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The smart water meter market size has the potential to grow by USD 3.94 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by technology (AMI and AMR), end-user (residential and commercial), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Badger Meter Inc., Honeywell International Inc., Itron Inc., Kamstrup AS, Landis+Gyr AG, Maddalena Spa, Sanchuan Wisdom Technology Co. Ltd., SUEZ SA, Veolia Environnement SA, and Xylem Inc.
The market is fragmented. Maddalena Spa, Sanchuan Wisdom Technology Co. Ltd., SUEZ SA, Veolia Environnement SA, and Xylem Inc. are some of the major market participants. Although the benefits of using smart water meters will offer immense growth opportunities, the high capital and operational costs will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this smart water meter market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this smart water meter market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
North America was the largest smart water meter market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Early adoption of water management solutions and the presence of regulatory policies mandating industries in the region to comply with water-usage and discharge-related norms will significantly drive the smart water meter market growth in this region during the forecast period.
Almost 55% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for smart water meters in North America. Market growth in this region will be slower than the growth of the market in Europe and APAC.
AMI functions include water meter readings, tamper and theft detection, service connection and disconnection, and fault and leakage identification. Coupled with technologically advanced customer-based digital technologies, AMI enables utilities to offer new rate options, thus incentivizing customers to reduce peak demand and water consumption. Factors such as technological advancements over AMR systems, changing needs of water utilities, and product and cost benefits of using AMI water management systems along with electricity and gas services are expected to drive the growth of the AMI segment during the forecast period.
The smart water meter market share growth by the AMI segment will be faster than the growth of the market by the AMR segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the smart water meter market size.
Water utilities are increasingly adopting various technologies, including smart water meters, for non-revenue water management. This will allow water utilities to expand and improve services, increase climate resilience, enhance financial performance, and minimize water consumption. The use of smart water meters will eliminate the need for onsite meter reading and enable automatic leak detection. Smart water meters will also help customers in tracking their consumption patterns and adjust water consumption accordingly to meet pre-specified conservation efforts. The use of smart water meters for non-revenue water management will help in managing water consumption and thereby enable water conservation. Such benefits of using smart water meters will fuel the growth of the market at a CAGR of almost 11% during the forecast period.
Governments of various countries are focusing on the development of smart cities. Smart cities involve the deployment of various communication devices and IT, such as IoT and cloud-based services, to optimize the use of resources and improve governance, transportation, healthcare, and waste management. The development of smart cities will create new growth opportunities for smart water meter vendors. For instance, under the Smart Cities Mission of Government of India, smart water meters are proposed to be installed in the households of smart cities. Such developments undertaken by governments of various countries will boost the demand for smart water meters during the forthcoming years. Thus, the development of smart cities will be one of the critical smart water meter market trends over the forecast period. The trend will have a significant influence on the growth of the market.
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