PUBLISHER: The Insight Partners | PRODUCT CODE: 1535271
PUBLISHER: The Insight Partners | PRODUCT CODE: 1535271
The smart water metering market size is expected to reach US$ 7.36 billion by 2031 from 3.80 billion in 2023, at an estimated CAGR of 9.9% from 2023 to 2031.
The Europe smart water metering market is segmented into France, Germany, Italy, Russia, the UK, and the Rest of Europe. Mega cities in the UK, Germany, and France are considered to be the nodes of smart water meter growth that encourage the adoption of this technology in the region. Nonrevenue water in Europe accounts for an average of 26% of total water across the European utilities. Along with increasing measures toward nonrevenue water reduction, there is a growing demand for the efficient use of water resources. Therefore, a significant amount of nonrevenue water demands advanced metering systems to manage revenues across other water usages.
Advanced water metering technology provides user-friendly command control systems, integrated billing technology, secure web-based payments, and online consumer applications, which boost customers toward adopting smart water meter products. The Landis+Gyr launched the latest addition of ultrasonic smart water meters-W270 and W370-based on IoT technologies in November 2021. In accordance with the Landis+Gyr Green Design principles, the new portfolio is 100% recyclable after its extensive lifetime of over 15 years. The latest software and hardware solutions for electricity, gas, heat, and water metering were also presented.
In August 2020, the German government planned to measure the number of smart metering systems in use in households and businesses by 2025. This new digital strategy is divided into fields of action such as "networked and digitally sovereign society" or "innovative economy, working world, science, and research." Furthermore, due to the introduction of the smart city concept in Spain, intelligent water meter infrastructure has been adopted to improve urban water supply planning and management in the country. In July 2021, Global Omnium, which engages in integral water cycle management, signed an agreement with Telefonica IoT & Big Data Tech for the installation of over 150,000 SIM cards embedded with NB-IoT technology and to enhance further the data communication power of 450,000 domestic and industrial smart water meters across Spain.
The smart water metering market analysis has been carried out by considering the following segments: type, component, end user, and meter type.
Based on type, the market is bifurcated into AMR and AMI. The automatic meter readers (AMR) record huge quantities of data automatically on a regular basis and prevent the operator from incurring any human error. They offer the end user benefits such as timely gathering and reporting of highly accurate data with analysis, resulting in enhanced customer satisfaction. The automatic meter reader records are applicable in every industry as they aid in the automatic recording of water consumption, diagnose the pattern of consumption, and transfer the collected and diagnosed data to the designed database for the operator's use. The other benefits of automatic meter readers are:
Facilitates accurate billing
Tracks water usage easily
Reduces human involvement and human errors
Environmentally sensitive
Various governments across the world are implementing automatic meter readers. For example, in February 2023, Irrigation and Water Resources Minister revealed that the Indian government implemented an automatic meter reading system in the Kerala Water Authority (KWA) in a phased manner. Thus, such instances drive the growth of the smart water metering market for the automatic meter reader segment.
Based on component, the market is segmented into controlling units, display, storage, & integrated software, and others. The controlling unit in a smart water meter consists of various sensors, microcontrollers, real-time clock units, and valve controllers. The flow rate sensors determine the amount of water flowing through the pipeline over time. The advancements in the field of sensors are increasing the capabilities of the smart water meter as a single sensor can collect various information, as compared to traditional sensing systems. The microcontrollers are integral parts of smart water meters. They enable smart water meters to consume less power and deliver data or information with higher accuracy to the end users or service providers. The sensors collect the information and then transfer the data to the microcontroller, which is then transmitted to the display unit. Texas Instruments introduced a microcontroller MSP430, which is integrated with an ultrasonic sensing analog front end that allows the smart water meter to offer higher accuracy data. The cumulative cost of sensors, microcontrollers, and valve controllers is comparatively higher than that of display units, storage units, converters, and controllers. Further, the technological advancements in the field of controlling units are foreseen to increase the price of the products included in the controlling units. In addition, the technological advancements would help in improving communication capability, i.e., the market for two-way communication (AMI) is expected to gain prominence in the future. The technological advancements in controlling units of smart water meters are expected to positively impact the adoption rate of smart water meters in the coming years, thereby propelling market revenue over the years. Various players across the world are launching smart water meters containing controlling units. For instance, in March 2024, Klika Tech launched its smart water meter solution, co-created with Subeca and powered by AWS and STMicroelectronics' wireless microcontroller products. Such instances drive the market growth for the controlling unit segment.
Arad Ltd, Badger Meter Inc., Bmeters SRL, Diehl Stiftung & Co KG, Itron Inc., Kamstrup AS, Mueller Water Products Inc., Neptune Technology Group Inc., Sensus USA Inc, and WAVIoT Integrated Systems LLC are among the key players profiled in the smart water metering market report.
The smart water metering market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Smart Water Metering market growth. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Smart Water Metering market.