Smart Water Meter Market Forecasts to 2028 – Global Analysis By Meter Type (Smart Mechanical Meters, Electromagnetic Meters, Ultrasonic Meters and Other Meter Types), Technology (Automatic Meter Reading (AMR) and Advanced Meter Infrastructure (AMI)), Comp

Smart Water Meter Market Forecasts to 2028 – Global Analysis By Meter Type (Smart Mechanical Meters, Electromagnetic Meters, Ultrasonic Meters and Other Meter Types), Technology (Automatic Meter Reading (AMR) and Advanced Meter Infrastructure (AMI)), Component (IT Solutions, Communications, Meter & Accessories and Other Components), Water Type (Hot Water Metre & Cold Water Metre), Application and Geography

According to Stratistics MRC, the Global Smart Water Meter Market is accounted for $4.35 billion in 2022 and is expected to reach $7.26 billion by 2028 growing at a CAGR of 8.9% during the forecast period. Smart metres are tools that make it easier for utilities to do their jobs and are more accurate than the standard metres used to measure water usage. More benefits offered by smart water metering technology to both consumers and service providers will undoubtedly be what drives their adoption in various nations. Together with leak detection techniques, these metres also aid in recognising heavy usage. The major competitors in the industry are still making various improvements to raise performance standards and make these metres an affordable tool for calculating water use.

According to a World Water Development Report, 480 million people in Asia alone are expected to face water scarcity in the future. According to the State Council of the People's Republic of China, the urbanization rate of permanent residents in China will reach 64.72 percent in 2021.

Market Dynamics:

Driver:

Growing practices to promote sustainable use of water

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 urbanisation 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.

Restraint:

Lack of government initiatives

Water metres are still being disregarded in the current environment, where expenditures in the smart grid are accelerating, when compared to electricity and gas metres. The reason for this is because there are no laws or requirements requiring the installation or use of smart water metres from the government. If governments encourage the installation of these metres and the advantages they offer to users, the adoption of smart water metres may increase. Despite the expanding need for infrastructure to supply drinking water, the US federal government's contribution of capital expenditures in the water sector substantially decreased.

Opportunity:

Precise billing and economic advantage to customer

Smart water metres are not only a practical solution in terms of operation, but they are also affordable for both users and water utilities. These metres are a one-time investment that require very little maintenance and can be used for many years. Customers are drawn to precise billing because they can keep track of how much water they have used and get charged accordingly. This ensures that there is no danger that the service provider and the end user will miscommunicate. The benefits of these installations are greatest for those industries that consume large amounts of water, such as the food and beverage sector, the textile industry, and others.

Threat:

High deployment cost and long payback period

High capital expenditures are necessary for the installation of smart water metres. Smart water metre installation does not receive any government assistance. Installing smart water metres becomes challenging for water utilities and end consumers as a result. Furthermore, because of losses from non-revenue water, water theft, and leaks, water utilities are unable to make significant capital investments on their own. Various parts, including measurement and sensing equipment, real-time communication equipment, data management systems, and control tools, are needed for the smart water metering infrastructure. The cost of smart water metering as a whole is increased by each of these elements.

Covid-19 Impact

The growth rate of the market for smart water metres in 2020 has been significantly impacted by the COVID-19 outbreak. Furthermore, due to a lack of international government laws or efforts, the market is predicted to grow at a relatively modest rate through the end of 2021. The COVID-19 epidemic in the construction industry resulted in a number of challenges for the market, including the lack of raw materials, a competent labour, safety precautions, deliverables, contractual responsibilities, and project delays or cancellations. As a result, there was a decline in the demand for smart water metres. However, post-pandemic market growth for smart water metres is anticipated to be driven by an increase in digital infrastructure solutions across major nations.

