Residential Smart Water Metering Market Size - By Technology (AMI, AMR), By Product (Hot Water Meter, Cold Water Meter) & Global Forecast, 2023 – 2032

Residential Smart Water Metering Industry Analysis

Residential Smart Water Metering Market size was valued at USD 1.1 billion in 2022 and is set to grow at 26.3% CAGR from 2023 to 2032. The increasing global awareness of water scarcity and the need for water conservation are driving the adoption of smart water meters in residential areas. Smart water meters provide real-time data on water usage, allowing consumers to identify and address water leaks, reduce wastage, and optimize water consumption.
 

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Smart water meters enable utilities to efficiently manage water distribution networks and monitor water usage patterns. By collecting accurate data on water consumption, utilities can identify areas of high demand, predict water needs, and implement measures to ensure the efficient allocation of water resources. In addition, governments and regulatory authorities are promoting the deployment of smart water meters as part of water conservation and sustainability initiatives. In some regions, there are regulatory mandates that require the installation of smart water meters in new residential buildings or during renovations, further driving residential smart water meter market growth.
 

Residential smart water meters are advanced water metering devices that use modern technology to measure and monitor water consumption in households. These smart meters go beyond traditional water meters, providing real-time data on water usage and offering various features that enable better water management and conservation. Smart water meters offer various features including real time data management, remote reading, leak detection and two way communication between the equipment and the utilities, thus creating a positive growth scenario for the residential smart water metering market.
 

COVID-19 Impact

The COVID-19 pandemic has had both short-term and long-term impacts on the residential smart water metering market. During the initial phases of the pandemic, there were disruptions in the supply chain and manufacturing processes. Restrictions on movement and business operations led to delays in production and distribution of smart water meters, affecting market growth temporarily. With lockdowns and social distancing measures in place, the installation of new smart water meters in residential areas faced delays.
 

Utilities and installation teams were limited in their ability to access residential properties, resulting in postponed deployments. Moreover, economic uncertainties caused by the pandemic may have led some consumers and utilities to prioritize essential spending, impacting the adoption of residential smart water metering market.
 

However, smart water meters' remote reading capabilities proved beneficial during the pandemic, as they allowed utilities to collect water usage data without the need for physical visits to residential properties. This reduced health risks for meter readers and ensured continuous monitoring of water consumption. Furthermore, the pandemic brought a heightened focus on resource management and conservation. As people spent more time at home, the importance of efficient water usage became evident, driving interest in smart water meters for monitoring and optimizing water consumption.
 

Residential Smart Water Metering Market Trends 

The increasing popularity of smart home technologies is driving the adoption of smart water meters in residential properties. Homeowners are seeking ways to enhance their overall home automation and efficiency, and smart water meters fit into this trend by providing real-time data and insights on water usage. Water conservation and sustainability have become significant concerns worldwide. Smart water meters enable homeowners to monitor their water consumption closely, detect leaks, and make informed decisions to reduce water wastage, aligning with the growing emphasis on sustainable practices.
 

Furthermore, smart water meters are becoming an integral part of smart city initiatives, where cities aim to leverage data and technology to improve urban infrastructure. The integration of smart water meters with the Internet of Things (IoT) enables better data management and analysis for efficient water management in residential areas, thus proliferating the market statistics.
 

Residential Smart Water Metering Technology Segmentation

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The residential smart water meter market from AMI technology segment accounted for USD 540 million revenue in 2022 and is expected to reach USD 8.7 billion by 2032, owing to its numerous advantages over its alternatives. These units are an integrated system of advanced metering technologies, communication networks, and data management systems that enables utilities to remotely collect, monitor, and manage data from utility meters, such as electricity, gas, and water meters. AMI systems are superior to its counterparts on account of its superior features including availability of two-way communication.
 

Unlike AMR, which typically enables one-way communication from the meter to the utility, AMI smart water meters allow for two-way communication. This bidirectional communication facilitates remote configuration and control of meters, allowing utilities to adjust settings and access data remotely. Moreover, AMI smart water meters are equipped with advanced leak detection capabilities. These meters can detect small leaks early, helping consumers address the issue promptly and reduce water wastage. Additionally, AMI systems allow utilities to offer better customer service, based on the real-time data provided by it. Utilities can proactively address consumer concerns, respond to inquiries promptly, and provide personalized consumption information.
 

Residential Smart Water Metering Product Segmentation

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The residential smart water metering market from the cold water meter segment dominated over USD 950 million revenue in 2022 and is poised to register around 26% CAGR through 2032, due to escalating population growth and water scarcity issues. These meters offer precise monitor & control of consumption patterns of cold water, which aligns with the urgent need for efficient water resource management. The adoption of smart city initiatives by governments along with the widespread adoption of the smart meter technology at various metering points will fuel their adoption.
 

Incorporating advanced sensing technologies for accurate real-time data measurement will further bolster the industry's prospects. The rising preference among consumers and utilities for intelligent and reliable water solutions has been a key driver for the increased deployment of smart water meters across the global market.
 

Residential Smart Water Metering Regional Analysis

Europe residential smart water meter market is anticipated to expand at 27% CAGR till 2032, attributed to the ongoing efforts by the government and policy makers to tackle water scarcity and conservation challenges. Many European countries have implemented regulations and initiatives aimed at promoting water conservation and the adoption of smart water meters.
 

European cities are increasingly investing in smart city projects, which include the implementation of advanced technologies for better resource management. Smart water meters are integral to these initiatives, as they enable efficient water distribution and usage tracking. Moreover, aging water infrastructure in Europe necessitates upgrades and replacements. As utilities modernize their water distribution networks, there is an opportunity to integrate smart water meters for improved efficiency and better management of water resources.
 

Residential Smart Water Metering Industry Leaders

Major companies operating across the residential smart water metering market include Diehl Stiftung & Co. KG, Apator S.A., Badger Meter, Inc., Landis+Gyr, Honeywell International Inc., kamstrup, Itron Inc., Sensus, Arad Group, ZENNER International GmbH & Co. KG, Neptune Technology Group Inc., and Aclara Technologies LLC.
 

Residential Smart Water Metering Industry News:

• In January 2022, Kamstrup has formed a partnership agreement with Hjørring Vandselskab to deliver an intelligent solution encompassing smart infrastructure, remote reading system, installation, and operational services. This innovative technology implementation is set to significantly improve operational efficiency and encourage consumers to monitor their water consumption more effectively.
   
• In May 2021, Diehl has unveiled its inaugural ultrasonic bulk meter, the Hydrus 2.0, which incorporates ultrasonic measuring technology boasting lifetime precision and state-of-the-art features. This advanced bulk meter offers water utilities the advantages of dependable billing and cost reduction. The HYDRUS 2.0 is equipped with two measurement channels and four transducers, ensuring superior metrological precision and the ability to measure both high and low flow rates in water systems. With an approved dynamic range of up to R1000 and a free-flowing static design, the bulk meter guarantees accuracy and reliability even in challenging conditions. Additionally, it boasts an impressive battery life of up to 16 years, ensuring enduring precision and consistent performance.
   

This residential smart water metering market research report includes an in-depth coverage of the industry with estimates & forecast in terms of ‘000 Units & USD Million from 2019 to 2032, for the following segments:

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Market, By Technology

• AMI
• AMR

Market, By Product

• Hot Water Meter
• Cold Water Meter

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • Russia
  • Italy
  • Sweden
• Asia Pacific
  • China
  • Japan
  • Australia
  • South Korea
  • India
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Mexico
  • Argentina