PUBLISHER: The Business Research Company | PRODUCT CODE: 1436691
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436691
Smart water metering facilitates precise monitoring and transmission of water usage data from consumers to suppliers, optimizing water management and ensuring accurate billing. These meters, equipped with an electronic computing unit (ECU), streamline communication with suppliers and offer leak detection and remote monitoring capabilities, effectively reducing water wastage.
In the realm of smart water meters, three primary types stand out: ultrasonic meters, electromagnetic meters, and mechanical meters. Among these, the ultrasonic flow meter stands out by utilizing ultrasound to gauge liquid velocity, enabling precise calculations of liquid flow volume. These meters incorporate crucial components such as IT solutions, communication systems, and a range of meters and accessories. Their functionality is driven by technologies such as automatic meter reading and advanced meter infrastructure, finding applications across residential, water utilities, industrial, and agricultural sectors.
The smart water metering market research report is one of a series of new reports from The Business Research Company that provides smart water metering market statistics, including smart water metering industry global market size, regional shares, competitors with a smart water metering market share, detailed smart water metering market segments, market trends and opportunities, and any further data you may need to thrive in the smart water metering industry. This smart water metering market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The smart water metering market size has grown rapidly in recent years. It will grow from $3.89 billion in 2023 to $4.41 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth observed in the historic period can be credited to several factors. These include aging infrastructure, heightened consumer awareness, a push for environmental sustainability, increased interest in harnessing data analytics, and the influence of government regulations. Each of these elements contributed significantly to the observed growth during that period.
The smart water metering market size is expected to see rapid growth in the next few years. It will grow to $7.02 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. Anticipated growth in the forecast period is expected due to various factors. These include the emergence of smart city initiatives, advancements in remote monitoring capabilities, the widespread adoption of cloud computing, the proliferation of mobile apps, and increasing concerns about cybersecurity. Additionally, significant trends projected for this period encompass the integration of advanced sensor technologies, the implementation of blockchain in water management systems, the rise of edge computing, the adoption of subscription-based service models, and the integration of smart home technologies. These trends are anticipated to drive growth and innovation in the industry during the forecast period.
The emphasis of utilities on curbing non-revenue water is anticipated to drive the smart water metering market ahead. Non-revenue water signifies a loss of produced and treated water within the delivery system. Managing this aspect enables utilities to bolster service quality, financial performance, city attractiveness, climate resilience, and energy efficiency. As of December 2022, Indiana's water audit revealed a statewide decrease in non-revenue water, marking a reduction from 46.7 billion gallons in 2019 to 45.3 billion gallons in 2022. This reduction resulted in a cost decrease from $58.4 million to $51.6 million, signaling an ongoing commitment by utilities to manage and minimize non-revenue water, indicating positive trends in resource conservation and cost control.
Anticipated growth in the smart water metering market is attributed to the upsurge in residential construction endeavors. Such projects encompass the development of housing units and rely on smart water metering for efficient water management, promoting sustainability in modern housing initiatives. Oxford Economics reported a $10.7 trillion global construction output in 2020, projected to surge by 42% to $15.2 trillion by 2030, primarily driven by escalated residential construction. Notably, North America foresees a 32% increment, contributing $580 billion, while Western Europe estimates a 23% growth, elevating construction output to $2.5 trillion by 2030. Thus, the surge in residential construction projects fuels the smart water metering market's expansion.
Collaborations stand as a prominent trend in the smart water metering market, with major players focusing on strategic alliances to fortify water utilities' infrastructure. Suez, a France-based environmental solutions provider, partnered with Vodafone Business in October 2023 to harness Wize technology and NB-IoT. This collaboration aims to create a comprehensive and cost-effective Advanced Metering Infrastructure (AMI) for smart water meters in the UK. By integrating data sets and transmissions, this venture aims to streamline operations, drive innovation, and enhance water conservation while boosting operational efficiency for water utilities.
Significant enterprises in the smart water metering sector are concentrating on product releases, exemplified by the introduction of advanced cellular modules that transform existing gas and water meters into smart units. These next-generation cellular modules represent upgraded hardware components for cellular communication, enhancing performance and connectivity to meet evolving telecommunication standards. For instance, in May 2023, Honeywell International Inc. launched the Next Generation Cellular Module (NXCM), a solution designed to convert legacy gas and water meters into smart meters seamlessly. This innovation integrates with various meter types, enabling wireless advanced metering infrastructure through existing cellular networks. This strategic advancement aims to optimize utility providers' operations by improving monitoring, safety, and data capture, ultimately reducing costs and offering accurate usage information.
In January 2022, Landis+Gyr, a Switzerland-based integrated energy management products provider, completed the acquisition of Luna Elektrik Elektronik Sanayi ve Ticaret A.S., a Turkey-based company specializing in smart metering devices and associated software solutions. This strategic move bolsters Landis+Gyr's smart metering capabilities while expanding its offerings, tapping into Luna's established production capabilities in Izmir, enhancing the company's portfolio of cost-effective solutions.
Major companies operating in the smart water metering market report are Honeywell International Inc., Diehl Stiftung & Co. KG, Itron Inc., Landis+Gyr Group AG, Aclara Technologies LLC, Badger Meter Inc., Kamstrup A/S, Rallis India Limited, Arad Group, Apator SA, Shenzhen Water Group Co. Ltd., Zenner International GmbH & Co. KG, Sensus USA Inc., Axioma Metering, Maddalena SpA, INTEGRA Metering AG, WAVIoT, Ketos Digital Services Private Limited, WaterSMART Solutions Ltd., MOM Zrt., BETAR Company, WaterTech SpA, Elster Group GmbH, DH Metering Europe SA, G. GIOANOLA Srl, Hebei Shanghong Water Meters Technology Co. Ltd., Smartflow Engineering Services Private Limited, Cameroon Water Utilities Corporation, WEGoT Utility Solutions Pty. Ltd.
North America was the largest region in the smart water metering market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart water metering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the smart water metering market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The smart water metering market consists of revenues earned by entities by providing smart water metering services using meters, modules, pressure sensor and valves. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Smart Water Metering Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart water metering market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart water metering ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The smart water metering market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.