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Report on How AI is Driving Market TransformationThe smart water meter market size is forecast to increase by USD 3.48 billion at a CAGR of 11.07% between 2024 and 2028. The global the market is witnessing significant growth due to several driving factors. Governments worldwide are increasingly supporting the installation of smart water meters to promote water conservation and reduce non-revenue water losses. Rapid urbanization is another key factor driving market growth, as the demand for efficient water management solutions increases in densely populated areas. However, the high implementation and maintenance costs of smart water meters remain a significant challenge for market growth. Despite this, the benefits of real-time water consumption data, leak detection, and automated billing are expected to outweigh the costs, leading to continued market expansion.
The market is experiencing significant growth due to the increasing demand for real-time monitoring and flexible billing in both residential and commercial areas. These advanced meters enable utility companies to detect and address water leaks and non-revenue water losses, reducing water wastage and ensuring sustainable water usage. The implementation of smart water meters also facilitates accurate billing and resource management through data alerts and advanced data analytics. In industrial areas, these meters play a crucial role in demand management strategies, ensuring efficient water supply and reducing water shortages. The integration of artificial intelligence and unique identifiers enables continuous monitoring of usage patterns and anomalies detection, providing valuable insights for sustainable infrastructure development.
Water utilities are leveraging smart water meters for supply chain management, enabling them to optimize their operations and improve overall efficiency. The adoption of these meters is essential for effective water resource management and reducing water wastage in the face of increasing water scarcity.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The AMI segment is estimated to witness significant growth during the forecast period.Smart water meters, as part of advanced metering infrastructure (AMI), are revolutionizing water management in commercial, residential, and industrial areas. These systems employ real-time monitoring, enabling utilities to collect and analyze granular water usage data. Flexible billing and data alerts are key features that enhance customer engagement and operational efficiency. AMI systems utilize ultrasonic and electromagnetic technologies for accurate billing and leak detection. In the context of water shortages due to urbanization, climate change, and water scarcity, these advanced metering technologies are crucial for effective water resource management. Leak detection and pressure sensors facilitate remote tracking and automatic meter reading.
Data analytics, IoT, and wireless connectivity (cellular and wireless) enable continuous monitoring, usage patterns analysis, and demand forecasting. Water distributors benefit from AMI systems by optimizing operations, improving resource allocation, and implementing water conservation strategies. Consumers gain insights into their water consumption patterns, enabling informed decisions and potential bill savings. AMI systems contribute to sustainable infrastructure and accurate billing, making them an essential component of smart cities and resource management. Additionally, AI and machine learning algorithms can be integrated for predictive analysis and proactive maintenance, further enhancing the value of these systems.
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The AMI segment accounted for USD 2.35 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market is witnessing significant growth due to the increasing emphasis on Anomalies Detection in water consumption patterns. These advanced meters enable efficient Resource Allocation and Sustainability by identifying unusual water usage, thereby promoting Environmental Conservation. The Residential Segment is a major contributor to this market's growth, driven by Consumer Awareness and the need for Two-way Communication between utilities and consumers. Performance standards ensure the accuracy and reliability of these meters, making them essential in addressing Water shortage issues. Municipal water suppliers are adopting Demand management strategies by implementing Auto meter reading and Unique identifiers for Sustainable water usage evaluation.
Supply chain management also benefits from these smart meters, ensuring efficient Water usage and enhancing overall system performance.
Our smart water meter market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Government initiatives are driving the adoption of smart water meters, providing substantial growth opportunities for this market. In response to global water shortages and the need for sustainable water management practices, governments and agencies are advocating for the adoption of smart water meters in both residential and commercial areas, as well as in industrial sectors. These advanced metering systems enable real-time monitoring of water usage, providing flexible billing options and data alerts for potential leaks or unbilled water consumption. The implementation of smart water meters is facilitated by financial incentives, such as grants, subsidies, and tax credits, which help utilities offset the initial investment costs. Smart water meters employ various technologies like ultrasonic and electromagnetic to ensure accurate billing and resource management.
These technologies, coupled with data analytics, Internet of Things, and wireless connectivity, enable automatic meter reading, remote tracking, and pressure sensors for continuous monitoring. Additionally, advanced water management technologies, such as artificial intelligence and sustainable infrastructure, enhance the capabilities of smart water meters in addressing water wastage and conservation concerns. As urbanization continues to expand and climate change poses new challenges to water supply, smart water meters play a crucial role in promoting efficient water usage and ensuring continuous water supply for cities.
The market experiences significant growth due to increasing urbanization and the need for efficient water management solutions. The global the market is experiencing significant growth due to the increasing urbanization and the resulting demand for efficient water management in both residential and commercial areas, as well as in industrial sectors. Smart water meters employ advanced technologies such as ultrasonic and electromagnetic to enable real-time monitoring of water consumption, allowing for flexible billing, data alerts, and leak detection. These meters play a crucial role in addressing non-revenue water, water shortages, and water wastage, particularly in urban centers where resources are limited. Additionally, smart water meters integrate with data analytics, Internet of Things, and advanced metering infrastructure to provide valuable insights into usage patterns, pressure sensors, and remote tracking, contributing to sustainable infrastructure and accurate billing.
