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Smart Water Metering Market is expected to reach US$ 5,954.65 million by 2028 | The Insight Partners
Smart Water Metering Market to 2028
The global smart water meter infrastructure market is experiencing an intense growth with regards to the investments, trials being carried out and deployment for future in the current scenario and is anticipated to rise in the coming years. The market for smart water meter consists of some well-established players across the globe, which invest huge amounts in order to deliver the most advanced service to the customers. Also, there are many stakeholders in the smart water meter ecosystem that are involved in the end-to-end development of smart water meter technology and ensuring that the best service is made available for the users. Government funding for research & development, strategic partnerships between chipset manufacturers, equipment vendors, network operators and Government bodies are anticipated to enable huge surges in the market for smart water meter over the forecast period.
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The world is facing a huge scarcity of water owing to practices such as illegal tapping, tampering with pipelines, and leakage. Owing to this, water scarcity is rapidly increasing in the current scenario and the issue is anticipated to increase in the near future. The substantial demand for an advanced solution has led to development and implementation of smart water meters, which can monitor the consumption pattern and supervising and recording leakage, theft, and illegal tampering. Smart water meters are wired, or wireless mechanisms integrated with data management programs through which the users or operators can review/check the consumption pattern. Various governments of developed and developing regions across the globe are constantly increasing their interest in adopting technologies to provide an adequate quantity of water to the mass. In addition, various private organizations are also striving hard to implement technologically enriched smart water management systems to cope with water scarcity problems across the globe. Thus, water scarcity and demand for proper handling of water consumption patterns are increasing the adoption of smart water meters, thereby bolstering the smart water metering market growth.
The List of Top Companies:
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
WAVIoT Integrated Systems LLC
China and Australia are anticipated to be the pioneering nations in the commercial deployments of smart water meters in Asia Pacific. Both these countries are intending to capitalize on the emergence of IoT, Big Data, and analytics, thereby harnessing their powers to achieve better results with smart water meters. Further, ambitious digital initiatives in other Southeast Asian countries have spurred strong government support for smart water meter rollout. For instance, Singapore is taking significant steps to promote digital water technologies. In November 2022, Singapore's national water agency PUB started utilizing an Itron industrial IoT network canopy for the smart water metering applications from SP Group. This network would connect ~300,000 C&I and residential smart water meters while promoting water conservation goals. The installation of new water technologies is an integral part of PUB's Smart Water Meter Program that projects to change the organization into a smart utility. The first phase of a smart water meter program will be introduced in Bukit Batok, Jurong West, Hougang, Tampines, and Tuas. Such developments are expected to drive the smart water metering market growth.
What are the driving factors impacting the smart water metering market?
1. Increasing Water Scarcity and Misuse of Water
2. Non-revenue Water Monitoring and Control Generating the Demand for Smart Water Meters
3. Increasing Number of Smart Water Meter Projects Across Different Regions
Key Findings of Study:
The global smart water metering market is experiencing intense growth regarding the investments, trials being carried out, and deployment for the future in the current scenario; this growth is anticipated to continue in the coming years. The smart water metering market consists of some well-established players across the globe, which invest huge amounts in order to deliver the most advanced service to customers. Also, there are many stakeholders in the smart water meter ecosystem that are involved in the end-to-end development of smart water meter technology and ensuring that the best service is made available for the users. Government funding for research & development and strategic partnerships between chipset manufacturers, equipment vendors, network operators, and government bodies are anticipated to boost the smart water metering market size over the forecast period.
North America accounted for the largest share of the global smart water metering market size in 2021, and it is expected to retain its dominance during the forecast period. This can be attributed to several factors such as well-developed smart grid infrastructure across different countries such as the US and Canada and the presence of well-established smart water metering market players that constantly work on the development of innovative solutions for the end users across the region. The presence of companies such as Sensus, Itron Inc, and Badger Meter Inc is further catalyzing the smart water metering market growth across North America.
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The investment involved in installation and deployment of smart water meters is comparatively much higher than that of traditional systems. This is because smart water meters have various advantages in monitoring, checking, and reducing non-revenue water costs. The wired or wireless smart water meters are integrated with sensors, data loggers, communication devices, and data management systems that sense, record, and transfer the data to the cloud or designed storage platform that is usable by the operator at any point in time. In addition, the pipelines range hundreds of miles from water treatment plants to their destination, and the water management authorities need to deploy large numbers of smart meters to monitor the pipelines owing to limited bandwidth. This factor also incurs huge investments. Owing to high initial investments, several developing countries are restraining the deployment of such advanced technologies, negatively impacting the smart water metering market growth.
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The Insight Partners
Email: sales@theinsightpartners.com
Phone: +1-646-491-9876
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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