Pune, India, July 28, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Smart Water Metering Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Component, Application, Meter Type, and Geography,” the smart water metering market is expected to be valued at US$ 3.35 billion in 2022 and is expected to reach US$ 5.95 billion by 2028; it is estimated to grow at a CAGR of 10% from 2022 to 2028. The increasing demand for efficient water management systems, and rising energy prices. However, the lack of component government initiatives is expected to hinder the growth of the market.
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The United States has led the smart water metering market and emerged as a key player due to several factors contributing to its market dominance. The United States has a well-established and mature water infrastructure system. With aging water infrastructure and increasing concerns over water scarcity, utility companies in the US have been actively seeking innovative solutions to improve water management practices. This has created a conducive environment for adopting smart water metering systems, leading to the US taking a leadership position in the market. The US government has played a significant role in driving the adoption of smart water meters. Federal and state governments have implemented regulations and initiatives to promote water conservation and efficient water management. This includes offering utility companies financial incentives, grants, and loans to implement smart metering technologies. Government support has encouraged widespread adoption and created a favorable market environment. Furthermore, the high level of technological advancements in the US has played a crucial role in market leadership. The country is home to leading technology companies, meter manufacturers, and software providers at the forefront of developing and deploying smart water metering solutions. These advancements have resulted in the availability of reliable and innovative products, further driving market growth. Additionally, the US has a large consumer base that is increasingly conscious of environmental sustainability and water conservation. Consumers actively seek ways to monitor and manage their water usage, and smart water meters provide them with the tools to do so effectively. The demand from environmentally-conscious consumers has acted as a catalyst for adopting smart water metering systems, propelling the US to the forefront of the market. Moreover, the US benefits from a robust communication infrastructure, including widespread internet connectivity and cellular networks. This infrastructure facilitates seamless real-time data transmission from smart water meters to utility companies and consumers. Reliable and high-speed communication networks have enabled remote monitoring, data analytics, and effective water management. There is a thriving market for water meter manufacturers is USA that cater to both residential and commercial sectors. These manufacturers offer a diverse range of smart, industrial water meters, and commercial digital water meters. Residential smart water meters are designed to provide homeowners with real-time information about their water consumption, enabling them to track usage, detect leaks, and adopt water-saving measures. Water meter manufacturers and companies in the USA prioritize accuracy, reliability, and innovation, incorporating advanced technologies such as IoT connectivity, remote monitoring, and data analytics into their products. These meters are instrumental in promoting efficient water management practices and ensuring fair and precise billing for consumers.
Germany is renowned for its expertise in producing high-quality water meters. German water meter manufacturers are known for their precision engineering and adherence to strict industry standards. They offer a wide range of smart, industrial, and commercial digital water meters that cater to various applications and sectors. These meters are designed to provide accurate measurement, durability, and reliability, ensuring efficient water management. German water meters are widely recognized for their advanced features and robust performance in smart water metering systems.
Surge in Digitization of The Water Industry Operations Provides Lucrative Opportunities for Global Smart Water Metering Market:
The surge in digitization of the water industry operation has created significant opportunities for the smart water metering market. The water industry, traditionally reliant on manual processes and outdated infrastructure, is transforming with the adoption of digital technologies. This digitalization wave is driving the demand for smart water metering solutions, offering numerous benefits and opening up new avenues for growth. One of the key advantages of digitization in the water industry is the ability to gather and analyze vast amounts of data. Smart water metering systems provide real-time and accurate data on water consumption patterns, leaks, and network performance. This data can be leveraged to gain valuable insights into water usage trends, identify inefficiencies, and make informed resource allocation and infrastructure planning decisions. The availability of actionable data empowers water utilities, businesses, and consumers to optimize water management strategies and enhance overall efficiency. Furthermore, digitizing water industry operations facilitates remote monitoring and control capabilities. Smart water meters can be integrated with advanced communication technologies, enabling real-time data transmission to centralized monitoring systems. This allows for remote meter reading, leak detection, and immediate response to abnormalities in the water distribution network. By eradicating the need for manual meter reading and enabling proactive water infrastructure management, smart water metering systems improve operational efficiency, reduce maintenance costs, and enhance service delivery. The digital transformation of the water industry also opens up opportunities for data analytics and predictive maintenance.
Advanced analytics tools can be employed to analyze the collected data and uncover valuable insights, such as identifying patterns of high-water consumption or predicting equipment failures. These insights enable proactive maintenance, improving asset management and cost savings. Predictive maintenance helps prevent service disruptions and extends the lifespan of water infrastructure assets, contributing to long-term sustainability. Moreover, the digitization of the water industry aligns with the broader trend of smart cities and IoT (Internet of Things) integration. Smart water metering systems play a crucial role as cities embrace digital technologies to improve various aspects of urban life, including water management. These systems can seamlessly integrate with other smart city applications, such as energy management, waste management, and transportation systems. The convergence of these technologies enables a holistic approach to urban sustainability and efficiency.
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Global Smart Water Metering Market: Segmental Overview
Based on type, the smart water metering market is segmented into: Automatic Meter Reader and Advanced Metering Infrastructure. The automatic meter reader segment held the largest share of the market in 2020, whereas the advanced metering infrastructure segment is anticipated to register the highest CAGR in the market during the forecast period.
In terms of component, the smart water metering market is segmented into: Controlling Units, Display Storage & Integrated Software and Others.The display, storage & integrated software segment held the largest share of the smart water metering market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period.
Based on application, the smart water metering market is segmented into: Residential and Industrial. The residential segment held the largest share of the market in 2020, whereas the industrial segment is estimated to register the highest CAGR in the market during the forecast period.
Based on meter type, the smart water metering market is segmented into: Ultrasonic Meters, Electromagnetic Meters, and Electromechanical Meters. The ultrasonic meters segment held the largest share of the market in 2020 and is estimated to register the highest CAGR in the market during the forecast period.
Global Smart Water Metering Market Analysis: 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 LLCare a few of the key companies operating in the smart water metering market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In June 2021, Itron teamed with digimondo, a German IoT business, to assist water utilities enhance distribution network management by deploying LoRaWAN. This allows utilities to build and run LoRaWAN-based networks for remote water meter readings.
In July 2020, the city of Dallas, Georgia, has begun an attempt to address water loss control. The city has opted to expand the meter upgrade initiative and reduce water losses by using a Sensus smart metering utility network.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Ultrasonic Water Meter Market Forecast to 2028 - COVID-19 Impact and Global Analysis.
Industrial Water Meter Market Forecast to 2028 - Covid-19 Impact and Global Analysis.
Smart Metering Software Market Forecast to 2028 - Covid-19 Impact and Global Analysis.
Smart Meters Market Forecast to 2028 - Covid-19 Impact and Global Analysis.
Electromagnetic Flow Meters Market Forecast to 2028 - Covid-19 Impact and Global Analysis.
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