Smart Water Metering Market size is slated to exceed USD 7 billion by 2028, as reported in the latest study by Global Market Insights Inc.
Stringent government mandates & initiatives for reducing non-revenue water losses along with growing demand for effective & sustainable water management will augment the smart water meter industry growth. Moreover, the rising necessity for effective real-time monitoring of consumption patterns in line with the development of smart metering solutions will boost the market demand. Increasing consumer awareness pertaining to smart meter adoptions combined with reliable & accurate billing will further sway product adoption. However, rapid innovations in integrating metering infrastructure with IoT-enabled networks will positively influence the business landscape.
Development of smart cities will propel the industry dynamics
The utilities smart water meter market is anticipated to grow owing to the rapid deployment of advanced metering solutions in conjunction with ongoing requirements in being remotely connected with all intelligent metering devices. The ability of integrated cybersecurity, remote monitoring, and low power consumption coupled with long-range coverage will accelerate the product demand. Additionally, investments by utilities for the deployment of smart water meters across their service networks will foster the business landscape.
Browse key industry insights spread across 380 pages with 593 market data tables & 29 figures & charts from the report, “Smart Water Metering Market Size By Application (Residential, Commercial, Utility), By Technology (AMI, AMR), By Product (Hot Water Meter, Cold Water Meter), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Increasing investments in integrating intelligent metering networks with wireless communication solutions
The AMI smart water meter market is likely to grow owing to high reliability, precise metering data collection, long battery life, and optimized design. Furthermore, IOT-based applications and robust system technology will enhance the product demand. Integrated billing technology inclusive with secured web-based payment techniques, consumer apps, and command control systems has diversified the product’s user-friendly range. For instance, in February 2020, Diehl introduced its next-generation MIOTY wireless communication technology that offers the monitoring & control of water distribution networks through LPWAN solutions. It is software integrated with scalable & secure solutions, allowing reliable data transfers, low-power cybersecure data transfer, and has the capacity to support long-range networks.
Rising consumer awareness about monitoring water consumption patterns with accurate & reliable invoices
The smart hot water meter industry will witness significant growth on account of its operational efficiency in extreme weather conditions across various geographies. The abilities of leak detection, sustainable billing, and flexible product configuration in line with overconsumption alerts will spur the industry revenue. Additionally, rising hot water storage systems across cold regions will accelerate product deployment. Amplifying water consumption rates coupled with increasing emphasis on digitization of water metering infrastructure for efficient monitoring of consumption patterns have instituted a favorable business scenario.
Development of robust strategies for efficient water management across Asia Pacific
Increasing population, climate change, and rapid urbanization have resulted in augmented stress over freshwater sources and urban water systems. However, aging infrastructure, leakage issues, and NRW losses will stimulate product deployment across the region. Efficient planning & management strategies and the burgeoning water demand with minimum operational expenditure & flexible urban water infrastructure will fuel the business spectrum. Robust investments to ensure the financial & environmental sustainability of water supply will boost the market demand. Acute water scarcity and inefficient consumption rate in major rural areas will propel utilities to adopt digital solutions for effective remote monitoring & control systems.
Initiatives by utilities for the efficient planning
The outbreak of COVID-19 has affected the smart water meter market due to a slight decline in deploying & installing metering units. In the second quarter of 2020, government initiatives to deploy smart metering systems to fulfill the aim of smart cities strengthened the industry outlook. In addition, rapid investments in innovating new & advanced metering infrastructure combined with thriving digitalization prominence will complement the industry statistics.
Strategic collaborations and ongoing joint ventures among leading players
Strategic implications including mergers & acquisitions, partnerships, and agreements among prominent players to strengthen their market presence is driving the business spectrum. For instance, in January 2021, Badger Meter, Inc. acquired Analytical Technology, Inc. (ATi), a private provider of water quality monitoring systems, for USD 44 million, funded with its available cash. ATi designs, manufactures, and distributes water quality instruments based on electrochemical & optical sensors.
Eminent players operating in the smart water metering market includes Diehl Stiftung, Siemens, Apator SA, Badger Meter, Honeywell International, Landis+Gyr, Kamstrup, Sontex SA, Itron, ARAD Group, Sensus, B Meters Metering Solutions, Zenner International GmbH, Ningbo Water Meter, Schneider Electric SE, Neptune Technology Group, and Aclara Technologies.