Smart Water Meters Market to cross US$ 7 billion by 2028, Says Global Market Insights Inc.
The AMR-based smart water meters market is predicted to hit USD 2 billion revenue by 2028 driven by some of major parameters such as low installation costs, easy availability, and affordable maintenances
SELBYVILLE, Del., March 7, 2022 /PRNewswire/ — The smart water metering market is expected to surpass USD 7 billion by 2028, as reported in a research study by Global Market Insights Inc. The rising adoption of IOT-based intelligent metering systems along with effective management of water consumption patterns will foster the industry statistics. The demand for robust smart meters across utility-based water distribution networks and the increase in non-revenue water sources across developing regions with high water scarcity will drive the market demand.
Growing consumer awareness regarding ongoing consumption patterns coupled with increasing water thefts and line water losses across unstructured grids will propel the demand for residential smart water metering systems. Increase in smart city programs as well as the development of urban landscapes across developing countries will further stimulate the integration of these systems across the water distribution network. Ineffective domestic water distribution systems coupled with the ongoing requirement of accurate & long-range meter reading technologies will foster utilities to deploy advanced metering units.
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The AMR-based smart water meters market is anticipated to exceed USD 2 billion by 2028, growing at a rate of 14%. Energy suppliers and customers receive the meter reading continuously, thereby reducing the manual work force, water thefts, and meter tampering activities. In addition, these meters consist of ‘smart energy display’, which provides the real-time total energy consumption data on an hourly, daily, and monthly basis. Moreover, low installation costs, easy availability, and affordable maintenances are some of the major parameters favoring AMR smart water meter deployments.
Cold smart water meters will witness an upsurge on account of the rising population along with increasing drought conditions across the Middle East & Africa. The ability to monitor & diagnose domestic, commercial, and industrial water consumption patterns as well as track costs with respect to resource utilization will propel the product demand. For instance, in 2018. Dubai Electricity and Water Authority (DEWA) announced the metering program to deploy over one million meters by 2020. Furthermore, ongoing installations of intelligent meters to provide distributed metering and end-use points will enhance product adoption.
The North America smart water meter market is projected to witness 20% CAGR through 2028. Replacing traditional water meters to enhance the accuracy of metering units with minimizing the use of regional non-revenue water will sway the industry scenario. For instance, in 2020, New York American Water announced to replace all 126,500 water meters across Nassau County to monitor water consumption patterns and provide real-time water usage data. Strict government targets to deploy AMI water infrastructure by various regional municipalities and utilities will propel the market growth.
The COVID-19 impact across the smart water meters market led to a marginal decline on account of delays in program roll-outs along with the shift in installing & deploying smart metering units. However, various utilities and leading manufacturers are inclined toward the re-initiation of unit distribution by mid-2022.
Some of the key findings of the smart water metering market growth report include:
- Increasing population index in line with high water stress levels will complement the demand for smart water meters.
- Government schemes, norms, and rebates to replace analog meters and install advanced metering systems will expand the industry landscape.
- Ongoing technological enhancements to deploy cloud-based meters providing remote data connection with billing ease & accuracy will boost market demand.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Smart water meter industry 3600 synopsis, 2018 – 2028
2.1.1 Business trends
2.1.2 Application trends
2.1.3 Technology trends
2.1.4 Product trends
2.1.5 Regional trends
Chapter 3 Smart Water Meter Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Vendor Matrix
3.2 Innovation & technology landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the smart water meter market landscape
3.4.1 Top 10 countries impacted by COVID- 19
3.4.2 Overall scenario
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.2 Industry pitfalls & challenges
3.6 Growth potential analysis
3.7 Porter’s Analysis
3.8 Competitive landscape, 2022
3.9 PESTEL Analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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