The automatic meter reading (AMR) segment is expected to be the largest during the forecast period

The automatic meter reading (AMR) segment is estimated to have a lucrative growth, due to they are metres precise and fully automated. They are employed often for domestic and professional purposes. These metres enable water usage to be tracked remotely. When coupled with secure metering and billing software, AMR metres make it possible to correctly bill based on water consumption in specific housing units, neighbourhoods, or entire buildings. The most recent technologies, including Bluetooth, WiFi, and GSM, are available in AMR metres. GSM metres are autonomous and self-sufficient. They handle their own communications with remote monitoring systems. Wifi Water supply companies, utilities, and municipalities can improve their water distribution control, reading, and billing systems while minimising waste by using AMR water metres.

The residential segment is expected to have the highest CAGR during the forecast period

The residential segment is anticipated to witness the fastest CAGR growth during the forecast period, due to rising consumer awareness of water conservation, rising demand for accurate billing of residential users, rising demand for accurate mapping of unrestricted water resource spending, and rising demand for billing process optimization, a variety of new innovative products are being adopted in the residential sectors. Remote monitoring and the gradual integration of cyber security defences are predicted to lead to an increase in the usage of modern technology in residential areas. However, communities become acutely aware of the need for efficiency when water becomes scarce in certain parts of the world, which is projected to propel this segment's revenue growth.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to the rise in government initiatives to install smart water metres in the U.S., an increase in the number of smart cities, and the development of water infrastructure are all factors that are influencing the growth of the smart water metre market in North America. Additionally, the region's expanding smart water metre market might be attributed to the Internet of Things' quick uptake (IoT).

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to demand for water metres in this area is anticipated to increase as a result of the implementation of metering programmes and targets as well as the switch from conventional metres to intelligent cloud-based metering systems. Demand is also being supported by strict government restrictions and mandates that demand over 80% of consumers have advanced metering equipment. Every half-hour, these smart metres read records and can supply the data needed to identify leaks early, which is predicted to boost market revenue growth.

Key players in the market

Some of the key players profiled in the Smart Water Meter Market include BERMAD CS Ltd., Aclara Technologies LLC. (Hubbell Incorporated), Badger Meter, Inc., Arad Group, Itron Inc., Kamstrup A/S, Landis+Gyr, Diehl Stiftung & Co. KG, Electronet Equipments Private Limited, Sensus USA Inc. (Xylem Inc.), Neptune Technology Group Inc., Datamatic, Honeywell, Zenner, Master Meter, Inc., Arquiba Pvt Ltd., Iskraemeco, Xylem Inc, Wasion Group Co., Ltd. and Suntront Technology Co., Ltd.

Key Developments:

In July 2022, Diehl Metering collaborated with Plastiques Poeppelmann France S.A.S., one of the leaders in plastic injection molding, to reduce the carbon impact of its metering equipment. Through this agreement, Plastiques Poeppelmann France S.A.S. is creating a post-consumer polyethylene-based water meter protective cap (PCR-PE).

In June 2021, Itron Inc. signed a contract with United Utilities, a leading water supply company, to deploy the company's next-generation cloud-based meter management solution named Temetra and help optimize operations in the water distribution network.

In June 2021, Itron has collaborated with digimondo, a German IoT company to help water utilities improve the management of distribution networks by leveraging LoRaWAN. This enables the utilities to create and operate their LoRaWAN-based networks for remote reading of water meters.

In October 2020, Diehl Stiftung & Co. KG entered into an agreement with Sinfra, Sweden's central utility purchasing body, to include the company’s water products in Sinfra’s list of approved products

Meter Types Covered:
• Smart Mechanical Meters
• Electromagnetic Meters
• Ultrasonic Meters
• Other Meter Types

Technologies Covered:
• Automatic Meter Reading (AMR)
• Advanced Meter Infrastructure (AMI)

Components Covered:
• IT Solutions
• Communications
• Meter & Accessories
• Other Components

Water Types Covered:
• Hot Water Metre
• Cold Water Metre

Applications Covered:
• Commercial
• Industries
• Residential
• Water Utilities
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements