Smart Water Metering market size is estimated to be worth US$ 5192.3 million in 2022 and is forecast to a readjusted size of US$ 7731.6 million by 2028 with a CAGR of 6.9% - Valuates reports

Due to the COVID-19 pandemic, the global Smart Water Metering market size is estimated to be worth US$ 5192.3 million in 2022 and is forecast to a readjusted size of US$ 7731.6 million by 2028 with a CAGR of 6.9% during the review period. A rise in the demand for smart water metering to optimize water use along with a need for billing accuracy are factors that affect the growth of the global smart water metering market. Additionally, utilities' increased focus on lowering non-revenue water is anticipated to fuel Smart Water Metering market expansion.

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Water is used more effectively thanks to smart meters. They also aid in safeguarding communities from water shortages and setting long-term water-saving objectives. Water distributors are being encouraged to install smart water meters by the expansion of urbanization and the resulting water use. Important companies are developing products using electromagnetic and ultrasonic technologies. In order to increase their customer base, they are also implementing advanced metering infrastructure (AMI) technologies.

Smart Water Metering Market Trends
Smart water metering is an improved electronic program created to help utilities collect usage data automatically, increase productivity, do away with human meter readings, and reduce expenses. Additionally, to connect LANs or wide area networks, the Smart Water Metering System uses wired and wireless communications technologies, such as a Wi-Fi water meter. This enables remote location monitoring and infrastructure repair through leak detection. This factor is expected to drive the growth of the Smart Water Metering market

The smart water metering system can also be used to bill for natural gas, electricity, and water usage in residential, commercial, and industrial settings. Additionally, next-generation water mapping tools are built into smart electronic water meters, which provide trustworthy monitoring options throughout the water utility's supply chain. This in turn is expected to drive the growth of the Smart Water Metering market

The growth rate of the Smart Water Metering market in 2020 has been significantly impacted by the COVID-19 outbreak. Furthermore, due to a lack of international government laws or efforts, the market is predicted to grow at a relatively modest rate through the end of 2021. The COVID-19 epidemic in the construction industry resulted in a number of challenges for the market, including the lack of raw materials, competent labor, safety precautions, deliverables, contractual responsibilities, and project delays or cancellations. As a result, there was a decline in the demand for smart water meters. However, post-pandemic market growth for smart water meters is anticipated to be driven by an increase in digital infrastructure solutions across major nations.

Smart Water Metering Market Share Analysis
In 2021, the market for smart water meters in China will be worth US$ million, while that of the US and Europe will be worth US$ million and US$ million, respectively. The US's share is% in 2021, while China's share is% and Europe's share is%, respectively. It is expected that China's share will reach% in 2028, following a CAGR of% during the course of the analysis period. Asia's significant markets are Japan, South Korea, and Southeast Asia, with CAGRs of %, %, and % for the following six years, respectively.

Regarding the market for Europe's smart water meters, Germany is anticipated to reach US$ million by 2028, growing at a CAGR of% throughout that time.

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