Product ID: SQSG45I2015
Report ID: SQSG45I2015 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 89 | Figures: 76
Smart Water Metering Market size was valued at USD 7 billion in 2021 and is poised to grow from USD 7.7 billion in 2022 to USD 16.51 billion by 2030, growing at a CAGR of 10% in the forecast period (2023-2030).
The purpose of smart water metering is to enable utilities to automatically collect consumption data, increase efficiency, do away with manual meter reading, and save costs. Additionally, the Wi-Fi water meter used by the Smart water metering system connects LANs or wide area networks, enabling remote location monitoring and infrastructure maintenance through leak detection. The smart water metering system can also be used to bill for natural gas, energy use, and water in the commercial, residential, and industrial sectors. Smart electronic water meters also provide dependable monitoring options and are outfitted with cutting-edge water mapping technologies used across a water utility's supply chain.
The COVID-19 outbreak has had a minor effect on the market for smart water meters, as a result of the worldwide industrial base being placed under lockdown. The continuous goals of the smart city will be achieved by initiatives taken by numerous organizations to develop new intelligent metering systems. Additionally, in the second quarter of the pandemic, the government and several players started to adopt innovative smart metering technologies. For instance, at the German factory for the Wasserverband Weddel-Lehre, E.ON installed more than 20,000 intelligent meters. Additionally, over a ten-year period, the business expects to install nearly 2.5 million sophisticated meters.
US Smart Water Metering Market is poised to grow at a sustainable CAGR for the next forecast year.
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Smart Water Metering Market is segmented based on technology, component, application and regions. Based on technological analysis the Smart Water Metering Market is further sub segmented into automatic meter reading, advanced meter infrastructure segments. Based on components, the Smart Water Metering Market is segregated into meter & accessories, IT solutions and communication segments. Based on the basis of application, the Smart Water Metering Market is segmented into residential, commercial and industrial segments. The regional insights of the Smart Water Metering Market are into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.
Smart Water Metering Market Analysis by Technology
The auto meter reading segment holds the lucrative segment as compared to auto meter reading’s market share, but in the years to come, the advanced metering infrastructure segment will overtake the market for smart water meters due to the operational benefits of two-way communication and greater accuracy. Auto meter reading meters are not favored in the present roll-outs for smart water metering since they only have a one-way connection from utilities to the customer.
Smart Water Metering Market Analysis by Application
As in previous years, the residential segment is expected to rule the market. Due to global population growth and urbanization, increased sector clients will be a primary driver of this expansion. Every region has a significant amount of municipal water use, thus the residential sector uses the majority of it. Water is a crucial raw ingredient and coolant in many businesses across the world, making the industrial sector the second largest application sector after the residential one.
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The European market dominated the sector and in order to gain economic advantages and encourage sustainable water use, the European market region has implemented many initiatives. These elements, together with more consumer knowledge of smart meters in this region than in other regions, have caused it to have a significant market share. Additionally, the region is home to a large number of independent nations that are implementing these roll-outs with government assistance.
North America is the market's second-largest region after Europe. The U.S. is the largest nation in the area and home to several important companies in the market for smart water meters. In recent years, the deployment of smart meters has grown significantly in Canada.
The highest growth rate is expected for the Asia-Pacific area, with China and other Southeast Asian nations serving as the region's growth engines. The Gulf Cooperation Council (GCC) countries, Brazil, and Mexico are the top countries in rolling out installation plans for these systems, and it is anticipated that the Middle East, Africa, and Latin America will all experience gradual growth.
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Smart Water Metering Market Driver
The governments of numerous nations are taking the necessary actions to encourage the sustainable use of water. These actions have been taken as a result of the water demand increasing tremendously over the past ten years due to urbanization and a rapidly growing population. Due to the rise in energy demand, new businesses and places of employment have emerged. Sustainable use has taken on importance in order to meet the water demand that will be present and future. These systems are the greatest option since they have the ability to track water usage across a water utility's supply chain. This has increased the number of water utilities implementing them, which is propelling the growth of the smart water metering market.
Smart water meters are not only a practical answer in terms of operation, but they are also affordable for both users and water utilities. These metres are a one-time investment that require very little maintenance and can be used for many years. Customers are drawn to precise billing because they can keep track of how much water they have used and get charged accordingly. By doing this, there is no danger that the service provider and the end user will miscommunicate. The benefits of these installations are greatest for those industries that consume large amounts of water, such as the food and beverage sector, the textile industry, and others.
Smart Water Metering Market Restraint
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The demand for smart water metering to optimize water use and the demand for accurate billing are significant factors influencing the growth of the worldwide smart water metering market. Additionally, utilities' increased focus on lowering non-revenue water is anticipated to fuel market expansion. However, a major impediment to early adoption in emerging and key players is the absence of supporting government measures, which restrains the market's expansion.
Smart Water Metering Market Top Players Company Profiles
Smart Water Metering Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the auto meter reading segment holds the lucrative segment as compared to auto meter reading’s market share. The residential segment is expected to rule the market. Due to global population growth and urbanization, increased sector clients will be a primary driver of this expansion. The European market dominated the sector and in order to gain economic advantages and encourage sustainable water use, the European market region has implemented many initiatives.
|Market size value in 2021||USD 7 billion|
|Market size value in 2030||USD 7.7 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Smart Water Metering Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Water Metering Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Smart Water Metering Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Smart Water Metering Market for additional countries.
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