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

  • Report ID: GMI697
  • Published Date: Jun 2023
  • Report Format: PDF

Smart Water Meter Market Size

Smart Water Metering Market size was valued at USD 2.1 billion in 2022 and is set to grow at over 27.1% CAGR from 2023 to 2032, influenced by the increasing awareness regarding the efficient utilization of water resources and growing concerns surrounding the reduction of non-revenue water. The business landscape will be enhanced by ongoing technological advancements aimed at integrating advanced metering networks with IoT-based platforms, enabling efficient monitoring of water consumption patterns. The adoption of intelligent and sustainable water management solutions, which facilitate accurate billing and remote metering, will further accelerate the uptake of these products. Moreover, favorable government standards and mandates promoting the use of smart water meters will have a positive impact on the market statistics.
 

Smart Water Metering Market

Smart water meters are advanced devices used for measuring and monitoring water consumption in residential, commercial, and industrial settings. These meters are equipped with integrated technology that enables real-time data collection, communication, and analysis of water usage. Unlike traditional mechanical water meters, smart water meters have additional features and capabilities, including Automated Meter Reading (AMR), remote monitoring, leak detection, consumption analysis and various others, which complements the smart water meter market penetration.

 

COVID-19 Impact

The smart meter industry will expand at around 13% CAGR during the forecast period, due to the introduction of various directives and targets by authorities, aiming for widespread deployment of smart meters across different end-use points. Although there was a slight decline in the rollout of smart water meters in 2020, driven by the set targets and the efforts of major manufacturers, suppliers, and contractors to enhance their water distribution networks.
 

For instance, in December 2020, Kamstrup entered into a contract with IoT firm PHYSEC GmbH to develop and deploy LoRaWan compatible digital water meters in Germany starting from 2022. Both developed and developing regions are focused on adopting advanced metering solutions that offer real-time data monitoring and control to address water loss and scarcity issues sustainably. Furthermore, with ongoing vaccinations and the reopening of economies for tourism and other activities, there will be increased stimulus for the adoption of smart water meters and related technologies.
 

Smart Water Meter Market Trends

The increasing global population, climate change, and urbanization have put significant strain on freshwater resources and urban water systems. To address this challenge, efficient planning and management strategies are crucial in mitigating seasonal water scarcity, meeting rising water demand, and ensuring cost-effective and adaptable urban water infrastructure. The growing concerns for water security have prompted utilities to adopt smart meters for sustainable and efficient water management practices. Additionally, the rapid integration of advanced metering solutions by utilities to regulate water flow and enable regular monitoring will positively impact the industry's outlook.
 

Government initiatives aimed at minimizing Non-Revenue Water (NRW) losses, along with the introduction of programs and schemes to divide service areas into smaller, easily trackable zones, will further drive the smart water metering market trends. Furthermore, the increasing need for efficient resource utilization, reduced NRW, improved consumer satisfaction, and optimized utility management will contribute to the widespread adoption of smart water meters.
 

Smart Water Meter Market Analysis

Smart Water Meter Market Size, By Application,

The smart water metering market from residential sector is poised to record a CAGR of 25% through 2032, due to the optimization of water consumption patterns and the implementation of effective monitoring systems. The continuous development of advanced metering units, combined with their cost competitiveness, will drive industry growth. The availability of smart water meters in various sizes and their low-power consumption will further stimulate the demand for these products. The growing awareness among consumers regarding their daily water consumption rates, coupled with increasing concerns related to water theft and leakage issues, will contribute to the expansion of the market. Additionally, the rising demand from end-users for accurate billing in compliance with regulatory norms to minimize water losses will further accelerate the industry's growth trajectory.
 

Smart Water Meter Market Revenue Share, By Technology,

The smart water metering market size from AMR technology segment accounted for over USD 1 billion in 2022 and is expected to cross USD 5 billion by 2032, as these units are designed to facilitate two-way communication and data analysis. The continuous meter reading capabilities offered by AMR units benefit both consumers and water suppliers, while also reducing the need for manual workforce, mitigating meter tampering activities, and preventing water theft.
 

