Press release
Smart Water Metering Market to expand 290 million units by 2024
Global Market Insights, Inc.
Enhanced metering accuracy coupled with increasing demand for savings in billing is set to drive the global smart water metering market size. Operational cost optimisation will further augment the demand for these products and assist in conserving scarce resources at affordable prices. Rising demand for systems can be attributed to development of smart grid infrastructure coupled with expansion of water pipeline network.
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Effective measures towards controlling and monitoring of Non-Revenue Water will stimulate growth. According to World Bank estimates, approximately 32 bcm of physical water is lost every year owing to faulty distribution networks, inaccurate systems and theft.
Automated Metering Infrastructure (AMI) smart water metering market size is set to exceed 50 million units by 2024. Adoption of AMI systems are low subject to high installation costs associated. Automatic Meter Reading (AMR) systems demand will increase owing to widespread adoption of the technology for the past two decades. However, data security concerns related to consumption tracking coupled with customer unwillingness may hinder the business growth.
Strict regulations toward water conservation and accurate billing coupled with rising consumer awareness will fuel the U.S. smart water metering market growth. American Recovery and Reinvestment Act (ARRA), 2009 in association with the Department of Energy (DOE) funded the Smart Grid Investment Grant (SGIG) to encourage adoption of intelligent systems. Glendale was the first U.S. city to implement these products as an effort to develop a smart grid network with aim to better manage its utilities and effectively respond to unexpected challenges including drought.
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Commercial smart water metering market share is projected to witness growth over 15% during the forecast timeline. Rising concerns towards control of overhead expenses including water bills can impact the profitability of a commercial establishment, complementing the business outlook.
China accounted for over 55% of the Asia Pacific smart water metering market share in 2016. In 2012, the Ministry of Industry and Information Technology (MIIT) of China unveiled the 12th Five-Year Plan focusing towards the development of intelligent grids, household and cities, Under the proposed blueprint the investment of USD 294 billion were allocated for water resources projects. As per the plan, the pricing policies on ladder water price will be implemented in most of the municipal utilities, necessitating a paced deployment of these products in the region.
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Increasing administrative emphasis with favourable government initiatives will positively drive the Germany smart water metering market growth. Growing foreign collaborations and investments toward the development of high performance advanced systems will further stimulate the product demand. Being an active member of the Open Metering System Group the country regulates the standardization activities of these products for water, gas and electricity.
Notable players in the smart water metering market include Itron, Siemens, Landis+GYR, Schneider Electric, Circutor, Icsa, Iskraemeco, Holley Metering, Honeywell, Osaki, Elster, Sensus Sentec, Badger Meter and Neptune Technology.
Browse Related Reports:
Smart Metering Systems Market Size, By Application (Residential, Commercial, Utility), By Product (Water, Electricity, Gas), By Technology (AMR, AMI), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Italy, France, UK, Sweden, Italy, Portugal, China, Japan, South Korea, India, Australia, UAE, Saudi Arabia, South Africa, Lebanon, Egypt, Mexico, Brazil, Uruguay, Argentina), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
https://www.gminsights.com/industry-analysis/smart-metering-systems-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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