The latest report by IMARC Group, titled “Smart Water Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global smart water meter market reached a value of US$
7.0 Billion in 2022. Smart water meters are devices that measure the quantity of water used in various residential, commercial, and industrial applications. They can be integrated with wired and wireless communication technologies, such as the internet, Wi-Fi, and LAN or wide area networks, to measure consumption data, primarily for the purposes of billing. Smart water meters help to reduce non-revenue water (NRW) wastage, enhance accuracy in billing, and lower the carbon footprint of the users. Smart water meters enable the utility providers to automatically collect consumption data, improve efficiency, eliminate the need for manual meter readings, and provide a cost-effective option.
Global Smart Water Meter Market Trends:
The market is primarily driven by the increasing population and rapid urbanization across the globe. The rising need for accuracy in water billing solutions in the residential sector is also fueling the growth of the market. Smart water meters have gained prominence in recent years owing to the rising focus on optimizing water consumption. There is also a high demand for smart meters in the automobile, manufacturing, and construction industries. In addition to this, government and non-governmental organizations are implementing various initiatives and undertaking campaigns to save water. In line with this, market players are also investing in research and development (R&D) activities to introduce efficient remote sensing metering solutions. Furthermore, technological advancements have resulted in the development of metering systems designed with materials like thermoplastics, which allow enterprises to promote sustainability by recycling the devices. Looking forward, the market is expected to reach US$ 13.1 Billion by 2028, exhibiting a CAGR of
11.1% during 2023-2028.
- Based on the product, the market has been segmented into electromagnetic, ultrasonic, electromechanical, and other meters.
- On the basis of the meter type, the market has been classified into smart hot- and smart cold-water meters.
- The market has been bifurcated based on the configuration type into automated metering reading (AMR) and advanced metering infrastructure (AMI).
- On the basis of the component, the market has been segregated into meters and accessories, IT solutions, and communication systems.
- Based on the application, the market has been categorized into water utilities, commercial, industrial, and residential.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Badger Meter, Inc., Kamstrup A/S, Diehl Stiftung & Co. KG, Landis+Gyr AG, Aclara Technologies LLC (Hubbell Incorporated), Sensus Worldwide Holdings Limited (Xylem Inc.), Itron Inc., Zenner International GmbH & Co. KG, and Neptune Technology Group (Roper Technologies).
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