Global Smart Water Metering Market Overview:
The global smart water metering market is projected to reach USD 9.6 billion by 2024 from an estimated USD 5.9 billion in 2019, at a CAGR of 10.3% during the forecast period. Increasing efforts by water utilities to reduce nonrevenue water are driving the smart water metering market.
The smart water metering market comprises several stakeholders such as end-product manufacturers and end-users in the supply chain. The demand-side of this market is characterized by its end-users, such as water utilities, water-intensive industries, commercial spaces, and others. The supply-side is characterized by smart water meter manufacturers, metering software providers, integrators, and others. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The breakdown of primary respondents are given below:
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On the basis of technology, the Advanced Metering Infrastructure (AMI) segment is expected to make the largest contribution to the smart water metering market during the forecast period
AMI is the latest meter reading technology, which is being adopted by the utilities in the water industry. The AMI technology enables 2-way communication between the meter and the user/utility. Hence, it becomes more convenient for users to monitor their water consumption. Further, with the help of this technology, leak detection is easy. Due to this, the utilities have been able to reduce their nonrevenue water significantly. Other benefits of AMI include better asset management, water conservation, and improved customer service.
This research report categorizes the smart water metering market on the basis of type, component, meter type, end-user, and region.
On the basis of Technology, the market has been segmented as follows:
On the basis of Component, the market has been segmented as follows:
- IT Solutions
- Meters & Accessories
On the basis of Meter Type, the market has been segmented as follows:
- Ultrasonic Meter
- Electromagnetic Meter
- Mechanical Meter
On the basis of Application, the market has been segmented as follows:
- Water Utilities
On the basis of Region, the market has been segmented as follows:
- North America
- South America
- Asia Pacific
- Middle East & Africa
On the basis of application, the water utilities segment is expected to grow at the fastest rate during the forecast period
The water utilities segment is expected to grow at the fastest rate during the forecast period. This segment is further subsegmented into residential and commercial. The residential subsegment is expected to grow faster than the commercial subsegment. This is mainly due to the increasing population, urbanization, and development of smart city infrastructure. Further, the increasing need for accuracy in the billing of the residential users will boost the growth of this segment.
North America is expected to be the largest market during the forecast period
North America, Europe, South & Central America, Asia Pacific, and the Middle East & Africa are the major regions considered for the study of the smart water metering market. North America is estimated to be the largest market from 2019 to 2024, driven by the government initiatives for reduction in nonrevenue water, accurate meter reading, and development of smart city infrastructure in the US and Canada. Additionally, increasing urbanization and industrial development are expected to drive the market growth.
Key Market Players
The major players in the global smart water metering market are Kamsturp (Denmark), Badger Meter (US), Diehl (Germany), Landis+Gyr (Germany), Itron (US), Neptune Technology Group (US), Aclara Technologies (US), Sensus (US), BMETER (Italy), Datamatic (US), Honeywell (US), and ZENNER (Germany).
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- To define, describe, segment, and forecast the smart water metering market by type, meter type, component, end-user, and region
- To provide detailed information about the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the market with respect to individual growth trends, future expansions, and contribution of each segment to the market
- To analyze market opportunities for stakeholders and details of a competitive landscape for market leaders
- To forecast the growth of the market with respect to the main regions (Asia Pacific, Europe, North America, South America, and the Middle East & Africa)
- To profile and rank key players and comprehensively analyze their market shares
- To analyze competitive developments such as contracts & agreements, expansions & investments, new product launches, mergers & acquisitions, joint ventures, and partnerships & collaborations in the smart water metering market