Asia Pacific Smart Water Metering Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Automatic Meter Reader and Advanced Metering Infrastructure), Component (Controlling Units, Display Storage & Integrated Software, and Others), Appl

Asia Pacific Smart Water Metering Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Automatic Meter Reader and Advanced Metering Infrastructure), Component (Controlling Units, Display Storage & Integrated Software, and Others), Application (Residential and Industrial), and Meter Type (Ultrasonic Meters, Electromagnetic Meters, and Electromechanical Meters)

The Asia Pacific smart water metering market is expected to grow from US$ 532.95 million in 2022 to US$ 737.62 million by 2028. It is estimated to grow at a CAGR of 5.6% from 2022 to 2028.

Increasing Number of Smart Water Meter Projects is Driving the Asia Pacific Smart Water Metering Market

Several initiatives related to water savings and a clean environment have been witnessed in the past decade during 2011-2020 globally. Different government initiatives and Non-Profit Organizations (NPOs) across the world have been raising awareness for water savings and usage monitoring. This is also leading to the launch of new upgrades to water distribution infrastructure projects by governments of different countries to improve the distribution infrastructure and boost the operational efficiency of the water resources along with better cost savings. The deployment of smart water meters across such old infrastructure is leading to new developments across different regions, which, in turn, is catalyzing the demand for smart water meters. Several local governments have been investing heavily in the modernization of water distribution infrastructure to improve the water savings and operational costs for distributing the water across their respective city’s infrastructure. For instance, in March 2022, the Government of Punjab state in India signed an agreement with three Chinese companies (Wenling Younio Water Meter Co. Ltd, Jiangsu Xinlang Environmental Company (Private) Ltd., and China Energy Engineering Group) for the deployment of 711,265 smart water meters (worth US$ 41.41 million) across Lahore in Pakistan under the alliance of Planning & Development Board of WASA Lahore and Punjab PPP Authority.

Governments of different countries have also been collaboratively working with different smart water metering market vendors across the world to upgrade their respective water meter infrastructure. For instance, in November 2022, Itron Inc announced that Singapore’s national water agency (PUB) was leveraging SP Group’s existing Itron industrial IoT network canopy for smart water metering. The smart water metering rollout will connect around 300,000 Itron residential and commercial/industrial (C&I) smart water meters to the existing network to achieve its water conservation goals. Such factors have been catalyzing the smart water meter deployment and growth of the smart water metering market across different countries.

Asia Pacific Smart Water Metering Market Overview

Asia Pacific remains world’s most vulnerable region to water security and thus needs to address this issue for economic growth of countries. As per research conducted by Asian Development Bank, close to 3.4 billion people by 2050 in Asia Pacific could be living in water stressed areas, while the demand for water is expected to increase by 55%. Asia Pacific is home to around 60% of the world’s population to which it needs to supply clean water for potable uses, as well as for other household purposes. Additionally, the climate change plays another critical role in the water supply crisis in the continent. Some areas of the region remain heavily flooded, whereas a few faces huge water scarcity problems. Therefore, there is a dire need of government intervention in Asian countries to minimize water wastage and maintain water assets for ensuring long-term sustainability of water supply. Supportive digitalization policies and enhanced focus on the development of smart cities in countries such as Japan, China, India, Singapore, Australia, and South Korea will further boost the demands of an intelligent water meter. Countries such as Vietnam, Cambodia, and the Philippines will follow suit in the adoption of smart water meter post the success of smart water meter and IIoT in Asia, increasing overall supply chain efficiency in the region.

Asia Pacific Smart Water Metering Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Smart Water Metering Market Segmentation

The Asia Pacific smart water metering market is segmented into type, component, application, and meter type, and country.

On the basis of type, the Asia Pacific smart water metering market has been segmented into advanced metering infrastructure and automatic meter reader. The automatic meter reader segment registered the largest market share in 2022.

On the basis of component, the smart water metering market has been segmented into controlling units, display/storage and integrated software, and others. The display/storage and integrated software segment held a larger market share in 2022.

On the basis of application, the Asia Pacific smart water metering market has been segmented into residential and industrial. The residential segment held the largest market share in 2022.

On the basis of meter type, the smart water metering market has been segmented into ultrasonic meters, electromagnetic meters, and electromechanical meters. Ultrasonic meters segment held the largest market share in 2022.

Based on country, the Asia Pacific smart water metering market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the market share in 2022.

Arad Ltd; Badger Meter Inc; Bmeters SRL; Diehl Stiftung & Co KG; Itron Inc; Kamstrup AS; Mueller Water Products Inc; Sensus USA Inc; WAVIoT Integrated Systems LLC are the leading companies operating in the Asia Pacific smart water metering market.

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