Smart Water Meter Market Will Reach $15.63 Billion by 2030

The smart water meter market was valued at $6.96 billion in 2021, and it is set to reach $15.63 billion by 2030, growing at a CAGR of 9.4% between 2021 and 2030, according to a research report by a market research company P&S Intelligence.

Request for sample pages of this report: https://www.psmarketresearch.com/market-analysis/smart-water-meter-market/report-sample

This is mainly due to the fact that the utility businesses are concentrating on the reduction of non-revenue water, with the increasing consumption of water because of the rising population.

The advanced meter infrastructure category held a larger revenue share and is projected to continue its dominance in the years to come. This can be credited to the higher acceptance of AMI in the utility industry.

Additionally, the better convenience provided by AMI technology in monitoring water consumption, because of its two-way communication between the consumer and user, such factors is driving the growth of the category.

The residential application had the largest market share of around 40%. This can be ascribed to the increasing population along with rapid urbanization.

Furthermore, the heavy investments in the development of enhanced infrastructure with a high concentration on the smart city, such factors will be going to have a positive impact on the industry.

Moreover, industrial applications held the second-largest share of the smart water meter market in recent years. This is mainly because water is a vital raw material and also a coolant across industries, including, automobile, pharmaceutical, and food & beverages.

In addition, the rising consumer awareness along with the growth in the requirement for effective resource management will drive this category in the future.

North America dominated the industry, this can be credited to the growing attention of government administrations on reducing non-revenue water and the enhancement of smart city infrastructures in Canada and the U.S. Also, rapid urbanization and industrial development are major factors responsible for the industry growth.

Europe had the second-largest market share, owing to the snowballing number of product launches in Europe to improve the use of liquid resources.

Additionally, many steps are taken by government organizations to aid the conservation along with the reduction of the pollution of natural resources also increasing the urge to adopt such meters.

APAC will grow at the highest rate in the coming years, because of the increasing government initiatives in order to conserve liquid resources in the region.

Browse the full report at: https://www.psmarketresearch.com/market-analysis/smart-water-meter-market

For example, the growing concentration on smart and effective supply management has motivated the Japanese government to find effective solutions that enable them to accomplish this purpose.

Hence, as utility businesses are concentrating on the reduction of non-revenue water, with the increasing consumption of water because of the rising population, such factors will be going to contribute to the growth of the industry.

About P&S Intelligence

P&S Intelligence is a market research and consulting firm shaping growth strategies for enterprises with a global as well as niche presence. We specialize in both syndicate and custom market research, creating insight-laden reports that allow customers to stay ahead at every curve. Our clients range from multi-billion-dollar behemoths across industries to up and coming MSMEs and startups. Moreover, with our new offering, government, and public sector advisory services, we continue to trudge ahead in our quest for revolutionizing the way economies shape themselves in these ever-changing times.

Contact:
Chandra Mohan
AVP - Business Development
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Blogs: https://worldwideanalysistrends.blogspot.com/
Follow Us: https://www.linkedin.com/company/pnsintelligence/

This release was published on openPR.