Press release
Smart Water Metering Global Market Size, Share Report, Growth Prospects, Developments Plans, Future Insights and Trends Analysis Till 2033
Smart Water Metering Global Market
The Business Research Company offers in-depth market insights through Smart Water Metering Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The smart water metering market size has grown rapidly in recent years. It will grow from $3.89 billion in 2023 to $4.41 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to aging infrastructure, rising consumer awareness, environmental sustainability, growing interest in leveraging data analytics, government regulations.
The smart water metering market size is expected to see rapid growth in the next few years. It will grow to $7.02 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to smart cities initiatives, remote monitoring, cloud computing, mobile apps, cybersecurity concerns. Major trends in the forecast period include advanced sensor technologies, blockchain in water management, edge computing, subscription-based models, smart home integration.
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Market Segmentation:
The smart water metering market covered in this report is segmented -
1) By Meter Type: Ultrasonic Meter, Electromagnetic Meter, Mechanical Meter
2) By Component: Information Technology (IT) Solutions, Communications, Meters And Accessories
3) By Technology: Automatic Meter Reading, Advanced Meter Infrastructure
4) By Application: Residential, Water Utilities, Industrial, Agricultural
Major Driver - Smart Water Metering Market Thrives With Utilities' NRW Reduction Focus
Utilities' focus on reducing non-revenue water is expected to propel the smart water metering market going forward. Non-revenue water (NRW) is essentially produced, cleansed water that is misplaced throughout the water delivery system and never makes it to its intended location. The management of non-revenue water (NRW) enables utilities to increase and improve service, improve financial performance, make cities more appealing, boost climate resilience, and use less energy. For instance, in December 2022, according to the Indiana Finance Authority, a US-based government organization to oversee Indiana state-related debt issuance and provide efficient and effective financing solutions, In 2022, 78% of Indiana's metered drinking water utilities, totaling 418 out of 537, submitted water audits, revealing a statewide reduction in non-revenue water from 46.7 billion gallons in 2019 to 45.3 billion gallons, resulting in a lower total cost of $51.6 million compared to $58.4 million in 2019. This data indicates a continuing effort by utilities to address and minimize non-revenue water, showcasing a positive trend in resource conservation and cost management. Therefore, utilities' focus on reducing non-revenue water is driving the growth of smart water metering.
Competitive Landscape:
Major companies operating in the smart water metering market report are Honeywell International Inc., Diehl Stiftung & Co KG, Itron Inc., Landis+Gyr Group AG, Aclara Technologies LLC, Badger Meter Inc., Kamstrup A/S, Rallis India Limited, Arad Group, Apator SA, Shenzhen Water Group Co Ltd., Zenner International GmbH & Co KG, Sensus USA Inc., Axioma Metering, Maddalena SpA, INTEGRA Metering AG, WAVIoT, WaterSMART Solutions Ltd., MOM Zrt., BETAR Company, WaterTech SpA, Elster Group GmbH, DH Metering Europe SA, G. GIOANOLA Srl, Hebei Shanghong Water Meters Technology Co Ltd., Smartflow Engineering Services Private Limited, Cameroon Water Utilities Corporation, WEGoT Utility Solutions Pty. Ltd.
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Top Trend - Utility Providers' Drive For Innovation In Smart Water Metering
Major companies operating in the smart water metering market are focusing on product launches, such as the next generation cellular module, which transforms legacy gas and water meters into smart meters. A next-generation cellular module refers to an advanced and improved version of the cellular communication hardware component that integrates enhanced features, performance, and connectivity capabilities to meet evolving telecommunications standards and requirements. For instance, in May 2023, Honeywell International Inc., a US-based multinational engineering and technology company that invents and manufactures technologies, launched the Next Generation Cellular Module (NXCM), an innovative solution that upgrades legacy gas and water meters into smart meters without requiring additional infrastructure. This offers seamless integration with diverse gas and water meter forms, enabling wireless advanced metering infrastructure through existing cellular networks. This innovative solution enhances monitoring, safety, and data capture for utility providers, driving operational efficiency, cost reduction, and accurate usage information in the smart water metering market.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Water Metering Market Characteristics
3. Smart Water Metering Market Trends And Strategies
4. Smart Water Metering Market - Macro Economic Scenario
5. Smart Water Metering Market Size And Growth
…..
27. Smart Water Metering Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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