The smart water meters market is expected to be valued $3695.82 million by 2023. By the end of 2033, the expected market value for smart water metering will be US$ 9586.02 million, representing a 10% CAGR over current levels.
The concern of water shortage caused by climate change and population increase is driving up global demand for effective water use. With urbanization and globalization on the increase, tracking water consumption has become critical. Smart water flow meters have emerged as a feasible alternative for water utilities looking to increase operational efficiency. Smart water meters give clients with more information about their water consumption than regular water meters, which improves water usage and reduces waste.
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.
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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