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Europe Smart Water Meter Market size surpassed USD 1 billion in 2022 and is anticipated to grow at 28% CAGR from 2023 to 2032 driven by the rising inclination towards intelligent systems in water sources.
The deployment of smart water meters helps water distributors and consumers efficiently track water consumption patterns. Additionally, it provides ample benefits, including improved customer services, billing systems, modelling, and asset management. Owing to these benefits, European regulatory authorities are transitioning toward smart water meter systems from inefficient conventional counterparts, presenting lucrative industry growth pathways.
Report Attribute | Details |
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Base Year: | 2022 |
Europe Smart Water Meter Market Size in 2022: | USD 1 billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 28% |
2032 Value Projection: | USD 12.4 billion |
Historical Data for: | 2019 to 2022 |
No. of Pages: | 280 |
Tables, Charts & Figures: | 424 |
Segments covered: | Application, Technology, Product |
Growth Drivers: |
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Pitfalls & Challenges: |
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Furthermore, recent advancements in water metering technology are further opening new growth avenues for the Europe smart water meter market. For instance, in January 2023, Diehl Stiftung & Co. KG, a German provider of smart metering systems, announced the launch of IZAR@SMART WATER, a web-enabled water loss management software for the efficient monitoring of non-revenue water.
Despite the high adoption rate of smart water meters, data infringement risks related to these systems pose major challenges to industry development. Hardware architecture, firmware, network interface, and system applications in smart water meters are highly vulnerable to data breaches. Morover, network-related attacks in these systems may occur due to the bidirectional communication link between the main gateway and the metering unit. These factors have prompted many users to accelerate their shift towards highly secured low-cost alternatives for recording water consumption patterns, which may limit product sales by 2032.