New York, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The global smart water metering market size is slated to expand at ~ 10.96% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 21.70 billion by the end of 2035, up from a revenue of ~USD 6.95 billion in the year 2022. The growing government initiatives to expand the water distribution network. On July 18th, the World Bank Board of Directors authorized a USD 350 million funding initiative (Program-for-Results) designed to help the Moroccan government in carrying out its National Programme for Potable Water Supply and Irrigation (PNAEPI, 2020-2027) within the overall framework of the 30-year National Water Plan. Through three strategies, the World Bank is strengthening water sector governance; boosting economic viability and water consumption efficiency; and helping the inclusion of non-conventional water resources.
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Smart Water Metering Market: Key Takeaways
- Market in the North America region to propel the highest growth
- The Meters & Accessories segment to garner the highest growth
- Market in Asia Pacific to grow at the highest rate
Rising Water Bills is to Boost the Growth of Smart Water Metering Market
The obsolete water systems in several communities have resulted in expensive water bills and have increased the supply of water which is dangerous for health. It implies that in an ever-shifting climate, sensitive systems are increasingly more vulnerable. The eater cost is increasingly becoming unaffordable and the major reason for the high cost of the bills are water leakage, unmanned taps, and others. This has increased the demand for smart water meters to accurately measure the water bills and also detect any water leakage. According to industry Organization Water UK, the standard yearly payment of water bills for the average family in England and Wales would be around USD 477. Customers will pay nearly USD 38 more on average than last year as a result of the 7.5% hike.
Smart Water Metering Market: Regional Overview
The global smart water metering market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapid Development of Smart Cities to Boost the Market’s Growth in the North America Region
The North America smart water metering market is predicted to show the largest revenue by the end of 2033. In light of the necessity for regulatory compliance, the speedy development of water infrastructure, and the growing smart cities, North American smart water meters will experience rapid growth. Smart water management makes use of information about operations collected from throughout the region to put together a near-term water management strategy. There are approximately 12 smart cities projects in North America, with smart water management at the forefront of the projects. Furthermore, rising investment to deploy new smart water meters is also expected to augment the market growth in the region.
Government Efforts to Provide Clean Water to Rural Regions is to Elevate Market Growth in Asia-Pacific
The market in the Asia Pacific region is poised to have a significant growth in the upcoming years. In developing countries, especially in Asia, around 90-95% of domestic sewage without any treatment is disposed of into the surface water. This is the primary reason for the depletion of freshwater in the regions. According to the World Water Development Report, 480 million people in Asia alone are projected to face a shortage of water in the future. To tackle the problem of freshwater scarcity the government of several nations in the regions are implementing modern machines and ways to monitor the water supply systems. For instance, in India, the Ministry of Jal Shakti opted to go digital by employing sensor-based IoT devices to effectively track the operation of the Jal Jeevan Mission (JJM) in over six million villages to monitor rural drinking water supply systems.
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Smart Water Metering, Segmentation by Type
- Electromagnetic Meter
- Ultrasonic Meter
- Mechanical Meter
Smart Water Metering, Segmentation by Component
- IT Solutions
- Communications
- Meters & Accessories
Out of three, the meters & accessories segment is to dominate the market growth by the end of 2033. The growth of the segment is attributed rising installment of water meters. For example, Florida declared in January 2023 that it intends to install Ultrasonic Smart Water meters in every home and business in the area. In addition, 4,500 meters would be replaced during the next five months. Customers would be able to monitor their hourly water usage data, obtain automated leakage notifications, and observe regular, 30-day payment periods with the meters.
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Smart Water Metering, Segmentation by Product
- AMR
- AMI
Smart Water Metering, Segmentation by End User
- Commercial
- Industrial
- Residential
On the basis of end-users, the residential segment is expected to gain significant market revenue over the forecasted period. Rising cases of water leaks and growing demand for smart water metering to monitor the real-time expenditure of water and tame the ever-rising water bills. According to the Environmental Protection Agency, around 180 gallons of water every week and nearly 9400 gallons of water every year are wasted through household leaks by an average family in the United States.
A few of the well-known market leaders in the global smart water metering market that are profiled by Research Nester are Neptune Technology Group, Kamstrup, Honeywell International Inc., Badger Meter, Inc., Landis + Gyr, Sensus, Taggle Systems Pty Ltd., Itron, Wasion Group, and EWS Australia.
Recent Developments in the Market
- Badger Meter, Inc. has announced the acquisition of Analytical Technology, Inc., the deal was finalized for around USD 44 million. Owing to this acquisition, the Badger Meter is expected to provide compact, advanced technology and highly scalable, water monitoring services that monitor the quality and enable real-time data to municipal water utilities and also to commercial users.
- Landis+Gyr has completely acquired Luna Elektrick Elektronikk Sanayi ve Ticaret A.A.z., an Izmir, a Turkey-based provider of smart meters for water, electricity, and heat, along with their software solutions. This acquisition will enable Landis+ Gyr to expand its business reach provide better services to customers and add new solutions to its product portfolio.
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