Smart Water Metering Market to exceed $14 billion by 2024
Published Date: April 7, 2017 Author: Global Market Insights, Inc.
Smart Water Metering Market size will exceed USD 14 billion by 2024; as per a new research report by Global Market Insights, Inc.
Enhanced metering accuracy coupled with increasing demand for savings in billing is set to drive the global smart water metering market size. Operational cost optimisation will further augment the demand for these products and assist in conserving scarce resources at affordable prices. Rising demand for systems can be attributed to development of smart grid infrastructure coupled with expansion of water pipeline network.
Effective measures towards controlling and monitoring of Non-Revenue Water will stimulate growth. According to World Bank estimates, approximately 32 bcm of physical water is lost every year owing to faulty distribution networks, inaccurate systems and theft.
Automated Metering Infrastructure (AMI) smart water metering market size is set to exceed 50 million units by 2024. Adoption of AMI systems are low subject to high installation costs associated. Automatic Meter Reading (AMR) systems demand will increase owing to widespread adoption of the technology for the past two decades. However, data security concerns related to consumption tracking coupled with customer unwillingness may hinder the business growth.
Strict regulations toward water conservation and accurate billing coupled with rising consumer awareness will fuel the U.S. smart water metering market growth. American Recovery and Reinvestment Act (ARRA), 2009 in association with the Department of Energy (DOE) funded the Smart Grid Investment Grant (SGIG) to encourage adoption of intelligent systems. Glendale was the first U.S. city to implement these products as an effort to develop a smart grid network with aim to better manage its utilities and effectively respond to unexpected challenges including drought.
Browse key industry insights spread across 195 pages with 304 market data tables & 9 figures & charts from the report, “Smart Water Metering Market Size, By Application (Residential, Commercial, Utility), By Technology (AMR, AMI), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Italy, France, UK, Sweden, Portugal, China, Japan, South Korea, India, Australia, UAE, Saudi Arabia, South Africa, Lebanon, Egypt, Mexico, Brazil, Uruguay, Argentina) Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents, please click on the link below:
Commercial smart water metering market share is projected to witness growth over 15% during the forecast timeline. Rising concerns towards control of overhead expenses including water bills can impact the profitability of a commercial establishment, complementing the business outlook.
China accounted for over 55% of the Asia Pacific smart water metering market share in 2016. In 2012, the Ministry of Industry and Information Technology (MIIT) of China unveiled the 12th Five-Year Plan focusing towards the development of intelligent grids, household and cities, Under the proposed blueprint the investment of USD 294 billion were allocated for water resources projects. As per the plan, the pricing policies on ladder water price will be implemented in most of the municipal utilities, necessitating a paced deployment of these products in the region.
Increasing administrative emphasis with favourable government initiatives will positively drive the Germany smart water metering market growth. Growing foreign collaborations and investments toward the development of high performance advanced systems will further stimulate the product demand. Being an active member of the Open Metering System Group the country regulates the standardization activities of these products for water, gas and electricity.
Notable players in the smart water metering market include Itron, Siemens, Landis+GYR, Schneider Electric, Circutor, Icsa, Iskraemeco, Holley Metering, Honeywell, Osaki, Elster, Sensus Sentec, Badger Meter and Neptune Technology.
Smart water metering market research report includes in-depth coverage of the industry with estimates & forecast in terms of unit shipments and revenue from 2013 to 2024, for the following segments:
Global Smart Water Metering Market, By Application
Global Smart Water Metering Market, By Technology
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Saudi Arabia
- South Africa
- Latin America