Smart Water Metering Market shares overview with CAGR of 10.0% from 2022 to 2028

According to the new research report published by The Insight Partners on "Smart Water Metering Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Automatic Meter Reader and Advanced Metering Infrastructure), Component (Controlling Units, Display Storage & Integrated Software, and Others), Application (Residential and Industrial), and Meter Type (Ultrasonic Meters, Electromagnetic Meters, and Electromechanical Meters)" consists of the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

The smart water metering market is expected to be valued at US$ 3,359.84 million in 2022 and is expected to reach US$ 5,954.65 million by 2028; it is estimated to grow at a CAGR of 10.0% from 2022 to 2028.

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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 the 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.

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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.

The List of Companies - Smart Water Meterings Market

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.

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