The global smart water metering market size is set to reach USD 3695.82 million in 2023. Overall sales of smart water metering are likely to surge at 10% CAGR, taking the forecasted market valuation to USD 9586.02 million by the end of 2033.
Using smart water metering, water companies can keep tabs on how much water is being used at any given time, which is invaluable for gauging trends in water consumption and spotting distribution system issues like leaks. As water utilities and governments seek ways to enhance water management and conservation initiatives, this technology has been gaining traction in recent years.
An increasing number of smart water metering systems are based on Internet of Things (IoT) technologies. In order to provide more advanced features like real-time monitoring, data analytics, and remote control, many smart water flow meter systems are now using IoT-based technologies. Connected devices can monitor water distribution systems for problems like leaks and send immediate alerts to utilities so repairs can be made before any serious consequences arise. Utilities can improve water management efficiency and cut costs with the help of data collected and analyzed with the aid of IoT-based technologies.
Demand for water conservation is growing, contributing to the growth of the smart water metering market. Many utilities are adopting smart water metering solutions to assist customers in monitoring their water consumption, determining where there may be waste or opportunity for improvement, and making more educated decisions in light of rising public awareness of water scarcity and the importance of sustainable water management practices. Smart water metering systems allow homeowners to gain insight into their water consumption habits and make adjustments to save water in real-time. As time passes, this can lead to substantial water savings, which in turn helps to guarantee a more sustainable water supply for future generations.
A further development in the smart water metering industry is the appearance of cutting-edge analytics tools. The market has seen the emergence of advanced analytics tools that can help utilities extract valuable insights from the vast amounts of data generated by smart water flow meter systems. This allows utilities to better manage water resources. Patterns in water use, forecasts of future demand, and the discovery of anomalies in the water distribution system are just some of the many uses for data analytics tools. Utilizing these findings can enhance system efficiency, cut costs, and better distribute water.
| Attributes | Details |
|---|---|
| Smart Water Metering Market CAGR (2023 to 2033) | 10% |
| Smart Water Metering Market Size (2023) | USD 3695.82 million |
| Smart Water Metering Market Size (2033) | USD 9586.02 million |
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According to recent research by Future Market Insights, the smart water metering market is projected to expand at a rate of 10% during the forecast period from 2023 to 2033. The market outlook could be divided into short-term, medium-term, and long-term influences.
Short-term (2023 to 2025): Across the globe, governments are placing a greater emphasis on the creation of smart cities, which incorporate smart water management systems. As a result, there has been a rise in spending on smart water metering systems, signaling future expansion for the industry. Among these countries is the European Union, which has mandated that 80 percent of all homes install smart meters by 2020.
Medium-term (2025 to 2028): There has been a rise in demand for AMI-based solutions. Data that are more accurate, two-way communication, and greater flexibility in data management are just a few of the benefits that Advanced Metering Infrastructure (AMI) systems provide over traditional Automated Meter Reading (AMR) systems, which are driving their adoption in the smart water metering market. Advanced features like real-time data analytics and remote control are made possible by AMI-based solutions, assisting utilities in streamlining water management operations and cutting costs.
Long-term (2028 to 2033): Smart water metering systems can respond to growing consumer demand for real-time information on water consumption. Smart water meters can increase customer satisfaction and decrease the likelihood of disputes over water bills by giving consumers more control over their water usage and helping them identify wastage.
Governments around the world are taking the necessary steps to encourage the long-term conservation of water. These measures are being implemented because the demand for water has increased dramatically over the past decade due to both population growth and increased urbanization. This has resulted in a rise in the demand for energy, which in turn has spawned new types of businesses and places of employment.
Sustainable water use is now a crucial consideration for meeting current and future water demands. The best available solution is provided by these systems, which can map water usage across a water utility's supply chain. This has fueled the growth of the smart water metering market by increasing the adoption rate among water utilities.
Smart water meters are a viable option for both water utilities and their customers from a financial standpoint. These meters are a one-time purchase that will last for decades with very little upkeep.
Accurate billing is a major selling point because it ensures consumers are only ever paying for the water they actually use. This makes it impossible for the service provider and the customer to misunderstand one another. Industries like the food and beverage industry, the textile industry, and others that use large amounts of water stand to gain the most from such installations.
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A failure to educate consumers about the benefits may slow the market.
Despite the many benefits that smart water meters can provide, they are still largely unknown to the general public. Neither developed nor developing countries have adopted smart water metering systems to any significant degree as of yet. This may act as a restraint on the market's expansion during the projected period. In addition, water companies need to put in significant resources to install smart water meters for all of their customers. Inevitably, this means steep price increases for consumers. In the years to come, this could have a negative effect on the market.
