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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