Global Smart Water Metering Market

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


Report ID: SQMIG45I2126 | Region: Global | Published Date: July, 2001
Pages: 165 | Tables: 89 | Figures: 76

Smart Water Metering Market Insights

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.

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FAQs

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 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. 'Kamsturp', 'Itron', 'Landis + Gyr', 'Honeywell International Inc.', 'Badger Meter, Inc.', 'Sensus USA Inc.', 'Diehl Stiftung & Co. KG', 'Neptune Technology Group Inc.', 'Siemens AG', 'Schneider Electric SE', 'Elster Group GmbH', 'Aclara Technologies LLC', 'Arad Group', 'Holley Technology UK Ltd.', 'Master Meter Inc.', 'Mueller Systems LLC', 'B METERS s.r.l.', 'Jiangxi Sanchuan Water Meter Co., Ltd.', 'CyanConnode Holdings plc', 'Zenner International GmbH & Co. KG'

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.

The growing demand for accurate water billing solutions, the market share for smart water metering is anticipated to expand significantly throughout the forecast period. The market has also grown as utilities have increased their attention on cutting non revenue water. Additionally, the necessity for smart water metering to optimize water use is anticipated to drive the market's growth throughout the anticipated time frame.

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.

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Global Smart Water Metering Market

Product ID: SQMIG45I2126

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