Global Smart Water Metering Market Scenario:
The global smart water metering market is projected to reach USD 9.6 billion by 2024 from an estimated USD 5.9 billion in 2019, at a CAGR of 10.3% during the forecast period. The growing concern toward managing the supply of water is a driving factor for the market. Moreover, the adoption of the Internet of Things in the water industry is bringing opportunities for the market.
Primary Research
The smart water metering market comprises several stakeholders such as end-product manufacturers and end-users in the supply chain. The demand-side of this market is characterized by its end-users, such as water utilities, water-intensive industries, commercial spaces, and others. The supply-side is characterized by smart water meter manufacturers, metering software providers, integrators, and others. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Major Key Market Players:
Kamsturp (Denmark), Badger Meter (US), Diehl (Germany), Landis+Gyr (Germany), Itron (US), Neptune Technology Group (US), Aclara Technologies (US), Sensus (US), BMETER (Italy), Datamatic (US), Honeywell (US), and ZENNER (Germany).
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The ultrasonic meter segment of the smart water metering market, by meter type, is expected to grow at the fastest rate during the forecast period. This is mainly because ultrasonic meters deliver highly accurate data outputs than mechanical and electromagnetic meters. These meters are equipped with sensors that can measure the water velocity and then convert it into the water flow rate. Moreover, ultrasonic meters have a longer life span, and they are able to transmit real-time data using communication network connectivity; the data is analyzed by meter data management systems or central monitoring software platforms.
AMR is a key driver of proficiency for water utilities. It helps in lowering operational costs by optimizing maintenance and reducing human intervention in the measurement operation. AMR is a system and process used to remotely collect water meter data without the physical presence of personnel at the reading point. North America and Europe are the regions mostly implementing this technology. Other regions have also started implementing this metering infrastructure to reduce nonrevenue water.
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The global smart water metering market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. The dominance of the region is mainly due to high installation rate of smart water meters by the North American water utilities. Also, the region is the highest consumer of water in the world. Smart water meter suppliers are focusing on expanding their offerings in the North American region to help customers reduce the water bills as the smart water meters detect water leakages and turn off the supply in case of water losses. Ultrasonic meters are gaining more preference by the water utilities in North America due to higher efficiency and more accurate rates.
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