Smart Water Meter Market Outlook
Smart water meters represent the devices that measure the quantity of water used in various commercial, residential, and industrial applications. They can be integrated with wired and wireless communication technologies, such as Wi-Fi, the internet, and LAN or wide area networks, to measure consumption data, mainly for the purposes of billing.
The global smart water meter market size reached US$ 7.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.1 Billion by 2028, exhibiting a growth rate (CAGR) of 11.1% during 2023-2028.
Smart water meters aid in reducing non-revenue water (NRW) wastage, enhancing accuracy in billing, and lowering the carbon footprint of the users. These devices enable the utility providers to improve efficiency, eliminate the need for manual meter readings, automatically collect consumption data, and provide a cost-effective option. As a result, smart water meters find widespread utilization for commercial and household purposes across the globe.
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Smart Water Meter Market Trends:
The replacement of the conventionally used analog metering systems by these devices and the escalating demand for water across countries, owing to the emerging trend of urbanization and the rising global population, are among the primary factors driving the smart water meter market. Besides this, the elevating product requirement, on account of its ability to offer instant and real-time information about water consumption to individuals and the authorities, reduce the overall labor cost, keep track of the exact usage, and provide a relatively more accurate billing with the capability to detect thefts, is further augmenting the market growth. Moreover, the introduction of LPWA (low power wide area) network technologies that provide enhanced coverage and connectivity for smart water meters is also catalyzing the global market. Apart from this, the leading players are investing in research and development (R&D) activities to launch efficient remote sensing metering solutions, which are expected to bolster the smart water meter market in the coming years.
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Note: In this report you will get detailed analysis of the market, growth analysis graphs, historical period analysis, forecast period analysis, major market segmentation, top leading key players of the market, table of content, list of figures, and list of tables.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined with some of the key players.
- Badger Meter
- Kamstrup A/S
- Diehl Stiftung & Co. KG
- Landis+Gyr, Aclara Technologies LLC (Hubbell Incorporated)
- Sensus (Xylem Inc.)
- Itron Inc.
- Zenner
- Neptune Technology Group (Roper Technologies)
Key Market Segmentation:
The report has categorized the market based on product, meter type, configuration type, component and application.
Breakup by Product:
- Electromagnetic Meter
- Ultrasonic Meter
- Electromechanical Meter
- Others
Breakup by Meter Type:
- Smart Hot-Water Meter
- Smart Cold-Water Meter
Breakup by Configuration Type:
- Automated Meter Reading (AMR)
- Advanced Metering Infrastructure (AMI)
Breakup by Component:
- Meters & Accessories
- IT Solutions
- Communication System
Breakup by Application:
- Water Utilities
- Commercial
- Industrial
- Residential
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- the Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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