Smart Water Metering Market Detailed Analysis with Accurate Forecast to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Smart Water Metering Market Size, Share & Trends Analysis Report By End-Use Application (Water Utilities And Industries), Component (Meters & Accessories, IT Solutions, And Communications), Meter Type (Electromagnetic, Ultrasonic, And Smart Mechanical Meters), And Technology (AMR and AMI)- Market Outlook And Industry Analysis 2031"

The Global Smart Water Metering Market is estimated to reach over USD 9.65 billion by 2031, exhibiting a CAGR of 10.81% during the forecast period.

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Smart meters ease utility operations and are more exact in their operation than standard meters used to evaluate water usage. Smart water metering technology provides more benefits to users and service providers, which will undoubtedly push their adoption in various countries. These meters also aid in detecting high-use and leak-detection procedures.

The leading market competitors are still making various innovations to boost performance standards and make these meters an economical source for assessing water usage. A smart water metering system with technology to precisely monitor usage and detect leaks is the ideal solution. As a result, these systems installations have increased in recent years. Owing to these smart water meter market trends, the industry will likely grow rapidly in the next years.

With the increasing penetration of technological technology, the IoT (the Internet of Things) has gained traction in numerous industries throughout the world. These systems aid in the exact management of supply chains by establishing the necessary algorithms that avoid human interaction and thus lower the likelihood of malfunctioning.

List of Prominent Players in the Smart Water Metering Market:
• Badger Meter Inc.
• Sensus, Diehl Stiftung & Co. KG
• Aclara Technologies
• Itron Inc.
• Kamstrup A/S
• Landis+GYR
• Honeywell International
• B Meters SRL
• Arad Group
• Zenner International GMBH & Co. KG.
• Neptune Technology Group
• Iskraemeco Group
• Sagemcom
• Wasion Group.

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Market Dynamics:
Drivers-
Governments in numerous countries are taking the necessary steps to promote the sustainable use of water. These measures are being taken as water consumption has surged enormously in the previous decade, owing to a rapidly rising population and urbanization. As a result of growing energy demand, new industries and workplaces have emerged. Sustainable use has become an important aspect of meeting present and future water demands. These technologies can track water usage throughout a water utility's supply chain and provide the best solution. As a result, the number of water utilities installing these meters has increased, propelling the smart water metering market growth.

Challenges:
Despite the numerous benefits of smart water meters, a large section of the global population is ignorant of their availability. Smart water metering currently has a low adoption rate in developed economies and a minimal penetration rate in developing economies. This issue may impede market expansion during the predicted period. Water providers must also invest heavily to ensure that smart water meters are installed for every consumer they serve. Customers' pockets will almost probably suffer as a result of this. This could have a detrimental impact on the market in the following years.

Regional Trends:
In the near future, the North American Smart Water Metering Market is anticipated to account for a significant revenue share and to expand at a rapid CAGR. The market in the region is characterized by rollouts to promote sustainable water use while gaining economic benefits. These characteristics, together with more public knowledge of smart meters in the region compared to other regions, have resulted in the region holding a substantial market share. Furthermore, the region contains a number of independent countries that are carrying out these rollouts with government assistance. The United States is the region's largest country, with prominent players in the smart water meter market. The Asia-Pacific area is predicted to grow the fastest, with China and other Southeast Asian countries functioning as economic accelerators.

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Recent Developments:
• In July 2021, Anglian Water was working on installing 1.1 million freshly updated water meters for households and businesses as part of a 5-year program that will cost more than USD 231.06 million. As a result, the company's long-term demand management plan can save future water resources.

Segmentation of Smart Water Metering Market-
By End-use Application-
• Water Utilities
• Industries
By Component-
• Meter & Accessories
• IT Solutions
• Communications
By Meter Type-
• Electromagnetic Meters
• Ultrasonic Meters
• Smart Mechanical Meters
By Technology-
• AMR
• AMI
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.