India, Pune, Sept. 26, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Fortune Business Insights™, the global Smart Water Meter Market is expected to reach a market size of approximately USD 3.07 billion by 2026, with a projected compound annual growth rate (CAGR) of 10.6% throughout the forecast period. The primary catalyst behind this market's expansion is the rapid pace of urbanization on a global scale. This significant demographic shift is poised to play a pivotal role in propelling the growth of the smart water meter market. The report, titled "Smart Water Meter Market Size, Share, and Industry Analysis," categorizes the market by type into Auto Meter Reading and Advanced Metering Infrastructure, and by application into Residential, Commercial, and Industrial segments.
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These countries have high populations and face acute water scarcity. As a result, water consumption needs to be carefully and accurately monitored in the urban spaces in these regions, which is one of the leading smart water meter market trends. Thus, with rapidly rising population and increasing pressure on available water resources, the need for smart water metering systems is likely to escalate in these regions in the forthcoming years.
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2019 to 2026 CAGR | 10.6% |
| 2026 Value Projection | USD 3.07 Billion |
| Base Year | 2018 |
| Market Size in 2019 | USD 1.38 Billion |
| Historical Data for | 2015-2017 |
| No. of Pages | 120 |
| Segments covered | By Type, By Application, Regional Forecast |
| Growth Drivers | Integration of IoT in Regulation of Water Consumption to Boost the Market |
| Europe to Lead the Pack Backed by High Emphasis on Sustainability |
Market Driver
- Water Scarcity and Conservation Efforts: Increasing concerns about water scarcity and the need for efficient water resource management have driven governments and utilities to adopt smart water meters. These meters enable better monitoring and management of water distribution, leakage detection, and encourage water conservation among consumers.
- Aging Water Infrastructure: Many regions have aging water infrastructure, leading to water losses through leaks and inefficient water distribution. Smart water meters help in identifying and addressing these issues by providing real-time data on water usage and distribution.
- Regulatory Initiatives: Regulatory bodies in various countries have implemented policies and regulations that require the adoption of smart water meters. These regulations often mandate utilities to install smart meters to improve water management, billing accuracy, and customer service.
- Technological Advancements: Advances in sensor technology, communication protocols, and data analytics have made it more cost-effective and feasible to deploy smart water metering systems. These technologies enhance the accuracy and reliability of water consumption data.
- Data-Driven Decision-Making: The ability to collect and analyze real-time data from smart water meters allows utilities to make informed decisions regarding water distribution, maintenance, and resource allocation. This data-driven approach improves overall operational efficiency.
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As per the report, the market value stood at USD 1.38 billion in 2018. Besides this, the report also shares the following:
- In-depth analysis of the various trends, drivers, and constraints shaping the market;
- Detailed assessment of the different market segments;
- Comprehensive research into the regional prospects of the market; and
- Careful study of the competitive landscape characterizing the market.
Regional Analysis
Europe to Lead the Pack Backed by High Emphasis on Sustainability
With a market size of USD 0.48 billion in 2018, Europe is slated to dominate the smart water meter market share in the coming years owing to massive roll-out of smart water meters across the continent. These roll-outs are backed by the high awareness among the people regarding sustainable use of water and power.
In North America, the US is home to some of the leading companies providing smart water solutions, which bodes well for this market. Canada is also expected to offer lucrative prospects on account of increasing adoption of smart water meters in the country. In Latin America, Brazil and Mexico are anticipated to lead the installation of these systems during the forecast period.
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Competitive Landscape
Alliances and Collaborations to Characterize Market Competition
Many key companies in this market are increasingly entering into contractual partnerships and collaborations and forming alliances to diversify their operations, according to the smart water meter market analysis. These strategies are empowering these players to deepen their footprint in this market and ensure their dominance in the foreseeable future.
Industry Developments:
January 2020: Dubbo Regional Council in New South Wales, Australia awarded a contract to the Sydney-based Taggle Systems to ensure mandatory installation of smart water meters in all properties connected to reticulated water in the local area. The council aims to cover around 17,700 homes and 2300 businesses through this contract.
January 2019: The Denmark-based smart water solutions provider Kamstrup teamed up with Siemens to deliver Kamstrup OMNIA, a state-of-the-art data collection system to ESB Networks, an Irish energy company. The system will be combined with Siemens’s superior data management solution, Siemens EnergyIP.
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Companies Covered in the Smart Water Meter Market Report:
- ZENNER (US)
- Datamatic (India)
- Sensus (US)
- Neptune Technology Group Inc (US)
- Badger Meter (US)
- Itron (US)
- Honeywell (US)
- BMETER (UK)
- Aclara Technologies (US)
- Diehl (Germany)
- Landis + Gyr (Switzerland)
- Kamsturp (Denmark)
Global Smart Water Meter Market Segmentation:
By Type
- Auto Meter Reading
- Advanced Metering Infrastructure
By Application
- Residential
- Commercial
- Industrial
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