PUBLISHER: The Business Research Company | PRODUCT CODE: 1563227
PUBLISHER: The Business Research Company | PRODUCT CODE: 1563227
Smart water metering refers to the technology and systems used to measure and manage water usage through advanced, automated and connected meters. These meters are integral to modern water management, providing precise and real-time data on water consumption. Smart water meters are utilized by a variety of users, including residential households, commercial and industrial operations.
The smart water metering market consists of sales, by entities (organizations, sole traders and partnerships), of smart water metering products and services that are employed to monitor water usage, detect leaks, optimize water distribution and facilitate accurate billing, based on actual consumption, rather than estimates. The deployment of smart water meters is growing, as water management becomes increasingly critical in response to water scarcity, urbanization and the need for efficient resource management.
The global smart water metering market was valued at $2,600.00 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 8.0%.
Utilities Focusing On Reducing Non-Revenue Water
During the historic period, utilities focusing on reducing non-revenue water supported the growth of the smart water metering market. Non-revenue water (NRW) is essentially produced, cleansed water that is misplaced throughout the water delivery system and never reaches its intended location. The management of non-revenue water (NRW) enables utilities to increase and improve service, improve financial performance, make cities more appealing, boost climate resilience and use less energy. For instance, in the USA, according to the Indiana Finance Authority, a US-based government organization which oversees Indiana state-related debt issuance and provides efficient and effective financing solutions, in 2022, 78% of Indiana's metered drinking water utilities, totaling 418 out of 537, submitted water audits, revealing a statewide reduction in non-revenue water, from 46.7 billion gallons in 2019 to 45.3 billion gallons, resulting in a lower total cost of $51.6 million, compared to $58.4 million in 2019. This data indicates a continuing effort by utilities to address and minimize non-revenue water, showcasing a positive trend in resource conservation and cost management. Therefore, utilities focusing on reducing non-revenue water drove the growth of smart water metering.
Remote Monitoring Enhanced With LoRa (Long Range) Communication Technology
Major companies operating in the smart water metering market are focusing on remote monitoring systems enhanced with LoRa communication technology. This technology facilitates the early identification of leaks and inefficiencies within the water distribution system. For instance, in July 2024, Genus Power Infrastructures Limited, an India-based company that provides smart water metering solutions, announced the successful shipment of its Smart Ultrasonic Water Meters DN20 to Australia, marking a key expansion into the water management sector. These state-of-the-art meters are equipped with LoRa communication technology, allowing for remote monitoring and efficient water distribution management. Compliant with international standards such as OIML R49 and MID and carrying WaterMark approval, these meters ensure high performance and safety. This initiative is expected to bolster water conservation efforts in Australia and New Zealand, potentially saving millions of liters through advanced leak detection capabilities.
The global smart water metering market is fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 7.17% of the total market in 2023.
Smart Water Metering Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global smart water metering market as it emerges from the COVID-19 shut down.
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 history and forecasts market growth by geography. It places the market within the context of the wider smart water metering market; and compares it with other markets.