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The global smart water meter market size stood at USD 1.38 billion in 2018 and is projected to reach USD 3.07 billion by 2026, exhibiting a CAGR of 10.6% during the forecast period.
Smart meters are devices that simplify the working for utilities and are more precise in their operation as compared to the traditional meters being used for checking water usage. Smart water metering technology offers more advantages to customers and also to the service provider that will certainly drive their installations in various countries. These meters also help in identifying heavy usage along with leak detection techniques. Various advancements are still being brought by the key market players to improve the performance standards and make these meters as an economical source for evaluating water consumption.
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Steps To Reduce Wastewater Will Surge Installations
Only 3% of earth’s water is considered to be usable for humankind, the increased population in recent years has surged the demand for water in various application sectors. This has led to water shortage being faced by various industries, and therefore the water utilities are taking required steps to reduce water wastage. Also, water utilities have to face excessive losses due to the wasted water due to leaks and other media. A smart water metering system equipped with technology to monitor the usage precisely and also keep a check on leakages acts as the best solution in this scenario. This has led to an increase in the number of installations of these systems in recent years. Following these smart water meter market trends, the market is expected to witness healthy growth in the forthcoming years.
Growing IoT Activities Will Propel the Market Growth
With the growing penetration of advanced systems, the IoT (internet of things) has acquired pace in many industries all over the globe. These systems help in precise management of supply chains, with the required algorithms being set up that avoid any human interference and therefore reduce the chances of any malfunctioning. Smart water metering systems using IoT has interrelated computing devices, smart meters, and customers are provided with unique identifiers (UIDs) that enable the data transfer over the network without any kind of human interference.
Growing Practices to Promote Sustainable Use of Water Will Drive the Market
Necessary steps are being taken by the governments in various countries to promote sustainable use of water. These steps are being adopted after the water demand has risen exponentially in the last decade, with a heavily growing population along with urbanization. This has led to increased energy demand, and therefore new industries and workplaces have come up. To suffice current and upcoming water demand, sustainable use has become an important factor. These systems have the capacity to map water usage throughout the supply chain of a water utility and serve as the best available solution. This has led to an increase in the number of water utilities installing these and therefore driving smart water metering market growth.
Precise Billing and Economic Advantage to Customer Drives the Market Growth
Smart water meters not only serve as an efficient solution in terms of operation but are also economically feasible for water utilities and also the customers. These meters act as a one-time investment that can be used for many years to come with negligible maintenance required. Precise billing is the major factor that attracts the customers as customers have the account of water they have used and are being charged accordingly. This eliminates any chances of miscommunication between the service provider and the end-user. Industries that require a heavy amount of water, for example, the food and beverage industry, textiles industry, and others, benefit the most because of these installations.
Lack of Awareness Regarding the Advantages Can Hinder the Market Growth
Despite the various advantages the smart water meters hold, a major portion of the population across the world is unaware of the existence of these services. Currently, smart water metering has a meager penetration rate in the developed economies and a negligible penetration in the developing economies. This factor can hinder the market growth in the given forecast period. Also, heavy investment is required to be done by water utilities to ensure a smart water meter installation for every customer they serve. This, in turn, certainly leads to heavy pocket cuts for customers too. This can negatively impact this market of in the coming years.
Advanced Metering Infrastructure Will Dominate the Market
Based on type, this market is segmented into auto meter reading and advanced metering infrastructure. The advanced metering infrastructure segment currently holds a lesser share in the market as compared to auto meter reading, but owing to the operational advantages of two-way communication and more accuracy, the advanced metering infrastructure segment will dominate the smart water meter market share in the coming years. Auto meter reading meters have only one-way communication from utilities to the customer and therefore are not preferred in current roll-outs for smart water metering.
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Growing Customers in Residential Sector Will Lead to Its Domination in the Market
In terms of application, this market is segmented into residential, commercial, and industrial. The residential sector is set to dominate the market as it has in the past years. The major factor for this growth will be rising customers in the sector, owing to the increasing population and urbanization in many countries. Municipal water occupies a major share in every region, and therefore residential sector occupies lion’s share in water utilization. Following the residential sector, the industrial sector is the second major application sector, with water being one of the essential raw materials and coolants in many industries across the globe.
Europe Smart Water Meter Market Size, 2018 (USD Billion)
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The smart water meter size in Europe stood at USD 0.48 billion in 2018. The market in the region is characterized by roll-outs to promote sustainable use of water coupled with acquiring economic advantages. These factors, along with higher awareness regarding smart meters among the people as compared to other regions, has led to the region occupy a major share in the market. Also, the region has numerous independent nations that are carrying out these roll-outs with government support. Following Europe, North America is the other major region for the market. The U.S. is the major country in the region that also has the presence of key players in the market of smart water meter. Canada has also shown significant growth in the adoption of smart meters in recent years. Asia-Pacific is expected to have the highest growth among the region, with China and other Southeast Asian countries acting as the catalysts for growth. The Middle East and Africa and Latin America are expected to have slow growth with Gulf Coorporation Council (GCC) countries, Brazil, and Mexico being the leading nations in rolling out installation plans for these systems.
Kamsturp, Itron, and Landis + Gyr Are Among the Top Players to Propel the Market Fragmentation
The competition landscape of this market depicts a monopoly dominated by Itron, Kamsturp, and Landis+Gyr. A diversified product portfolio of smart water solutions, along with constant innovations by the companies leading to new device introductions, are prominent factors responsible for their dominance.
However, regional and domestic players such as Badge Meter, Diehl, Aclara Technologies, Neptune Technology Group, Sensus, BMETER, Datamatic, Honeywell, ZENNER, and Holley Technology have entered the market and are bringing in new technologies and economical solutions. This is projected to positively impact the global market as these companies are anticipated to gain market share during the forecast period.
The smart water meter market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.
An Infographic Representation of Smart Water Metering Market
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Value (USD Billion)
Fortune Business Insights says that the market size was USD 1.38 billion in 2018 and is projected to reach USD 3.07 billion by 2026.
In 2018, the market value stood at USD 1.38 billion.
Growing at a CAGR of 10.6%, the market will exhibit healthy growth in the forecast period (2019-2026).
The residential segment is expected to be the leading segment in this market during the forecast period.
Measures for sustainable water management and operational advantages of smart water meters are fueling the demand for these devices.
Itron, Landis Gyr, and Kamsturp are among the leading players in the global market.
Europe dominated the market share in 2018.
The increasing trend of IoT and mobile management of devices are opening up new doors for the growth of the market.
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