Dublin, April 21, 2023 (GLOBE NEWSWIRE) -- The "Smart Water Metering Market by Meter Type (Ultrasonic, Electromagnetic, Smart Mechanical), Application (Water Utilities, Industries), Technology (AMI, AMR), Component (Meter & Accessories, Communications) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Smart Water Metering market is expected to grow at a CAGR of 11.6% during the forecast period, from an estimated USD 3.7 Billion in 2022 to USD 6.4 Billion in 2027. Industrialization and urbanization have led to an increase in water consumption, thus impacting the total availability of water supply. Such factors are driving the need for improving water metering infrastructure to reduce heavy water losses.
Electromagnetic meters is expected to emerge as the largest segment based on meter type.
The smart water metering market has been segmented into ultrasonic meters, electromagnetic meters, and smart mechanical meters based on meter type. Electromagnetic meters are cheaper than ultrasonic meters and offer benefits such as low-pressure loss, the capability of measuring bubbling water, and a longer lifespan. These factors are driving the growth of the electromagnetic smart water metering market.
IT solutions: The fastest segment for the smart water metering market, by component.
Based on the component, the smart water metering market has been split into meters and accessories, IT solutions, and communications. IoT sensors and data management software platforms help water utilities avoid such losses by analyzing the probable reasons. The fast adoption rate of digital technologies in the water industry is leading to the high growth rate of the IT solutions segment.
Asia Pacific is expected to be the second largest market during the forecast period.
The Asia Pacific region is expected to be the second largest growing market due to Countries such as China, Australia, Singapore, and India developing smart infrastructure for water consumption and water supply. Such initiatives are offering lucrative opportunities for suppliers to expand their regional reach in the Asia Pacific and are likely to create growth opportunities in the Asia Pacific smart water metering market during the forecast period.
Market Dynamics
Drivers
- Supportive Government Policies and Financial Incentives for Digitalization of Grids
- Increased Need to Monitor Utility Systems in Real Time
- Dynamic Pricing of Utilities
- Reduced Blackouts and Failures of Utility Systems
- Increased Need to Monitor Energy Consumption to Achieve Carbon Neutrality
Restraints
- High Set Up and Operational Costs for Utility Suppliers to Switch from Traditional to Smart Meters
- Halted Smart Grid and Smart City Projects due to COVID-19 Pandemic
- Reduced Investment Toward Infrastructure Development and Low Return on Investment
Opportunities
- Focus of Governments Worldwide on Reducing Aggregate Technical and Commercial Losses
- Integration of Artificial Intelligence (Ai) and Machine Learning (Ml) Technologies into Smart Meters
- Adoption of Electric and Hybrid Vehicles by Consumers
Challenges
- Maintenance, Security, and Integrity of Smart Meters and Associated Data, Along with Requirement of Skilled Professionals
- Dependency on Reliable Connections Between Smart Meters and Smart Grid Devices to Achieve Highly Accurate Data
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 193 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $3.7 Billion |
| Forecasted Market Value (USD) by 2027 | $6.4 Billion |
| Compound Annual Growth Rate | 11.6% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Smart Meters Market, by Type
6.1 Introduction
6.2 Smart Electric Meters
6.2.1 Need for Reducing Carbon Emissions and to Reform Power Sector is Driving Market Growth
6.3 Smart Gas Meters
6.3.1 Increase in Natural Gas Networks and Mandates to Retrofit Conventional Gas Meters are Boosting Smart Gas Meter Market Growth
6.4 Smart Water Meters
6.4.1 Effective Water Management and Extra Transparency in Billings are Enhancing Smart Water Meter Market Growth
7 Smart Meters Market, by Communication
7.1 Introduction
7.2 RF
7.2.1 No Running Cost for Smart Meter Systems is Driving Market Growth
7.3 PLC
7.3.1 Use of Existing Electrical Infrastructure and Long-Distance Operations are Boosting Market Growth
7.4 Cellular
7.4.1 Faster Data Transfer Rates and Reduced Infrastructure Costs are Accelerating Market Growth
8 Smart Meters Market, by Component
8.1 Introduction
8.2 Hardware
8.2.1 Power Systems
8.2.1.1 Software and Hardware with Higher Power Consumption are Driving Power Systems Market
8.2.2 Microcontrollers
8.2.2.1 Integration of Ai or IoT with Microcontrollers to Become More Consumer-Friendly Driving Market Growth
8.2.3 Communication Interface
8.2.3.1 Integration of Ai and Connectivity with Smart Phones is Driving the Market
8.3 Software
8.3.1 Customer Information System
8.3.1.1 Improving Communication Between Consumers and Service Providing Utilities is Boosting Market
8.3.2 Meter Data Management System
8.3.2.1 Vast Data Management with Multiple Users and Energy or Resource Demand Forecasting are Driving Market
8.3.3 Metering and Billing Software
8.3.3.1 Smart Payment Options Using Mobile Phones and Increased Billing Transparency are Propelling Market Growth
9 Smart Meters Market, by Technology
9.1 Introduction
9.2 AMI
9.2.1 Need for Accurate Meter Reading and Faster Restoration of Services is Driving Market
9.3 AMR
9.3.1 Need for Cost-Effective Smart Meters is Boosting Market Growth
10 Smart Meters Market, by End-user
10.1 Introduction
10.2 Residential
10.2.1 with Increased Energy-Consuming Devices in Every Household, Market for Continuous Energy Monitoring Through Smart Meters is Growing
10.3 Commercial
10.3.1 Efficient Electricity Usage and Renewable Energy Integration to Grid are Boosting Market Growth
10.4 Industrial
10.4.1 Effective Energy Load Management, Forecasting, and Reduced Energy Thefts are Driving Smart Meter Market
11 Geographic Analysis
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
- Aclara Technologies
- Badger Meter
- Genus Power Infrastructure
- Hexing Electrical
- Honeywell International
- Iskraemeco
- Itron Gamesa
- Jiangsu Linyang Electronics
- Kamstrup
- Landis+Gyr
- Larsen & Toubro
- Networked Energy Services Corporation
- Osaki Electric Co. (Edmi)
- Pietro Fiorentini
- Sagemcom
- Schneider Electric
- Secure Meters
- Sensus (Xylem)
- Siemens
- Wasion Group
For more information about this report visit https://www.researchandmarkets.com/r/ha8y33
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