected to improve the efficiency of smart water metering infrastructure in the future.
The analysis of the global smart water metering market divides the industry into three distinct segments: hardware, software, and services. The hardware industry is expected to grow at the fastest rate over the next five years. Measurement instruments, modules, pressure sensors, and complementary hardware are all included.
The forecast indicates that meter demand will be high. The meter is an essential part of the smart water meter because it provides information about the water consumption of homes and businesses. Smart water flow meter systems come in a wide range of varieties, each catering to specific needs in terms of accuracy requirements and flow measurement techniques. These meters can be used with either cold or hot water and feature digital readouts for a wide range of useful data, including the detection of leaks, pipe bursts, tampering, dryness, reverse water flow, and ambient/meter temperatures.
The rising demand for smart water metering hardware, including meters, modules, and pressure sensors, is expected to fuel the industry’s expansion over the forecast time frame.
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.
Badger Meter, Diehl, Aclara Technologies, Neptune Technology Group, Sensus, BMETER, Datamatic, Honeywell, ZENNER, and Holley Technology are just some of the regional and domestic players.
The increasing investment in research and development activities to improve smart water meter technology is expected to drive market growth in the near future, leading to intense competition among players in the industry.
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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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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