The worldwide smart water meter market is predicted to reach USD 9.2 billion by 2026, up from a predicted USD 5.4 billion in 2021, with a CAGR of 10.8% over the foreseen period.
Escalating efforts by water companies to reduce unpaid water are driving the market for smart water metering. Smart meters are devices that simplify the work of public services and are more accurate in their operation compared to traditional meters that are employed to control water consumption. Smart water metering technology provides more benefits to customers and also to the service provider, who will no doubt pilot the installations in various countries. These gauges also help identify heavy use as well as leak detection techniques. Major market players are still making several strides to improve performance standards and make these meters an inexpensive source for evaluating water use.
One of the main trends observed in the smart water meter market is the constant development of Advanced Metering Infrastructure (AMI). Compared to residential and industrial consumers, water utilities are predicted to create the greatest call for AMI due to their larger budget for advancing water infrastructure. Although smart water meters find application in water services, as well as residential and industrial facilities, water services offer the greatest opportunities for manufacturers of smart water meters. Water utilities supply water to industries and households, during which they incur significant losses due to theft, spills, and faulty meters. To curb this, water companies are investing highly in advanced water meters and modernized infrastructure worldwide.
In 2020, Diaml launched a smart water meter project. The Public Water Authority (Diam) celebrated the operation of the smart water meters that have been installed in the Muscat and Musandam governorates.
The adoption of strict regulations on the monitoring of the water distribution network, coupled with the ever-escalating requirement for accurate resource allocation, will drive the penetration of the smart water metering industry. Escalated investments in infrastructure development aimed at providing proactive services and an optimized water supply process will drive the installation of these systems. Continuous technological advancements and innovations aimed at developing accurate monitoring technologies will enhance the expansion of the industry. Growing concerns about growing water shortages and escalating initiatives to reduce its waste will drive uptake of the product. Escalated measures and intensification of worldwide initiatives to minimize non-billable water (NRW) due to the escalating call for efficient use of resources will drive the market for smart water metering. The escalating introduction of sustainable solutions for efficient water management and the escalating emphasis on its conservation will stimulate the call for products. Furthermore, changing trends towards digitizing distribution systems to improve efficiency will further increase the prospects for the industry. Smart water metering offers consumers the ability to track their water consumption and control water usage on a daily basis. This allows the consumer to effectively verify the meter reading on site. In developed countries, about 20% of the water supplied is lost, while in developing countries, more than half of the water from which revenue will be generated is lost. To combat this, smart water meters are installed to track and identify water spills in the distribution network. In many countries, governments have begun to take steps to reduce water loss; European countries are the most active in these activities. Provisions such as the Water Framework Directive (WFD) exist to limit the operating expenses of water organizations. The market for smart water meters in Wales and England is governed by these laws.
The lack of acceptance due to the high cost of installation involved is predicted to challenge market expansion during the foreseen period.
The market is mainly fed by the growing call for good water use. Non-water revenue is a nuisance for governments and water companies. There is a growing call for water management due to the increase in water-related emergencies. Communication technology in the smart water meter industry is one of the most important technologies for their operation. Easy availability of the Internet of Things, the market for smart water meters has had a new expansion opportunity. This technology is mainly useful in areas where rain conditions are uncertain, where it can help organizations to use rainwater correctly. The IoT enables water companies to improve the supply, quality, treatment, storage, and transportation of water. These advantages contribute to the popularity of these devices in regions such as MEA. This region currently represents the lowest market share in the market; However, the growing call for water conservation is driving the popularity of smart water meters in industrial settings here. Market players such as Cyan and Kamstrup are establishing their operations in the MEA region after realizing the expansion potential offered.
The infrequent meter reading and limited bandwidth of the remote sensing water meter are likely to hamper the expansion of the industry.
AMI's smart water meter market is predicted to see solid expansion due to its ability to streamline the invoice generation process and reduce labor costs. High reliability and optimized design are some of the main underlying factors for the installation of these units. Additionally, escalated investment by utilities to purchase and implement digital solutions in their utility network will keep business expansion proliferating.
The market for smart water meters for residential applications is predicted to grow more than 15% by 2026. Escalating calls for accurate mapping of unregulated water resource spending and optimization of the billing process will increase product adoption. Remote monitoring, water shortages, and the escalating integration of cybersecurity mechanisms to ensure the reliable and safe operation will enhance the penetration of technology in residential establishments.
The Smart Water Meter Report includes the segmentation of Regions:
North America is projected to hold the largest shares from 2021 to 2026, thanks to government initiatives to reduce non-commercial water, accurate meter reading, and the development of smart city infrastructure in the United States, Canada. Also, escalated urbanization and industrial development are predicted to drive market expansion. The European smart water meter market will see strong expansion due to the changing regulatory landscape towards the implementation of sustainable policies and standards to effectively address concerns related to water scarcity.
In addition, escalating urbanization has led to the adoption of advanced water consumption management systems, which in turn will increase product penetration. Escalating the attention of consumers to the transparency of the billing process and the growing economic benefits of the installation of smart technologies are fuelling the demand of the market in this region. Escalating water scarcity and escalated public spending to implement a digital economy will keep the industry landscape proliferating.
In the pessimistic scenario, total shipments of smart meters between electricity, gas, and water combined from 2019 to 2025 could fall by as much as 28% due to COVID-19. In the short term, the number of infections in a country is the most important factor in stopping any deployment. However, constraints due to lockdowns should not be a significant recovery factor for the smart utility industry. In many cases, utility-oriented companies (such as meter manufacturers) have been able to continue in business (including manufacturing) at all times due to their classification as a critical industry. The same is true for many component manufacturers, while the relative return of manufacturing to China also alleviates most concerns on the supply side.
The major players in the global smart water metering market are
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Smart Water Meter Market, By Technology
6.1.3 Market Size Estimations & Forecasts (2021-2026)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Smart Water Meter Market, By Application
6.2.4 Market Size Estimations & Forecasts (2021-2026)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Technology
7.2.3 By Application
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Technology
7.3.3 By Application
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Technology
7.4.3 By Application
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Technology
7.5.3 By Application
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Technology
7.6.3 By Application
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Badger Meter
8.3 Diehl (Germany)
8.6 Neptune Technology Group
8.7 Aclara Technologies
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures