Global Smart Water Meter Market to Exhibit 7.65% CAGR by 2028
It further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter's Five Forces Model, Market Attractiveness Index, Vendor Scorecard, Industry Components, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).
Triton Market Research's report states that the global market for smart water meter is expected to expand with a CAGR of 7.65% over the forecasted period 2022-2028.
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Due to the shortage of global water resources and increasing wastewater disposable costs, smart water meters are gaining immense popularity. They help end-users accurately determine the water consumption level, especially during peak season. According to a study, more than 700 million people across 43 countries suffer from water scarcity. As a result, the need for a sustainable water supply in various industries is on a constant rise. Moreover, smart water meters technology aid utilities in addressing the root cause of water concerns, thus saving time and resources. Hence, these factors are driving the growth of the smart water meter market.
On the other hand, smart water meters are embedded with digital components and connectivity systems that help them operate and transmit data. This escalates the cost of smart metering equipment. Also, these smart meters are designed based on customer requirements which further increases their cost, hindering the studied market's growth.
Geographically, the Asia-Pacific is expected to witness the fastest growth during the forecast period. The growth is attributed to major contributions by China, India, Japan, etc. China is a hot spot for NB IoT-based smart water metering, and most mass-rollout projects are based on it. Similarly, Pilot AMI such as LoRaWan and NB IoT smart water metering projects gained success in Japan, Australia, and New Zealand. Such developments are likely to encourage water utilities to adopt LPWAN communication solutions, which will further augment the growth of the smart water meter market.
The major companies listed in the smart water meter market are Arad Group, Master Meter Inc (Acquired by Arad Ltd), Datamatic Inc, Elster Group GmbH, Neptune Technology Group Inc, Sensus USA Inc (Acquired by Xylem), Badger Meter Inc, Kamstrup AS, Diehl Stiftung & Co KG, Itron Inc, ICSA (India) Limited, Landia GYR AG, Aclara Technologies LLC (Acquired by Hubbell Incorporated), Zenner International GmbH & Co KG, and Mueller Water Products Inc.
The threat of substitutes for smart water meters is substantially high owing to the availability of conventional meters and smart extensions integrated with the existing systems. Additionally, the awareness of the smart water meter is comparatively lower than the conventional meters, thus prompting buyers to choose the latter.
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