Encouraging public private partnerships to invest in the R&D activities and deployments of smart water meters to create more opportunities for the manufacturers in the smart water meter market which is forecasted to grow at a CAGR of 12.4%.
According to a new market research study titled ‘Smart Water Meter Market to 2025 – Global Analysis and Forecasts by Types, Components, and End-Users, the global smart water meter market is accounted to US$ 1,506.2 Mn in 2017 and is also estimated to reach US$ 3,832.0 Mn by 2025. The report highlights the trends prevalent in the global smart water meter market and the factors driving the market along with those that act as deterrents to its growth.
The future market for smart water meter is promising, as the 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 sensors systems are being developed, which is expected to attract the significant number of industries in the coming years. Due to moderate entry barrier to industry, tier 2 companies are entering the market, also well-established companies operating in the market are coming up with new offerings. Major manufacturers of the smart water meters are based in North America and Europe region. However, the new growth opportunities are emerging at a high rate in the Europe and Asia Pacific region in especially in countries such as Germany, Italy, Spain, the UK, China, Japan, and India, among others.
Non-revenue Water (NRW) is a major concern to the water distribution centers across the globe. The non-revenue water refers to the difference between the amount of water produced and quantity of water billed to the customers. The loss of water from the source to destination occurs due to various reasons such as leaks which are referred to as physical loss, and metering inaccuracies, tampering or theft which are apparent losses. In the current scenario, the NRW is alarming at an exponential rate leading to water scarcity and associated issues. On an average, water theft/ illegal tapping is responsible for 8% non-revenue water in North America year on year. Various developed and developing nations across the globe are witnessing a paradigm shift to smart cities.
The government of various countries are adopting the momentum of smart cities thereby, investing in the development of internet infrastructure in the countries with an aim to bring robust urbanization. The US is experiencing a huge growth in numbers of cities transforming to smart cities especially focused on energy, traffic, and transportation. European countries are also emphasizing smart cities in order to enhance their infrastructures. Currently, the European countries are accentuating to transform energy, mobility, and transport as well as ICT industry into smart technology. In Asia Pacific regions, China, India, and Southeast Asian countries such as Singapore, Malaysia among others are constantly upgrading their cities with advanced technologies in order to make them more intelligent. The demand for smart water meter is anticipated to witness an exponential growth in these smart cities as the smart city initiatives majorly focus on the energy sector.
The smart water meter market is segmented on the basis of types, components, and end-users; analyzed across five major geographical regions, namely North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). AMI and AMR are the segmentations under the type category for smart water meter whereas controlling unit; display, storage & integrated software; and others form the components segment. The key players profiled in the report are Itron, Aclara Technologies LLC, Mueller, Elster Group, and Sensus. Also, ARAD Group, Badger Meters, Kamstrup A/S, DIEHL Metering Group, and Neptune Technologies are other key companies in the smart water meter market.
The report segments the global Smart water meter market as follows:
Global Smart Water Meter Market – By Types
Automatic Meter Reader (AMR)
Advanced Metering Infrastructure (AMI)
Global Smart Water Meter Market – By Components
Display, Storage & Integrated Software
Global Smart Water Meter Market – By End User
Global Smart Water Meter Market – By Geography
Asia Pacific (APAC)
Middle East and Africa (MEA)
South America (SAM)