With climate change and water scarcity becoming pressing issues, smart water meters are essential tools for resource management and conservation, offering wireless connectivity through cellular and automatic meter reading systems. Utility companies rely on these advanced water management technologies to optimize water distribution, identify leaks, and implement demand-based pricing, ultimately reducing water wastage and ensuring continuous monitoring and usage efficiency.
The high costs associated with implementing and maintaining smart water meters represent a significant challenge for market growth. Smart water meters, which include technologies such as real-time monitoring, flexible billing, data alerts, leak detection, and advanced metering infrastructure, offer significant benefits for water supply management in both commercial, residential, and industrial areas. These water management technologies are increasingly important in addressing water shortages and urbanization, as well as climate change and water scarcity. Smart water meters employ ultrasonic and electromagnetic technologies for accurate billing and resource management. However, the substantial deployment and maintenance costs, including hardware components like pressure sensors, remote tracking, and wireless connectivity through cellular connectivity and automatic meter reading, can pose a challenge to market expansion.
The average cost of these advanced meters ranges from around USD100 to over USD1000. Water distributors can leverage data analytics and artificial intelligence for usage patterns and water conservation efforts. Despite these costs, smart water meters contribute to sustainable infrastructure, continuous monitoring, and the development of smart cities. Utility companies can optimize their operations and reduce water wastage through the implementation of these advanced water management technologies.
The smart water meter market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd.Our company provides a range of advanced smart water meter solutions, including Coriolis mass flowmeters and Electromagnetic flowmeters, such as the ProcessMaster FEP630. These innovative technologies enable precise and efficient water measurement, ensuring accurate billing and water management for utility providers and consumers alike. The Coriolis mass flowmeters utilize the principle of mass flow measurement, providing high accuracy and reliability. Meanwhile, the Electromagnetic flowmeters measure the flow rate of conductive fluids by the magnetic field generated by the flowing current. Our comprehensive portfolio of smart water meter products and solutions is designed to meet the evolving needs of the water industry, enhancing operational efficiency and promoting water conservation.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The global the market is experiencing significant growth due to the increasing demand for real-time monitoring and flexible billing in both residential and commercial areas. Smart water meters utilize advanced metering infrastructure (AMI) that includes ultrasonic and electromagnetic technology for data collection and wireless connectivity through cellular or internet of things (IoT) for automatic meter reading. These meters help in reducing non-revenue water by detecting leaks and minimizing water wastage. The market is driven by various factors such as water shortages caused by urbanization, climate change, and water scarcity. Smart water meters enable data analytics for usage patterns, pressure sensors for remote tracking, and artificial intelligence for predictive maintenance.
Utility companies are adopting these water management technologies to ensure accurate billing, resource management, and sustainable infrastructure. Moreover, smart water meters play a crucial role in smart cities by providing data alerts for water supply disruptions and continuous monitoring for water conservation. The market is expected to grow further with the integration of advanced water management technologies and wireless connectivity for efficient water distribution in industrial areas. Overall, smart water meters contribute to effective water resource management and help in mitigating the challenges of water scarcity and water conservation.
Market Scope |
|
Report Coverage |
Details |
Page number |
184 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.07% |
Market growth 2024-2028 |
USD 3475.3 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
10.59 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 48% |
Key countries |
US, Canada, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Badger Meter Inc., Electronet Equipments Pvt. Ltd., Everest Sanitation, Genus Power Infrastructures, Hangzhou Laison Technology Co., Ltd., Holley Technology Ltd., Honeywell International Inc., Itron Inc., Kamstrup AS, Kritsnam Technologies Pvt Ltd, Lakshmi Electrical Control Systems Ltd., Landis Gyr AG, Peltek India, Silicon Laboratories Inc., SUEZ SA, Syensqo SA, WEGOT Utility Solutions Pvt Ltd., Wenling Younio Water Meter Co.Ltd, and Xylem Inc. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Additional Value/Volume Data
6 Five Forces Analysis
7 Market Segmentation by Technology
8 Market Segmentation by End-user
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
With the growing adoption of AI across industries, Technavio has analyzed its impact on the global smart water meter market is rapidly expanding as the demand for efficient water management and conservation rises. Integrated with Artificial Intelligence (AI), smart water meters are revolutionizing water resource management for utilities and consumers by delivering real-time data, enhancing accuracy, optimizing operations, and improving overall system efficiency.This analysis delves into AI's impact on the Smart Water Meter market, backed by data and real-world examples.
These insights, available exclusively through Technavio, provide an unparalleled significant impact of AI on the Smart Water Meter market, backed by real-world examples and data.
The report provides details of AI's impact on various segment
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