Moreover, the inclusion of features such as smart energy displays, which provide real-time energy consumption data at different intervals, along with the easy availability, low installation costs, and reduced maintenance expenses, will further drive the adoption of AMR smart water meters. Additionally, the ability of these meters to support regular monitoring of Non-Revenue Water (NRW), detect leaks, and enable accurate billing has created a favorable business environment for the deployment of AMR units in the water industry.
 

The smart water metering market from the cold water meter segment held more than 85% revenue share in 2022 and is will register 26% CAGR till 2032, owing to increasing water scarcity issues and population growth. These meters enable accurate monitoring and analysis of cold-water consumption patterns, aligning with the need for efficient water resource utilization. The implementation of government smart city initiatives and the widespread deployment of these meters across distributed metering and end-use points will drive the adoption of these products.
 

The incorporation of efficient sensing technologies that enable the measurement of accurate real-time data will further enhance the industry's outlook. The shift in consumer and utility preferences towards smart and efficient water solutions has significantly contributed to the penetration of smart water meters in the market.
 

China Smart Water Metering Market Size

Europe smart water metering market is anticipated to showcase around 25% CAGR between 2023 and 2032, attributed to the increased pressure on freshwater resources and urban water systems due to factors such as climate change, rising population, and urbanization. To address these challenges, efficient management and planning strategies are crucial in mitigating seasonal water scarcity and meeting the growing water demand while ensuring flexible urban water infrastructure and minimal operational expenditure. In response to EU regulations on gas and electricity metering, Germany has initiated national policies that focus on the development of smart water meters and reduction of Non-Revenue Water (NRW).
 

Furthermore, water utilities in the country are making significant investments in replacing old meters with smart meters and developing IoT-based infrastructure to enhance water management. These initiatives aim to improve the efficiency of water consumption monitoring, reduce water losses, and optimize water distribution systems in Germany. By adopting smart water meter technologies and embracing IoT-based solutions, the region aims to achieve more sustainable and effective management of its water resources. The Asia Pacific market for smart water metering is likely to witness significant growth during the forecast timeframe.
 

Smart Water Meter Market Share

Major companies operating across the smart water metering market include

  • Diehl Stiftung & Co. KG
  • Apator S.A.
  • Siemens
  • Badger Meter, Inc.
  • Landis+Gyr
  • Honeywell International Inc.
  • kamstrup
  • Itron Inc.
  • Sontex SA
  • Sensus
  • Arad Group
  • ZENNER International GmbH & Co. KG
  • BMETERS Srl
  • Ningbo Water Meter Co., Ltd.
  • Neptune Technology Group Inc.
  • Schneider Electric
  • Aclara Technologies LLC

     

Smart Water Meter Industry News:

  • In January 2022, Kamstrup entered into a partnership agreement with Hjørring Vandselskab to provide an intelligent solution which includes smart infrastructure, remote reading system, installation, and operation. The introduction of new technology will enhance the operation efficiency and incline the consumers to track the water consumption in an effective way.
     
  • In May 2021, Diehl launched its first ultrasonic bulk meter Hydrus 2.0, which integrates ultrasonic measuring technology with lifetime precision and cutting-edge technology. The bulk meter will enable water utilities with reliable billings and reduced cost. HYDRUS 2.0 is equipped with two measurement channels and four transducers, offering the high standards of metrological precision along with measuring extremely high & low flow rates in water systems. The bulk meter also has an approved dynamic range of up to R1000 as well as free-flowing static design combined with a battery life of up to 16 years, providing long-lasting precision & reliability.
     

This 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 Application

  • Residential
  • Commercial
  • Utility

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

 

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of smart water meters was reached USD 2.1 billion in 2022 and will record over USD 22.5 billion by 2032, says this GMI report.

The residential sector will witness at a CAGR of over 25% till 2032, due to efforts toward the optimization of water consumption patterns and the implementation of monitoring systems.

Diehl Stiftung & Co. KG, Badger Meter, Inc., Landis+Gyr, Apator S.A., Siemens, Honeywell International Inc., Sontex SA, Sensus, Arad Group, kamstrup, Itron Inc., ZENNER International GmbH & Co. KG, and BMETERS Srl.

Europe smart water meter industry size is anticipated to record a 5% CAGR between 2023 to 2032, owing to the increased pressure on freshwater resources and urban water systems.

Smart Water Metering Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 17
  • Tables & Figures: 622
  • Countries covered: 19
  • Pages: 470
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