Smart water meter refers to an advanced device connected to a data logger, which allows consumers to monitor their water consumption on a real-time basis. The device also helps detecting water leakages, reducing energy consumption, accurate billing, promotion of efficient appliances, mitigating high labor costs, and efficient performance indication.
According to IMARC Group’s latest study “Smart Water Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025” the market grew at a CAGR of around 10% during 2014-2019. Looking forward, the market is expected to continue its moderate growth during the next five years.
Smart Water Meter Market Trends:
Rapid urbanization, coupled with a growing number of smart cities across the globe, is augmenting the demand for smart water meters. Furthermore, the increasing installation of smart water meters across diverse industries, such as food and beverages, chemical, automotive, and manufacturing, is also propelling the market growth. Moreover, growing consumer awareness regarding water conservation is further fueling the adoption of smart water meters. Additionally, the rapid integration of smart water meters with numerous technologies, such as Internet-of-Things (IoT) and low power wide area (LPWA), is also driving the market. Besides this, the rising government investments for the development of sustainable and efficient water supply infrastructures will continue to bolster the demand for smart water meters in the coming years.
Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Smart Water Meter Market Segmentation:
Market Breakup by Product
Electromagnetic Meter
Ultrasonic Meter
Electromechanical Meter
Others
Market Breakup by Meter Type
Smart Hot-Water Meter
Smart Cold-Water Meter
Market Breakup by Configuration Type
Automated Meter Reading (AMR)
Advanced Metering Infrastructure (AMI)
Market Breakup by Component
Meters & Accessories
IT Solutions
Communication System
Market Breakup by Application
Water Utilities
Commercial
Industrial
Residential
Market Breakup by Region
North America
Asia Pacific
Europe
Latin America
Middle East and Africa
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