Smart Water Meter Market Outlook
A smart water meter refers to a low-power device that measures water flow using a wireless connection to access local or wide area networks. It is equipped with an electronic computing unit (ECU) that facilitates communication between the meter and the supplier. Smart water meter devices are widely used to offer instant and real-time information about the overall water consumption to authorities and individuals. It assists in reducing the overall labor cost by identifying the exact water usage and providing accurate billing, along with the ability to detect thefts. As a result, these devices find extensive applications across water utilities and commercial, industrial, and residential establishments.
Smart Water Meter Market Size and Forcast
Themarket size reached US$ 7.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.1 Billion by 2028, exhibiting a growth rate (CAGR) of 11.1% during 2023-2028.
Smart Water Meter Market Trends:
Increasing concerns regarding growing water scarcity across the globe are creating a positive outlook for the market. Smart water meters are widely used to ensure better management of the integrated water network. Additionally, the COVID-19 disease heightened the water usage for washing hands and maintaining hygiene measures, which, in turn, is favoring the market growth.
Apart from this, the integration of Internet of Things (IoT)-based devices and the sudden shift toward digitalized distribution systems are providing an impetus to the market growth. Moreover, the implementation of various government initiatives for monitoring water distribution networks is positively influencing the market growth. Other factors, including the development of smart cities and extensive research and development (RD) activities, are anticipated to drive the market growth.
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Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined with some of the key players.
- Badger Meter
- Kamstrup A/S
- Diehl Stiftung Co. KG
- Landis+Gyr, Aclara Technologies LLC (Hubbell Incorporated)
- Sensus (Xylem Inc.)
- Itron Inc.
- Neptune Technology Group (Roper Technologies)
Key Market Segmentation:
The report has categorized the market based on product, meter type, configuration type, component and application.
Breakup by Product:
- Electromagnetic Meter
- Ultrasonic Meter
- Electromechanical Meter
Breakup by Meter Type:
- Smart Hot-Water Meter
- Smart Cold-Water Meter
Breakup by Configuration Type:
- Automated Meter Reading (AMR)
- Advanced Metering Infrastructure (AMI)
Breakup by Component:
- Meters Accessories
- IT Solutions
- Communication System
Breakup by Application:
- Water Utilities
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- the Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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