Home > Energy & Power > Electrical Equipment > Meters > Residential Smart Water Metering Market

Residential Smart Water Metering Market Size

Report ID: GMI6252
Published Date: Jul 2023
Report Format: PDF

Download Free Sample

Residential Smart Water Metering Market Size

Residential Smart Water Metering Market size was valued at USD 1.3 billion in 2023 and is set to grow at 26.6% CAGR from 2024 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.

To get key market trends

Download Free Sample

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 Metering Market Report Attributes
Report Attribute	Details
Base Year:	2023
Residential Smart Water Metering Market Size in 2023:	USD 1.3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	26.6%
2032 Value Projection:	USD 11.2 Billion
Historical Data for:	2019 to 2023
No. of Pages:	340
Tables, Charts & Figures:	440
Segments covered:	Technology, Product
Growth Drivers:	Non-revenue water (NRW) monitoring and control Ongoing inclination toward intelligent systems in the water sources Government regulations & directives Accuracy & optimization in billings Effective monitoring of consumption patterns
Pitfalls & Challenges:	Privacy and cyber security concerns

Learn more about the key segments shaping this market

Download Free Sample

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.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of residential smart water meter reached USD 1.3 billion in 2023 and is poised to surpass USD 11.2 billion by 2032.

AMI technology was valued at over USD 540 million in 2022 and is expected to rise to over USD 8.7 billion by 2032, as these units enable utilities to remotely collect, monitor, and manage data from utility meters, such as electricity, gas, and water meters.

Europe market is anticipated to grow at a CAGR of over 27% through 2032, owing to the ongoing efforts by the government and policy makers to tackle water scarcity and conservation challenges.

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.