Smart Water Metering Market Size, Share, Growth Analysis, By Technology(Automatic Meter Reading, Advanced Meter Infrastructure), By Component(Meter & Accessories, IT Solutions), By Application(Residential, Commercial) - Industry Forecast 2024-2031

Smart Water Metering Market size was valued at USD 7 billion in 2019 and is poised to grow from USD 7.7 billion in 2023 to USD 16.51 billion by 2031, growing at a CAGR of 10% in the forecast period (2024-2031).

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.