Smart Water Metering Market size surpassed USD 1.5 billion in 2021 and is expected to grow at a CAGR of over 23% during 2022 to 2028. The industry demand is set to cross 92,043.3 by 2028. The growing awareness toward the efficient use of water resources coupled with rising concerns for non-revenue water reduction will augment the industry scenario.
Ongoing technological advancements for the integration of advanced metering network with an IoT-based platform to ensure efficient water consumption monitoring patterns will foster the business landscape. Additionally, emerging intelligent as well as sustainable water management solutions for accurate billing along with remote metering will accelerate product adoption. Furthermore, favorable government standards & mandates toward the usage of smart water meters will positively sway the market statistics.
|Market Size in 2021:||1,646.9 Million (USD)|
|Forecast Period:||2022 to 2028|
|Forecast Period 2022 to 2028 CAGR:||23.9%|
|2028 Value Projection:||7,187.5 Million (USD)|
|Historical Data for:||2018 to 2021|
|No. of Pages:||380|
|Tables, Charts & Figures:||622|
|Segments covered:||Application, Technology, Product|
|Pitfalls & Challenges:|
Growing adoption of intelligent metering grid infrastructure
The residential smart water metering market is poised to account for around USD 3 billion by 2028. The growing demand for end-to-end web monitoring systems coupled with rising consumer awareness for effective water management will positively influence the industry outlook. Moreover, the ongoing usage of intelligent communication modules combined with the wide availability of these units in different meter sizes including long-range coverage and low-power consumption will stimulate the end-to-end product application prospects.
Increasing investments in the development of advanced infrastructure followed by the growing focus on achieving the Smart City objective will foster the product demand. However, remote monitoring, growing water scarcity and robust integration of cybersecurity mechanisms to ensure reliable & secure end-user data consumption will fuel technology adoption in commercial establishments. The ongoing restructuring of water distribution infrastructure will complement the industrial prospects.
Rapid development of reliable and sustainable performance-driven smart metering technologies
The AMI smart water metering market demand is predicted to reach 45 million units by 2028. Continuous investments by utilities for large-scale deployment of smart digital water solutions across their service network will drive the business expansion. Real-time data management, reliable & accurate consumption data, process optimization, enhanced design, reduced labor costs, and extensive battery life is projected to boost these meters installation.
The ability of integrated billing, user-friendly command control systems, online consumer applications, and secure internet payments will positively sway the acceptance of advanced metering units. For instance, in December 2020, Kamstrup entered into a contract with PHYSEC for the development of a LoRaWan compatible smart water meter with LoRaWAN communication technology & advanced security mechanisms. In addition, its ability to offer a high degree of inflow management in line with sensing accuracy will spur the market revenue.
Enhanced water sustainability and monitoring consumer water consumption and real-time reading
The hot smart water metering market is anticipated to experience significant growth owing to their high operation reliability to withstand high temperatures. The ability to monitor and diagnose hot-water consumption patterns along with tracking cost associated with water resource utilization will support the product demand. Moreover, inductive pre-equipment for data modules installation, sealed counter mechanism flow, and suitability of these meters in hot water with temperature ranging from 90 to150 degree Celsius will accelerate its acceptance in residential, commercial, and utility sectors.
Increasing end user spending combined with the rapid adoption of sustainable water-saving solutions across residential & commercial establishments is likely to boost the cold water metering segment. Furthermore, the emphasis on advancing and digitizing water distribution infrastructure in line with increasing water consumption as well as water demand will complement the market. The growing prominence toward sustainable water network followed by minimal deployment costs of cloud-enable technology will surge the industry revenue.
Government initiatives for installation of smart metering solutions
The Europe smart water metering market size is slated to witness prominent gains on account of the introduction of metering programs & targets coupled with the replacement of conventional meters with intelligent cloud-based metering solutions. However, strict government reforms and mandates to provide over 80% of the consumers with advanced metering units will propel the business scenario.
Introduction rollout strategies, policies, and programs by the government for the installation of advanced metering systems and the increasing deployment of intelligent meters will augment the market growth.
Rapid government initiatives for the effective management of water resources
The COVID-19 outbreak has slightly impacted the smart water meter industry impelled by lockdown imposition in the manufacturing base globally. Initiatives by several organizations in the development of new intelligent metering solutions will fulfill the ongoing targets of smart city. In addition, the government & various players initiated the deployment of advanced smart metering solutions in second quarter of 2020. For instance, in December 2020, E.ON accomplished the installation of over 20,000 intelligent metering units at the Wasserverband Weddel-Lehre plant located in Germany. Moreover, the company plans to install over 2.5 million advanced meters over a period of ten years.
Ongoing contractual agreements and strategic partnerships
Inorganic growth ventures, partnerships, strategic implications including joint ventures, mergers and product innovations by leading manufacturers to enhance their product portfolio will fuel the industry statistics.
Prominent players operating in the smart water metering market includes Diehl Stiftung & Co., KG, Siemens, Apator SA, Landis+Gyr, Badger Meter, Inc., Honeywell International, Inc., Itron, Inc., Kamstrup, Sontex SA, Sensus, Zenner International GmbH & Co, .KG, ARAD Group, B Meters Metering Solutions, Neptune Technology Group Inc., Ningbo Water Meter Co., Ltd., Schneider Electric SE and Aclara Technologies LLC.
This market research report on smart water meter includes in-depth coverage of the industry with estimates & forecast in terms of Units & USD from 2018 to 2028 for the following segments:
Market, By Application
Market, By Technology
Market, By Product
- Hot Water Meter
- Cold Water Meter
The above information has been provided for the following regions and countries:
- North America
- Czech Republic
- Asia Pacific
- South Korea
- Middle East & Africa
- Saudi Arabia
- South Africa
- Latin America