The federal government in the United States has launched a number of programs and mandated standards to encourage the widespread use of smart water meters. For instance, smart water metering systems can be funded at low-interest rates thanks to the Water Infrastructure Finance and Innovation Act (WIFIA). The Environmental Protection Agency's (EPA) WaterSense program promotes the use of water-saving products and practices, such as smart water meters.
Badger Meter, Inc.: Badger Meter is a leading manufacturer of smart water meters, as well as other flow measurement products, such as gas meters and industrial flow meters. Utilities, municipalities, and commercial and industrial customers use the company’s products across the United States and around the world. Badger Meter is known for its high-quality products, innovative technology, and exceptional customer service.
Neptune Technology Group: Neptune Technology Group is a technology company that specializes in smart water flow meter solutions for utilities. The company offers a range of products, including advanced metering infrastructure (AMI) systems, meter data management systems, and leak detection solutions.
The growth of the market in India is mainly attributed to the rising demand for efficient water management solutions due to increasing water scarcity and the need to reduce water wastage. The Indian government is also taking initiatives to implement smart water metering systems to improve water management practices, which is driving the market growth.
Additionally, the adoption of smart city initiatives in India is also expected to fuel the demand for smart water flow meter systems. The increasing focus on digitalization and the use of advanced technologies such as the Internet of Things (IoT) is also expected to contribute to market growth.
Japan has a strong culture of environmental awareness and conservation. This has led to a growing demand for sustainable solutions, including smart water metering systems. Consumers in Japan are increasingly aware of the importance of water conservation and are willing to adopt new technologies to reduce water wastage.
The water system in Japan is outdated and in need of renovation. Over 60 percent of Japan's water supply pipelines are over 30 years old, per the country's Ministry of Land, Infrastructure, Transport, and Tourism (MLIT). As a result, the water supply system has become inefficient and there has been significant water loss. Therefore, smart water flow meter systems and other innovative approaches to water management are in high demand.
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In the coming years, the residential sector is expected to continue its historic dominance of the market. The rising population and urbanization of many countries are the primary drivers of this expansion in demand. Since the residential sector typically receives the bulk of the region's municipal water supply, it also consumes the most water. The industrial sector is the second largest user of water after the residential sector, and for good reason: water is used as a raw material and a coolant in a wide variety of manufacturing processes around the world.
Although the advanced metering infrastructure segment currently has a smaller market share than auto meter reading, it is expected to overtake auto meter reading in the coming years because of the operational advantages of two-way communication and greater accuracy. Auto reading meters are not preferred in current smart energy metering roll-outs due to the lack of two-way communication between utilities and customers.
Itron, Kamsturp, and Landis+Gyr dominate the market share, giving the impression of an oligopoly. Their dominance can be attributed to several factors, including the availability of a wide variety of smart water solutions and the companies' dedication to constant innovation, which in turn leads to the introduction of new devices.
Badger Meter, Diehl, Aclara Technologies, Neptune Technology Group, Sensus, BMETER, Datamatic, Honeywell, ZENNER, and Holley Technology are just some of the regional and domestic players who have recently entered the market with innovative technologies and cost-effective answers. This is expected to have a positive effect on the global market as these firms are predicted to increase their market share during the forecast period.
How can Manufacturers Scale their Businesses in the Smart Water Metering Market?
The smart water metering market is estimated to be worth USD 3695.82 million in 2023.
The smart water metering market is expected to be valued at USD 9586.02 million by 2033.
The market is expected to grow at a rate of 10% during the forecast period.
1. Executive Summary | Smart Water Metering Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2032 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Type 5.1. Automatic Meter Reader 5.2. Advanced Metering Infrastructure 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Component 6.1. Controlling Units 6.2. Display Storage & Integrated Software 6.3. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Application 7.1. Residential 7.2. Industrial 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Meter Type 8.1. Ultrasonic Meters 8.2. Electromagnetic Meters 8.3. Electromechanical Meters 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Country 13. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2032, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Arad Ltd 17.2. Badger Meter Inc. 17.3. Bmeters SRL 17.4. Diehl Stiftung & Co KG 17.5. Itron Inc. 17.6. Kamstrup AS 17.7. Mueller Water Products Inc. 17.8. Neptune Technology Group Inc. 17.9. Sensus USA Inc. 17.10. WAVIoT Integrated Systems LLC 18. Assumptions & Acronyms Used 19. Research Methodology
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Smart Water Metering Market
