New York, United States , July 02, 2024 (GLOBE NEWSWIRE) -- The Global Smart Water Metering Market Size is to Grow from USD 6.4 Billion in 2023 to USD 11.83 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.34% during the projected period.
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Smart water metering is an upgraded electronic program designed to help institutions save expenses, improve efficiency, do away with physical meter readings, and automatically collect usage data. Water use in residential and commercial settings may be measured and tracked with the help of smart water meters—innovative gadgets. These meters come equipped with integrated knowledge that enables data collection, analysis, and interaction in real-time regarding water use. Unlike traditional mechanical water meters, smart water meters offer additional features and capabilities including automated meter reading, isolated monitoring, outflow detection, consumption analysis, and many more that balance the market saturation of smart water meters. Smart water metering helps utilities automatically collect usage data by improving efficiency and enabling them to spot leaks and anomalous use. Government financing and efforts are driving up demand for smart water meters. The governments of several countries are making progress toward encouraging sustainable water use. In the present scenario, where smart grid expenses are increasing, water meters are still being ignored when compared to gas and electricity meters. This is so because there are no laws or regulations governing the installation or usage of smart water meters.
Browse key industry insights spread across 205 pages with 105 Market data tables and figures & charts from the report on the "Global Smart Water Metering Market Size, Share, and COVID-19 Impact Analysis, By Application (Residential, Commercial, and Utility), By Technology (AMI and AMR), By Product (Hot Water Meter and Cold Water Meter), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The residential segment is anticipated to dominate the market over the projected timeframe.
On the basis of application, the global smart water metering market is classified into residential, commercial, and utility. Among these, the residential segment is anticipated to dominate the market over the projected timeframe. This is a result of optimizing water consumption patterns and putting in place effective monitoring systems. The continued advancement and cost-competitiveness of advanced metering units will lead to the industry's prosperity.
The AMR segment is estimated to dominate the market over the projected timeframe.
On the basis of technology, the global smart water metering market is classified into AMI and AMR. Among these, the AMR segment is estimated to dominate the market over the projected timeframe. AMR units are designed to provide two-way communication and data analysis. The continuous meter reading capabilities offered by AMR devices are advantageous to both water providers and customers. They also minimize the need for manual work, diminish meter tampering, and prevent water theft.
The artillery support segment is predicted to grow at the highest pace in the smart water metering market during the estimated period.
On the basis of product, the global smart water metering market is classified into hot water meter and cold water meter. Among these, the cold water meter segment is expected to hold the greatest share of the global smart water metering market over the projected timeframe. AMR units are designed to provide two-way communication and data analysis. The continuous meter reading capabilities offered by AMR devices are advantageous to both water providers and customers.
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North America is expected to hold the largest share of the global smart water metering market over the forecast period.
North America is expected to hold the largest share of the global smart water metering market over the forecast period. To make all drinking water supply lines in the country "smarter," the US Environmental Protection Agency has declared plans to replace outdated mechanical and electromechanical water meter systems with more advanced AMI (Advanced Metering Infrastructure). These devices are used in several US and Canadian businesses, including water and wastewater management, flood detection and management, and sewage treatment. The most widely used applications of smart water meters in the region are for leak detection and energy-saving line monitoring. Utilities are concentrating on improving software capabilities to optimize revenue collection and optimize operations in response to increasing demand from North America.
Asia Pacific is predicted to grow at the fastest pace in the global smart water metering market over the projected timeframe. The Asia-Pacific region is witnessing a notable surge in the utilization of smart water metering technology, owing to the increasing necessity for efficient water management and conservation. Smart water metering systems are being actively used by governments and water utilities in countries such as China, India, Japan, and Australia to address the issue of water shortage and optimize resource distribution. Smart water meters will be necessary in this region to improve water management practices.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Smart Water Metering Market are Kamsturp, Itron, Landis + Gyr, Honeywell International Inc., Badger Meter, Inc., Sensus USA Inc., Diehl Stiftung & Co. KG, Neptune Technology Group Inc., Siemens AG, Schneider Electric SE, Elster Group GmbH, Aclara Technologies LLC, Arad Group, Holley Technology UK Ltd., Master Meter Inc., and Other Key Vendors.
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Recent Developments
- In July 2021, Anglian Water is actively installing 1.1 million new, upgraded water meters for households and businesses as part of a five-year initiative, at a cost exceeding USD 231.06 million. This enables the company to preserve water supplies for the future by using its long-term demand management strategy.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the Global Smart Water Metering Market based on the below-mentioned segments:
Global Smart Water Metering Market, By Application
- Residential
- Commercial
- Utility
Global Smart Water Metering Market, By Technology
- AMI
- AMR
Global Smart Water Metering Market, By Product
- Hot Water Meter
- Cold Water Meter
Global Smart Water Metering Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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