Smart Water Meter Market Size to hit $3bn by 2024
Published Date: August 30, 2019 Authors: Ankit Gupta, Aditya Singh Bais
Smart Water Meter Market size is anticipated to reach USD 3 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Global smart water meter market will witness gains account of growing demand for effective resource utilization along with increasing focus toward water conservation. Increasing adoption of digital systems & technologies to efficiently manage the water distribution systems coupled with ongoing initiatives to minimize NRW will further boost production adoption over the forecast timeline. Moreover, increasing initiatives by the government to streamline the supply network will proliferate the business landscape.
Stringency in existing regulations and adoption of new stern mandates pertaining to water distribution network monitoring has positively influence the product demand. Surging investments toward infrastructure expansion coupled with growing demand for optimized resource allocation will augment smart water meter market growth. For instance, in 2019, Environmental Protection Agency, U.S. announced funds over USD 64 billion under the CWSRF for tribes, in certain U.S territories and District of Colombia. The funding is to be utilized for development and expansion of water infrastructure projects. In addition, rising concerns toward water scarcity and growing initiatives toward minimal wastage will further enhance the industry outlook.
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Utilities application is set to witness growth over 17% by 2024. Increasing investments toward the deployment of digital infrastructure on account of reducing monetary losses will drive the business outlook. Ongoing government initiatives to restructure the water distribution system coupled with the introduction of several incentive and subsidy schemes will enhance product penetration.
Browse key industry insights spread across 311 pages with 543 market data tables & 22 figures & charts from the report, “Smart Water Meter Market Size By Technology (AMR, AMI), By Application (Residential, Commercial, Utility), By Product (Smart Hot Water Meter, Smart Cold Water Meter), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2017–2024” in detail along with the table of contents:
Smart water meter market from residential application will witness growth owing to increasing demand for billing process transparency coupled with growing requirement for precise mapping of un-regulated water resource spending. Increasing water scarcity and remote monitoring are some of the key underlying factors favoring product installation.
AMI technology will witness growth on account of reduce personnel costs along with its tendency toward bill generation process optimization. Long battery life and optimized design are few of the eminent characteristics favoring the deployment of these units. Furthermore, surging investments toward the procurement of digital services & solutions will boost business growth.
Asia Pacific smart water meter market will witness growth at over 20% to 2025. Presence of a robust manufacturing & industrial sector has accelerated the adoption of digital systems and technologies to optimize resource consumption. In addition, growing efforts by manufacturers to develop innovative solutions will further boost product installation over the forecast timeline.
Cold water meters are set to witness robust growth on account of rising water consumption along with escalating demand for efficient resource utilization. Increasing investment aimed at the procurement of smart digital technologies across the commercial & industrial sector will further augment business growth.
Eminent industry players operating across the market comprise of Honeywell International, Badger Meter, Landis+Gyr, Siemens, Aclara, Diehl Metering, Kamstrup, Arad Group, Neptune Technologies, Apator, and Sensus amongst others.
The smart water meter market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2013 to 2024, for the following segments:
- Smart Hot Water Meter
- Smart Cold Water Meter
The above information is provided on a country basis for the following:
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Saudi Arabia
- South Africa
- Latin America