Global Smart Water Meter Market 2022-2028
MARKET OUTLOOK
Triton Market Research estimates the global market for smart water meter to progress with a CAGR of 7.65% during the forecast period 2022-2028.
The rising demand for sustainable water supply across various industries is primarily driving the growth of this market. Also, the benefits of smart water meters, such as remote read capability, the accurate billing process, leak detection, etc., are aiding in the growth of the studied market.
However, the high installation cost of smart water meters compared to conventional meters is largely hindering the growth process. Besides, in some regions, lack of capital funding remains a challenge that ultimately affects the adoption of smart water meters. On the bright side, the rising investments in smart city projects, globally, are opening new avenues for the market.
REGIONAL OUTLOOK
The global smart water meter market spans across North America, Latin America, the Asia-Pacific, Europe, and the Middle East and Africa. Presently, North America leads the global market and is estimated to maintain its position over the forthcoming years.
Various utilities in North America are undertaking projects to replace AMR meters with AMI meters. It is because AMI-based smart metering and associated data analytics solutions allow utilities to remotely shut off valves, detect leaks, and receive intelligent alerts for immediate action. Moreover, factors such as stringent government norms, the rapid development of water infrastructures, and the evolution of smart cities have further driven the smart water meter market in North America.
COMPETITIVE OUTLOOK
The notable players listed in the smart water meter market include Arad Group, Elster Group GmbH, Datamatic Inc, Master Meter Inc (acquired by Arad Ltd), Sensus (acquired by Xylem), Diehl Stiftung & Co KG, ICSA (India) Limited, Badger Meter Inc, Zenner International GmbH & Co KG, Aclara Technologies LLC (acquired by Hubbell Incorporated), Mueller Water Products Inc, Itron Inc, Landis+Gyr AG, Neptune Technology Group Inc, and Kamstrup AS.
Zenner International GmbH & Co KG develops, produces, and sells measurement technology worldwide. The company’s product portfolio comprises apartment water meters, residential water meters, bulk water meters, hot water meters, and plastic waste meters. It has a vast clientele, including industrial companies, power suppliers & public utilities, wholesalers, and measurement service providers. Also, the company operates in North America, Europe, the Middle East & Africa, and Latin America. It supplies water meters, heat meters, and systems technology in more than 90 countries. Zenner International is headquartered in Germany and was founded in 1903.
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