Increase in demand for water meters with automatic reading technology and rapid urbanization is fuelling the demand for smart water meters and propelling the market
Wilmington, Delaware, United States, Jan. 24, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – According to a study published by Transparency Market Research, the global smart water meter market is estimated to grow at a CAGR of 6.9% during the forecast period from 2022 to 2031.
Smart water meters help in efficient usage of water and offer protection to communities from water shortage. Smart water meters are utilized in residential, industrial, and commercial applications, and a growing need to manage unbilled water consumption is anticipated to propel the overall market during the forecast period.
New product launches are helping established companies to generate revenue streams and gain an edge over other companies. Additionally, prominent smart water meter market players are collaborating with other players to expand presence and increase revenue share.
In July 2022, Diehl Metering signed a collaborative agreement with Plastiques Poeppelmann France S.A.S. to decrease the carbon impact of their metering equipment. The agreement stated that Plastiques Poeppelmann France S.A.S. would create a post-customer polyethylene-based water meter protective cap.
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Key Findings of Market Study
- Increase in Demand for Automatic Meter Reading Technology: Based on technology, the global market has been bifurcated into automatic meter reading (AMR) and advanced meter infrastrcuture (AMI). The AMR segment is anticipated to witness significant growth during the forecast period. Key factor that is likely to fuel the demand for smart water meters is its ability to permit remote monitoring of water usage. AMRs integrated with a metering and billing software offer correct billing based on water consumption in both independent houses and buildings.
- Growing Demand for Meters: Based on component, the global market has been segmented into hardware, software, and services. The hardware segment is likely to account for dominant market share during the forecast period. Rise in demand for meters to enable correct measurement of the volume of water in both residential and commercial establishments is anticipated to drive the segment during the forecast period
Smart Water Meter Market-Key Drivers
- Rise in need for real-time web-based monitoring, leak detection of water supply, and flexible billing is driving the global smart water meter market
- Rapid urbanization is fueling the demand for smart water meter and consequently, boosting the market size
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Smart Water Meter Market-Regional Insights
North America is anticipated to account for dominant market share during the forecast period. Increase in government initiatives to install smart water meters and continuous development in water infrastructure in countries such as the U.S. and Canada are expected to help bolster market development in the region during the forecast period. Additionally, rise in adoption of different advanced technologies such as Internet of Things is likely to help market growth in the region during the forecast period.
Smart Water Meter Market-Key Players
The global market is fragmented with the presence of several international and local players. Entry of new players is likely to intensify the competition during the forecast period.
Leading smart water meter market players are investing significantly in research and development activities to manufacture improved products that meet customer requirements. Surge in demand for improved smart water meters could help business growth in years to come.
Key players operating in the market include Neptune Technology Group Inc., Badger Meter Inc., Aclara Technologies LLC, Kamstrup A/S, and Sensus USA Inc.
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The global smart water meter has been segmented as follows:
- Component
- Hardware
- Meter
- Module
- Pressure Sensor
- Others
- Software
- Services
- Meter Type
- Electromagnetic Meter
- Ultrasonic Meter
- Mechanical Meter
- Technology
- Automatic Meter Reading (AMR)
- Advanced Meter Infrastructure (AMI)
- Application
- Residential
- Commercial
- Industrial
- Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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