Smart Water Metering Market is expected to reach US$ 5,954.65 million by 2028

The smart water metering market is expected to reach US$ 5,954.65 million by 2028;registering at a CAGR of 10.0% from 2022 to 2028, according to a new research study conducted by The Insight Partners. 

Tremendous Growth in Smart Irrigation Systems Boosts Demand for Smart Water Meters

The majority of the world is facing acute water scarcity owing to various factors such as illegal water tapping, pipeline tampering, and leakage. Moreover, rapid urbanization and aging infrastructure are key reasons for water scarcity. Water utilities are constantly adopting innovative technologies to supply an adequate quantity of water to every area, along with reducing operational costs, managing assets, and supporting water conservation. This is catalyzing the growth of smart water metering market. The global population is growing exponentially, resulting in a rise in demand for water. To supply the required or demanded quantity of water, the water providers or utilities are upgrading their traditional water metering systems with new advanced technologies, including automatic meter readers or advanced metering infrastructure. The smart water meters also facilitate the residential areas by alarming in case of pipeline leakage, tampering efforts, and reverse flow, thereby reducing water loss and associated loss. The industrial sector is also upgrading its traditional water meters with smart water meters as these smart technologies help the industries understand the quantity of water allotted to them, the quantity of water supplied at the end, and the quantity of water billed at the end of the time. To reduce nonrevenue water bill generation, industries are increasingly procuring these smart water meters, which is further bolstering the smart water metering market growth.

Smart Water Metering Market – by Region, 2021 and 2028

Source: The Insight Partners Analysis

Several governmental initiatives are helping the smart water metering market to flourish in the current scenario. For instance, several parts of North America have successfully implemented smart water meters with the help of government funding. Also, many city authorities across the region have been launching several projects for new installation or modernization of the existing smart water meter infrastructure. For instance, in November 2021, the city of Wilmer in Texas announced the launch of a smart water meter modernization project worth US$ 880,780 to modernize the city’s aging water service infrastructure. The main aim of this project is to improve operational efficiencies and allow residential customers to access their water usage data in real time. This also helps in more precise water meter readings and accurate billings for the water transmission service providers and end users.

Smart water meters installed across the locations with weak signals suggest a limited network reach that also leads to increased energy consumption and shorter battery life due to higher load on signal receivers that provides real-time data. This also increases the need for higher data storage and processing capacity to cater to the growing data volume. The future of smart water metering market size is promising, as OEMs and other research centers are continually intending to deploy smart and connected technologies for efficient monitoring and operations without any human interference. As a result, technologically enriched sensor systems are being developed, which is expected to attract a significant number of industries in the coming years.

Ecosystem of Global Smart Water Metering Market

Component providers, smart water meter manufacturers, and end users are the main stakeholders in the smart water metering market ecosystem. The component suppliers provide components such as display panels, valves, pins, and connector slots to the system manufacturers. The smart meter manufacturers then utilize the components while assembling those components to make the final products.

The smart water metering market size is categorized on the basis of type, component, and application. Based on type, the smart water metering market is segmented into automatic meter reader and advanced metering infrastructure. In terms of component, the smart water metering market is segmented into controlling units, display storage & integrated software, and others. In terms of application, the smart water metering market is bifurcated into residential and industrial. Based on meter type, the smart water metering market is segmented into ultrasonic meters, electromagnetic meters, and electromechanical meters.

Impact of COVID-19 Pandemic on Smart Water Metering Market

The COVID-19 pandemic led to a downfall across a majority of industries, including manufacturing & construction and electronics & semiconductors. The pandemic also led to disruption in the supply chain across these industries. Also, the majority of the smart water meter installation and upgradation projects got delayed during the FY 2020 due to several challenges such as unavailability of labor, stringent company operation regulations, lockdown measures, and shifted focus of governments from development to COVID-19 fighting measures. Also, water consumption across residential applications witnessed strong growth due to lockdown situations across different countries. This led to an increase in demand for efficient distribution of water across different regions. Such factors negatively impacted the smart water metering market growth worldwide.

Arad Ltd, Badger Meter Inc, Bmeters SRL, Diehl Stiftung & Co KG, Itron Inc, Kamstrup AS, Mueller Water Products Inc, Neptune Technology Group Inc, Sensus USA Inc, and WAVIoT Integrated Systems LLC are among the key smart water metering market players operating in the market. In addition to all the players profiled in the report, there are several other global, regional, and domestic smart water metering market players operating in the market, which were also analyzed and studied during this study to get a holistic view of the entire smart water metering market.

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