Global Smart Water Meters Market – Size, Outlook, Trends and Forecast (2024 – 2032)

Smart water meter is a revolutionary low-cost water monitoring solution, with no power supply or data cables required you can connect the device to any compatible water meter. Meter readings and water consumption information are automatically routed to the website for consumption and efficiency reporting, and meter readings can alternatively be directed to your billing system.

Global Smart Water Meters Market Segments Size & Growth:

Global Smart Water Meters Market size is projected to reach approximately $6.72 billion by the end of 2024 with a CAGR of close to 6.72% from $3.94 billion in 2017 during the forecast timeline 2018-2024. Key parameters promoting the market growth include investments inefficient distribution networks, adequate monitoring of consumption patterns, accuracy & savings in Billings, favourable government regulations, developing intelligent, sustainable water management solutions, and non-revenue water (NRW) monitoring and control. However, high initial costs and fragmented nature of the industry, lack of awareness among consumers, and privacy concerns are thereby hindering the market growth. Various opportunities for smart water meter market include incorporation of distributed generation and the possibility for water conservation of smart irrigation systems.

According to the American Water Works Association (AWWA) estimates, there are nearly 237,600 water line breaks per year in the U.S., accounting for over USD 2.8 billion annual revenue loss. Stringent government regulations to effectively monitor water distribution network along with a precise assessment of the resource allocation will fuel the market. The development of infrastructure to provide proactive services and streamlining the water supply management will further stimulate the industry outlook. In 2017, the U.S. government announced to allocate USD 38.3 billion to provide financial assistance to energy and water programs.

Global Smart Water Meters Market Segments Share:

Global Smart Water Meters Market is categorised into a type which comprises of advanced metering infrastructure (AMI), and automatic meter reader (AMR). Among them, advanced meter reader segment is expected to hold the largest share in the market. Reduced meter-reading cost, elimination of billing errors and disputes, and the availability of real-time billing information will fuel the growth of AMR meters in global smart water meter market. The advanced meter infrastructure smart water metering market is anticipated to witness growth over 28% by 2024.

By product, the market is segmented into the smart hot-water meter and smart cold-water meter. Among them, Cold, smart water meter segment is projected to witness a growth of over 17% by 2024. These meters can be used up to temperature ranges of 300 C and find application across residential and commercial establishments. The ongoing increase in consumption coupled with the rapid expansion of cooling pipelines will further drive the product outlook. By the component, the market is segmented into communication devices, meter & accessories, software & solutions, and others. By end-users, the market is segmented into residential, commercial, and utility. Among them, the Residential segment is projected to hold the largest share in the market because of rising demand for accurate billing coupled with effective mapping of unregulated spending on water resources, the ability of intelligent metering systems to reduce non-revenue water and secure remote monitoring.

By Geography, North America is projected to hold for the largest share in the market and Europe is expected to grow at the fastest pace during the forecast period. In North America, the growth of the smart water metering market can be attributed to focus on water monitoring & prevention of water leakage and the repair & upgrade of ageing water infrastructure. The factors that are propelling the North America smart water meter market include stringent regulations by the government, the rise in the evolution of smart cities, and the rapid development of water infrastructures. Several smart water meter rollouts are taking place in countries such as the U.K., Germany, and France, which would boost the growth of the market in the European region.

Global Smart Water Meters Market Trends:

• The latest development to smart water meters is that many companies are working on IoT-enabled smart water meters which helps in reducing water loss and support water conservation.
• Many researchers are working on smart water meters’ market for integrating technology with water sources.

Global Smart Water Meters Market Research Report:

An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.

To have complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried to understand the market more comprehensively.

Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year

Identifying DROC in the current market and their impact in altering the market dynamics.

Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with major competitors.

Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.

The major market players, such as

• ARAD Group
• DIEHL Metering Group.
• Honeywell Elster
• Kamstrup A/S.
• B Meters

Along with these companies, there were many other companies considered/cited in the report while analysing the global smart water meter market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.