Smart Water Meter Market to Register CAGR of 11.6% from 2022 to 2031, TMR Report
- Advancements in next-gen technologies such as IoT and AI assists smart water meter manufacturers to develop robust products
- Acceptance of smart water meter as a powerful tool to reduce water wastage to fight water scarcity fosters deployment
WILMINGTON, Del., July 8, 2022 /PRNewswire/ — TMR estimates the smart water meter market to be valued at US$ 6.29 billion by 2031. Distinguishing features of smart water meters for data alerts about unyielding water meters, real-time web-based monitoring, and flexible billing cycle are fueling the growth of smart water meter market.
Reliable water consumption monitoring, determination of pH balance, easier and faster leak detection and repair, and more accurate water bills are some other outstanding features for prospects of rapid growth of smart water meter market in the upcoming years.
North America dominated the smart water meter market in 2021 driven by measures taken by governments in the U.S. and Canada to reduce unyielding water usage and undergo modernization that are in line with smart city infrastructure. Significant investments from the U.S. government to replace older water meters with avant-garde smart water meters stimulates smart water meter market of the region.
Focus of product manufacturers to develop varied types of smart water meters to expand customer base to strengthen growth of North America smart water meter market.
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Smart Water Meter Market – Key Findings of the Report
- Significance for remote location monitoring and water leak detection through wireless communication helps to reduce water wastage by 40% for the needs of growing global population. Ability of smart water meter to identify water usage and inefficiencies that helps to generate error-free bills is a boon of smart water meter technology. Resultantly, consumers receive valuable insights of their water consumption that helps them to reduce water wastage and save money.
- Integration of smart water meter with AI and IoT enables measure and detailed description of the volume of water used by an individual or business equipping smart water metering companies to directly send to the water provider. Smart water meter is equipped with advanced technologies such as wireless connectivity, cellular connectivity, and data connection that can also help to construct integrated infrastructure for water utilities by reducing the cost required for wiring. Ongoing transformation of smart water meter technology with advancements such as remote identification and clarification tools to further enhance the efficiency of smart water metering infrastructure.
- Advanced meter infrastructure (AMI) technology segment dominates the smart water meter market due to two-way communication and improved accuracy. Critical advantages of real-time monitoring of meter operation status, analysis of data for predictive maintenance to improve meter reliability and reduce disruptions rewards advanced meter infrastructure as best smart water meter technology segment. For such reasons, some of the best smart water meters are designed using AMI, finds TMR.
- Residential segment accounts for leading smart water meter market share among key application segments. Deployment of smart water meter solutions in residential areas has served to be valuable to monitor water consumption and identify water leakage to prevent wastage. This is driving companies to expand their product portfolio for residential smart water meters.
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Smart Water Meter Market – Growth Drivers
- Critical advantages to help control, measure, predict, conserve, and manage water effectively fuels the growth of smart water meter market
- Leaning of water utility companies to shift toward smart water meter for significance of operational efficiency to boost smart water meter market
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Smart Water Meter Market – Key Players
Some of the key players operating in the smart water meter market are;
- Aclara Technologies LLC
- Diehl Stiftung & Co. KG
- Badger Meter Inc.
- Inzalo Utility Systems
- Kamstrup A/S
- Neptune Technology Group Inc.
- Arad Group
- BERMAD CS Ltd
- Electronet Equipment private Limited
- Itron Inc.
- Sensus USA Inc.
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The smart water meter market is segmented as follows;
Smart Water Meter Market, by Meter Type
- Electromagnetic Meter
- Ultrasonic Meter
- Mechanical Meter
Smart Water Meter Market, by Technology
- Automatic Meter Reading
- Advanced Meter Infrastructure
Smart Water Meter Market, by Application
Smart Water Meter Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
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