PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1530670
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1530670
According to Stratistics MRC, the Global Smart Water Metering Market is accounted for $4.25 billion in 2024 and is expected to reach $9.84 billion by 2030 growing at a CAGR of 13.7% during the forecast period. Smart water metering refers to the integration of advanced technologies with traditional water meters. These meters enable real-time monitoring of water consumption, allowing utilities and consumers to track usage patterns accurately. By transmitting data remotely, they enhance efficiency in water management, enabling timely leak detection, conservation strategies, and billing accuracy. This technology supports actionable insights into usage trends, promoting conservation efforts, and improving overall water infrastructure resilience and operational efficiency.
According to the Energy and Water department of the World Bank, water utilities globally lose an estimated USD 14 billion in non-revenue water every year.
Growing concerns over water scarcity
Smart water meters enable precise monitoring and management of water usage, helping to identify leaks, reduce waste, and promote conservation. Governments and utilities are increasingly adopting these technologies to address water shortages and ensure sustainable usage. The ability to provide real-time data and analytics empowers consumers and utilities to make informed decisions, thus fostering the adoption of smart water metering solutions to mitigate water scarcity challenges.
Complex integration
Smart water metering involves complex integration due to the need to seamlessly connect advanced metering technologies with existing water infrastructure and IT systems. This process requires significant technical expertise, customized solutions, and potential modifications to legacy systems, leading to increased deployment time and costs. The complexity can deter utilities, especially smaller ones, from adopting smart metering solutions. Additionally, integrating various data sources and ensuring interoperability between different technologies pose challenges, hampering market growth.
Rising investments in smart water infrastructure
Rising investments in smart water infrastructure provides necessary funding for the deployment and integration of advanced metering technologies. These investments facilitate upgrades to outdated systems, enhancing accuracy in water usage monitoring and leak detection. Additionally, increased funding supports research and development, leading to innovations in smart metering technologies, further accelerating adoption and fostering a more efficient and resilient water management ecosystem.
High initial investments
Smart water metering involves high initial investments due to the cost of advanced IoT-enabled meters, infrastructure upgrades, and integration with existing systems. These expenses include hardware, software, installation, and the need for skilled labor. This financial barrier slows market growth by limiting widespread deployment, particularly in economically challenged areas, despite the long-term benefits of operational efficiency and water conservation that smart meters provide.
Covid-19 Impact
The covid-19 pandemic accelerated the adoption of smart water metering systems as utilities sought remote monitoring capabilities amidst social distancing measures. Demand for operational efficiency and accurate billing increased as utilities aimed to streamline processes. However, supply chain disruptions and economic uncertainties temporarily slowed market growth, impacting deployment timelines. Overall, the pandemic underscored the importance of resilient and adaptive water infrastructure, influencing long-term investment trends in smart water metering technologies.
The static water meters segment is expected to be the largest during the forecast period
The static water meters segment is estimated to have a lucrative growth. Static water meters are advanced metering devices that measure water flow using non-mechanical methods, such as ultrasonic or electromagnetic technology. They are highly effective in detecting low-flow rates and providing precise measurements, making them ideal for residential, commercial, and industrial applications. Static water meters are also less susceptible to inaccuracies caused by sand or debris, enhancing their durability and reducing maintenance needs, thus supporting efficient water management and conservation efforts.
The residential segment is expected to have the highest CAGR during the forecast period
The residential segment is anticipated to witness the highest CAGR growth during the forecast period. Smart water metering in residential applications involves using advanced metering devices to monitor household water usage in real time. These meters provide accurate and timely data on water consumption, enabling homeowners to track their usage patterns, detect leaks, and implement conservation measures. Overall, smart water meters promote efficient water use, cost savings, and contribute to sustainable water management practices in residential settings.
In the Asia-Pacific region, the smart water metering market is experiencing significant growth driven by rapid urbanization, water scarcity concerns, and government initiatives promoting water conservation and efficiency. Countries like China, India, and Japan are leading the adoption, supported by advancements in IoT technology and government funding for smart city projects. Rising awareness about water management and aging infrastructure also fuel market expansion. Further, the region presents lucrative opportunities for smart water metering solutions providers aiming to address water management challenges effectively.
In North America, the smart water metering market is robust, driven by stringent regulations on water conservation, aging infrastructure, and a strong focus on operational efficiency. The United States and Canada lead in adoption, supported by investments in smart city initiatives and technological advancements in IoT and communication technologies. The market benefits from increasing awareness among utilities and consumers about water conservation benefits and the need for accurate billing. Overall, North America presents a mature yet expanding market for smart water metering solutions.
Key players in the market
Some of the key players profiled in the Smart Water Metering Market include Honeywell International Inc., Schneider Electric SE, Siemens AG, ABB Limited, Kamstrup A/S, Neptune Technology Group, Xylem Limited, Badger Meter, Itron Corporation, Aclara Technologies, Diehl Metering, Landis+Gyr, Arad Group, Mueller Water Products, Suez SA and Trenton Water Works (TWW).
In April 2024, SUEZ, a leader of circular and digital solutions for water and waste services, and Vodafone, a global leader in communication technologies and services, are joining forces to accelerate the global roll-out of remote water meter-reading via Narrowband IoT (NB-IoT1) communication networks. The aim is to bring over 2 million NB-IoT meters into service by 2030.
In November 2023, New Jersey water utility company Trenton Water Works (TWW) has launched a $20 million project to replace 63,034 water meters in its five-municipality system with smart water meters. TWW meter readers will be able to read the new two-way communicating water meters remotely, eliminating almost all estimated water bills.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.