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The global smart water meter market size is set to touch USD 3.07 billion by 2026 owing to rapid growth in residential spaces around the world. Fortune Business Insights™ shares this analysis in its recent report, titled “Smart Water Meter Market Size, Share and Industry Analysis, By Type (Auto Meter Reading and Advanced Metering Infrastructure), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2026”. Further, the report states that the value of this market stood at USD 1.38 billion in 2018 and is anticipated to register a CAGR of 10.6% from 2019 to 2026.
India’s EESL Installs 10 Lakh Smart Meters across the Country
Active participation of governments in initiating efficient water management programs is one of the emerging smart water meter market trends, especially in developing nations. In February 2020, Indian government-owned Energy Efficiency Services Limited (EESL) announced that it has successfully installed over 10 lakh smart meters across the nation under the Smart Meter National Program of the Ministry of Power and Renewable Energy. The aim of the program is to install 25crore smart meters covering power and water over the course of next couple of years. The need for smart metering systems is, therefore, dire in a country like India where population growth is high and the rate of urbanization and industrialization is rapidly gathering steam.
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Growing Emphasis on Sustainable Use of Water to Propel the Market
Only about 0.003% of the world’s fresh water resources, those that can be used for hygiene, industry, drinking, and agriculture,are accessible to us. However, the rate of population growth and the ensuing economic activities far exceed the rate of replenishment of these resources, creating an acute scarcity and skewed availability of water across the globe. The UN Department of Economic and Social Affairs projects that world population will touch 8.5 billion by 2030 and somewhere between 9.5 billion and 13.3 billion by 2100. According to the UN Food and Agriculture Organization (FAO), the rate of water withdrawal globally grew 1.7 times faster than population, punctuating the need for sustainable use of water. In this scenario, many countries are turning toward utilizing smart water management systems to effectively regulate water consumption and reduce wastage, which augurs well for the smart water metering market growth.
Dominant Presence of Big Players to Monopolize Competition
The smart water meter market forecast envisions that the competition in this market will increasingly don the feature of a monopoly owing to the strong foothold of dominant players such as Kamstrup and Landis+Gyr. These players have a strong global presence, diverse portfolio of solutions, and robust financial foundations. Nonetheless, many relatively smaller players such as Sensus and BMETER are investing in innovation and coming out with exciting new technologies and products, providing stiff competition to the established players.
List of Key Players Covered in the Market Report:
Further Report Findings:
Global Smart Water Meter Market Scope&Segmentation:
Global Smart Water Meter Market Scope
Value (USD Billion)