WASHINGTON, Jan. 20, 2022 (GLOBE NEWSWIRE) — Water is an essential source of resource for everyday purposes such as commercial, industrial and personal use. Water is an abundant resource and therefore sometimes it is misused and not taken care of. Smart water meters enable identification and elimination of wrong bills, help in proper distribution, and last but not least savings. These are some of the factors that may be thriving in the smart water meter market, according to market research credited in a report titled “Smart Water Meters Market by Technology (AMI, AMR), by Components (IT Solutions, Communications, Meters & Accessories), by Meter Type (Ultrasonic Meter, Electromagnetic Meter, Mechanical Meter), by Application (Water Utilities, Industries), By Region (North America, Europe, Asia Pacific, Middle East and Africa) – Global Industry Assessment (2016-2021) and Outlook (2022-2028)”.
The market size was US$ 7.24 billion in 2021. The global smart water meter market size is expected to reach US$ 14.85 billion by 2028, showing a compound annual growth rate (CAGR) of 10.3% during the forecast period.
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The Smart Water Meters Market Report Highlights:
- Market assessment
- Distinctive insights
- Competitive scene
- Analysis of the impact of COVID
- value chain analysis
- Historical data, estimates and forecasts
- Company Profile
- Porter’s Five Forces Analysis
- global and regional dynamics
Strict regulations by government bodies on water supply and regulation of equal distribution is expected to drive the smart water meter market.
With increasing pressure to conserve limited water resources, smart meters offer utilities an opportunity to simplify water distribution operations through data-driven decisions. Intelligent water metering enables utilities to automatically collect consumption data, eliminating manual meter reading, improving efficiency and saving costs. It also provides an opportunity to detect leaks and abnormal wear more efficiently than manual methods. Government agencies around the world are emphasizing the use of smart water meters in commercial and industrial spaces. This will promote the phenomenon of water saving as well as regulate the equal distribution of water. These are some of the factors driving the smart water meter market.
Lack of awareness among the population hinders the smart water meter market
Water is not globally considered a significant resource and people do not realize the benefits of saving and using water. Countries like India, China, Sri Lanka, Pakistan, Indonesia and various other countries are facing major problems due to water scarcity. The general public is not very keen on using smart water meters due to the lack of awareness and the high cost of the device. Also, government agencies do not take many initiatives to establish these devices. These are some of the factors hampering the growth of the smart water meter market.
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The growth of the smart water meter market in North America increased
The Asia Pacific region is expected to grow at the highest compound annual growth rate (CAGR) in the forecast period. This is due to the presence of major players in smart water meter manufacturers. Strict government regulations and the Water Protection Association emphasize the use of smart water meters which are key factors in the smart water meter market. This will be beneficial for sustainability. Followed by North America, the Middle East is expected to grow in the smart water meter market due to the scarcity of available water.
The COVID-19 outbreak has affected many industries around the world. The smart water metering market has also had a significant impact. Governments around the world have taken drastic measures such as closing borders, lockdowns and implementing strict social distancing measures, in order to stem the rapid spread of COVID-19. These measures have had a severe impact on the global economy affecting various industries. Moreover, the reduced construction activities have affected the demand for smart water meter manufacturing across the world. The impact of COVID-19 on market demand is being considered while estimating the current and projected market size and market growth trends for all regions and countries based on the following data:
- Assessing the impact of the COVID-19 pandemic
- North America
- Asia Pacific
- Latin america
- Middle East and Africa
- Quarterly Market Revenue Forecasts by Region 2020 and 2021
- Key strategies companies have taken to tackle COVID-19
- long term dynamics
- short term dynamics
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List of Prominent Players in Smart Water Meters Market:
- Kamstorp (Denmark)
- Diehl (Germany)
- Badger Scale (USA)
- Etron (USA)
- Landis + Gear (Germany)
- Neptune Technology Group (USA)
- Meaning (USA)
- Aclara Technologies (USA)
- BMETER (Italy)
- Honeywell (USA)
- Datamatic (USA)
- Zener (Germany)
Recent developments in the industry:
In June 2019, Itron has received a contract from the Liberty Utilities Company for OpenWay Riva, an Internet of Things (IoT) solution that includes a standard-based open network for gas, electricity and water. The solution helped Liberty Utilities improve operations and enhance the customer experience.
In May 2019, Diehl and its local partner Faso General Technology (FGT) have been awarded a contract by the National Office for Water and Sanitation (ONEA) in Burkina Faso to improve water management through advanced manual reading of data consumption.
in April 2019Badger Meter acquired innovative metering solutions. This acquisition is expected to increase the presence of Badger Meter and its utility customers in the southeastern United States.
Key questions answered in the report:
- Which regional market will show the highest rapid growth rate?
- Who are the top five players in the smart water meter market?
- How will the smart water meter market change in the next six years?
- What application and product will take the lion’s share of the smart water meter market?
- What are the drivers and restraints of the Smart Water Meter Market?
- What will the CAGR and market size of the Smart Water Meters market be throughout the forecast period?
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This market is entitledsmart water meter market It will cover the exclusive information in terms of regional analysis, forecasting, quantitative data – units, major market trends and various other information as mentioned below:
|Market size in 2021||7.24 billion US dollars|
|Expected market size in 2028||14.85 billion US dollars|
|CAGR growth rate||Compound annual growth rate of 10.3% from 2022 to 2028|
|Historic years||2016 – 2020|
|prediction years||2022 – 2028|
|covered slices||Technology: – AMI, AMR
Component: – ICT solutions, meters and accessories
Meter type: Ultrasonic counter, Electromagnetic counter, Mechanical counter
Application: – Water utilities and industries
|Quantitative data – units||Revenues in US$ Million/Billion and CAGR from 2022 to 2028|
|Covered areas||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|Countries covered||United States, Canada, Mexico, United Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC countries and South Africa, among others|
|Report coverage||Market growth drivers, restraints, and opportunities, Porter’s Five Forces Analysis, PEST Analysis, Value Chain Analysis, Organizational Landscape, Market Attractiveness Analysis by Segments and Region, Company Market Share Analysis, and COVID-19 Impact Analysis.|
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