Smart Water Metering Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Report ID: GMI697
Smart Water Metering Market size is projected to expand at an exponential rate owing to increase in construction spending in both residential and commercial.
Smart water metering is internet capable measuring device used for water, energy and natural gas utilization for commercial and residential areas. These systems comprise of an electric meter, control unit, and water meter in one particular package. Traditional meters measure only water consumption whereas smart water meters record total resource consumption for daily use, including waste water used in industries and many others applications. Mart meters gather and use information with the help of information and communications technology (ICT) and by real time data generation. The reason behind installation of smart meters is to manage efficiency and increase operations in commercial areas, industrial zone, and residential area to reduce overall expenditures and carbon foot print.
The support system of this advanced metering infrastructure (AMI) technology provides constant two ways data bond between utilities, consumers meters and technologies used to deliver the communication. Power line communication (PLC), broadband, telephony, optical fiber cable, cellular transmissions, and wireless radio frequency are generally used to operate the water meters. Introduced communication patterns will design and construct consumption pattern, and accurate billings at various area levels, to update other functional software’s such as geographic information systems (GIS), supervisory control and data acquisition (SCADA), followed by the departments includes customer services, reservoir, and pumping stations. Smart water meters also monitors current water consumption, by contributing data towards hydraulic modeling to predict changes and outcome in water distribution.
Smart water metering market introduces new approach for groundwater management with different parameters such as billing, control, data processing/collection, and measurement. As estimated one third of the total costs is associated with treatment of water, therefor minimum water wastage will result into decrease in overall cost and energy. Engagement of smart water metering will help to identify performance problem, managing operating cost and challenges, which will help to improve and prioritize customer services infrastructure spending.
These meters also help to detect water loss both in customer end point and distribution networks, which helps to maximize the savings. The ability to prevent and detect leakages which is main sources of water loss can be prevented by strategic data generated by AMI, which may positively impact on smart water metering market size growth during the forecast period. Growing construction spending in both residential and commercial area will increase demand and drive the smart water metering market during the forecast period.
Government water utility body is adapting smarter technology to address the challenges rising in future to boost smart water metering system in future. Reducing operating cost, preserving water, and capturing non revenue water are the key segments driving smart water metering market.
Government utilities shift from traditional metering to smart metering faced challenges in terms of investment and financial assistance. As per the consulting groups in the U.S 90% of project cost associate with smart waster metering includes purchase of necessary equipment, sensors and radio modules, meters, including data analytics solution, and information technology to manage data generated by AMI which acts a restraint for the industry.
North America, led by the US dominated regional market in 2015 owing to enhance smart water metering services along with AMI generating data. It has been analyzed and forecasted Europe will witness significant growth in future owing to increase smart water metering demand during the forecast period. European smart water metering market size is projected to reach over USD 14 billion by 2024. Increasing need to reduce and identify leakages and to minimize non revenue water is likely to drive regional growth.
Key players in smart water metering include Aquiba, Aclara Technologies, Cyan Holdings, Badger Meter, Elster Water Metering, Elster Group, Itron., Kamstrup#Mueller System LLC, Jianggxi Sanchuan Water Meter.
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