Market Overview:
Smart Water Meter Market size is poised to witness substantial growth in the coming years. According to MVI, the market value was valued at more than USD 4.23 Billion in 2022 and is projected to exhibit a CAGR of over 7.1% during the forecast period of 2023 - 2032. By the end of the forecast period, the market is expected to reach a valuation of around USD 8.2 Billion.
A smart water meter is a digital device that measures water usage and communicates this data to a central server or cloud platform. It is designed to provide real-time data about water usage, which can help households and businesses monitor their water consumption and make more informed decisions about water conservation. The concept of a smart water meter involves the use of advanced sensors and communication technologies to provide more accurate and timely information about water usage. These meters can be connected to a wireless network, allowing the data to be transmitted in real-time to a central database.
The data collected from smart water meters can be used to identify patterns in water consumption, detect leaks, and provide alerts when water usage exceeds certain thresholds. This information can be used by water utilities to better manage water resources, improve infrastructure, and reduce waste. In addition to providing benefits to water utilities, smart water meters can also provide significant benefits to individual consumers. By monitoring their water usage in real-time, consumers can identify ways to reduce their water consumption, save money on their water bills, and reduce their impact on the environment.
Drivers:
- Growing demand for efficient water management systems
- Rising concerns about water conservation and sustainability.
- Advancements in sensor and communication technologies.
- Increasing adoption of IoT and smart city technologies.
Restraints:
- High cost of installation and maintenance of smart water meters.
- Limited availability of skilled labor for installation and maintenance.
Growing adoption of IoT and smart city technologies across the globe
Increasing adoption of IoT and smart city technologies is driving the demand for smart water meters, as they provide an efficient and sustainable solution for managing water resources in urban areas. The IoT enables various devices and sensors to communicate with each other and transmit data over a network, allowing for real-time monitoring and management of water resources.
Smart city technologies are being implemented in urban areas to improve the efficiency and sustainability of various systems, including water management. Smart water meters are an essential component of these systems, as they enable real-time monitoring of water usage and provide data for analysis and decision-making. Moreover, smart water meters can help in reducing non-revenue water (NRW) by detecting leaks and identifying areas of high water consumption. This can lead to significant cost savings for water utilities and also help in conserving water resources.
In addition, the integration of smart water meters with other IoT devices, such as weather sensors and soil moisture sensors, can provide a more comprehensive view of water usage and help in optimizing water distribution and irrigation systems.
AMR technology revolutionizes water management with remote monitoring and increased efficiency:
By Technology, the global smart water meter market is fragmented into Automatic Meter Reading (AMR) and Advanced Meter Infrastructure (AMI). The automatic meter reading (AMR) technology segment is anticipated to the fastest-growing in the smart water meter industry during the forecasted years. AMR technology enables remote monitoring of water usage, eliminating the need for manual meter reading and reducing the risk of errors and inaccuracies. The benefits of AMR technology include increased accuracy and efficiency in meter reading, reduced labor costs, and improved customer service. Additionally, AMR technology enables real-time monitoring of water usage, which can help detect leaks or abnormal water usage patterns.
Rising high demand for smart water heater across the North America
North America region held over XX% share of the global smart water meter market in 2022, driven by government initiatives to promote water conservation and the adoption of smart city technologies. The region has a mature water infrastructure, and the demand for smart water meters is driven by the need for more efficient water management systems.
Moreover, Asia-Pacific region is projected to be the emerging segment for the smart water meter industry in the coming years, driven by the growing population and urbanization in countries like China and India. The region is also witnessing significant investments in smart city technologies, which is set to drive the adoption of smart water meters.
Strategic Development:
- In Nov 2022, Landis+Gyr introduced a smart water meter W270 and W370, ultrasonic smart water meters based on IoT technologies. To provide valuable information to smart water networks, the meter provides not only volume data, but also additional information such as water temperatures, statistical values, alarms, and events.
- In Aug 2020, Badger Meter, Inc. has announced the availability of netAMP Enabled, a new metering-as-a-service program designed to significantly accelerate end-to-end advanced metering deployments.
Some of the key companies include in the global smart water meter market are -
- Aclara Technologies LLC. (Hubbell Incorporated)
- Arad Group
- Neptune Technology Group Inc.
- Badger Meter, Inc.
- Sensus USA Inc.
- BERMAD CS Ltd.
- Kamstrup A/S
- Diehl Stiftung & Co. KG
- Landis+Gyr
- Electronet Equipments Private Limited
- Itron Inc.
In-depth analysis of smart water meter market along with industry coverage and forecasting for the following segments:
Market Value, By Offering
- Hardware
- Software
- Services
Market Value, By Meter Type
- Ultrasonic Meter
- Electromagnetic Meter
- Mechanical Meter
Market Value, By Technology
- Automatic Meter Reading (AMR)
- Advanced Meter Infrastructure (AMI)
Market Value, By Application
- Industrial
- Commercial
- Residential
Market Value, By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America