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Smart Water Metering Market Expands with Tech Innovations: Insightful Analysis of Market Size, Share, Trends, and Growth Drivers Revealed
Smart Water Metering Market
As per the report, 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 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%.
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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.
Suez And Vodafone Business Collaboration Pioneering Innovation In Smart Water Metering Market
Collaborations is a key trend in the smart water metering market. Major companies operating in the market are focused on strategic collaborations to provide an integrated infrastructure for water utilities to sustain their position in the market. For instance, in October 2023, Suez, France-based, utility company that provides environmental management solutions, partnered with Vodafone Business, a UK-based provider of telecommunications services, to leverage Wize technology and NB-IoT to offer comprehensive coverage for smart water meters in the UK, providing a cost-effective, vendor-agnostic Advanced Metering Infrastructure (AMI). This collaboration aims to streamline data sets, transmissions, and eliminate the need for multiple systems, fostering innovation in the smart water metering market by facilitating an affordable and easily deployable smart metering infrastructure, ultimately enhancing water conservation and operational efficiency for water companies.
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
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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.
Contents of the report:
1. Executive Summary
2. Smart Water Metering Market Report Structure
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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