New York, Jan. 09, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Smart Water Metering Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Automatic Meter Reader and Advanced Metering Infrastructure), Component (Controlling Units, Display Storage & Integrated Software, and Others), and Application (Residential and Industrial)”; The global smart water metering market growth is influenced by smart irrigation systems through smart water management, increase in demand for smart water meters with the increase in smart city initiatives and increasing water scarcity and misuse of water.
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Global Smart Water Metering Market – Report Scope:
| Market Size Value in | USD 3.35 Billion in 2022 |
| Market Size Value by | USD 5.95 Billion by 2028 |
| Growth rate | CAGR of 10% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 177 |
| No. of Tables | 83 |
| No. of Charts & Figures | 81 |
| Historical data available | Yes |
| Segments covered | Type, Component, and Application |
Smart Water Metering Market: Competitive Landscape and Key Developments
Arad Ltd, Badger Meter Inc, Bmeters SRL, Diehl Stiftung & Co KG, Itron Inc, Kamstrup AS, Mueller Water Products Inc, Neptune Technology Group Inc, Sensus USA Inc, and WAVIoT Integrated Systems LLC are among the leading smart water metering market players profiled in the market report. Several other essential smart water metering market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help key smart water metering market players strategize their growth. A few developments are mentioned below:
In 2022: Echologics, LLC—a fully owned subsidiary of Mueller Water Products Inc—announced the launch of EchoShore-DXe. It is a new valve-based leak monitoring sensor for enhancing the leak monitoring capabilities of EchoShore-DX system.
In 2020: Kamstrup A/S and Avance Metering announced a strategic partnership for their metering business. The partnership is expected to enable them to develop better products with enhanced feedback from customers of both companies.
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Increasing Smart Water Meter Deployment Projects to Provide Lucrative Opportunities for Smart Water Metering Market Growth During (2022-2028)
Several initiatives related to water savings and a clean environment have been witnessed globally in the past decade (2011–2020). Different initiatives by governments and non-profit organizations (NPOs) across the world have been raising awareness about water saving and usage monitoring. This is also leading to the launch of new upgrades for water distribution infrastructure projects by governments of different countries to improve the distribution infrastructure and boost the operational efficiency of the water resources, along with better cost savings. The deployment of smart water meters across such old infrastructure is leading to new developments across different regions, which, in turn, is catalyzing the demand for smart water meters. Several local governments have been investing heavily in the modernization of water distribution infrastructure to improve the water savings and operational costs for distributing the water across their respective city's infrastructure. For instance, in March 2022, the Government of Punjab state in India signed an agreement with three Chinese companies (Wenling Younio Water Meter Co. Ltd, Jiangsu Xinlang Environmental Company (Private) Ltd., and China Energy Engineering Group) for the deployment of 711,265 smart water meters (worth US$ 41.41 million) across Lahore in Pakistan under the alliance of Planning & Development Board of WASA Lahore and Punjab PPP Authority.
Governments of different countries have also been collaboratively working with different smart water metering market vendors across the world to upgrade their respective water meter infrastructure. For instance, in November 2022, Itron Inc announced that Singapore's national water agency (PUB) was leveraging SP Group's existing Itron industrial IoT network canopy for smart water metering. The smart water metering rollout will connect ~300,000 Itron residential and commercial/industrial (C&I) smart water meters to the existing network to achieve its water conservation goals. Such factors are catalyzing the smart water meter deployment and the smart water metering market growth across different regions.
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Smart Water Metering Market: Industry Overview
The smart water metering market size is segmented based on type, component, application, and geography. Based on type, the smart water metering market size is segmented into automatic meter reader and advanced metering infrastructure. In terms of component, the smart water metering market size is segmented into controlling units, display storage & integrated software, and others. Based on application, the smart water metering market size is bifurcated into residential and industrial. Geographically, the smart water metering market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.
Technology providers, water utilities, and investors comprise the stakeholder ecosystem in the North America smart water metering market. Municipal water sectors in the region are financially risk averse as they look at low-cost bids that do not always provide water utilities with proper resources. In November 2020, Badger Meter—an industry-leading innovator in flow measurement, water quality, and control products—expanded its smart water offering with the acquisition of s: can, a privately-held provider of water quality monitoring systems for a cash purchase price of US$ 33 million. In addition, the acquisition aimed to provide industrial customers with new manufacturing processes and discharge water quality monitoring capabilities. Badger Meter, Inc.; Itron Inc.; WAVIoT; and Sensus are prominent vendors in North America that manufacture smart water meter products. All these factors contribute to the smart water metering market growth in North America.
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