Smart Water Metering Market Outlook - 2030
The global Smart water metering market was valued at $4.91 billion in 2020, and is projected to reach $9.73 billion by 2030, growing at a CAGR of 7.5% from 2021 to 2030.
Smart water metering is an enhanced electronic application designed to enable the utilities to automatically collect consumption data, improve efficiency, eliminate manual meter reading, and save costs. Moreover, the Smart water metering system relies on wired and wireless communications technology such as Wi-Fi water meter to connect LAN or wide area networks, enabling remote location monitoring and infrastructure maintenance through leak detection. Furthermore, the smart water metering system can be used for billing water, energy consumption, and natural gas in industrial, residential, and commercial sectors. In addition, smart electronic water meters are equipped with next-generation water mapping solutions throughout the supply chain of a water utility and offer reliable monitoring solutions.
A smart water metering system using IoT measures water use, and therefore, cannot influence water consumption patterns on its own. Further, Smart water metering is designed with materials such as thermoplastics allow enterprises to promote sustainability by recycling Smart water metering devices. In addition, the rise in the need for digitization in water industry operations is opportunistic for market growth.
By Meter Type
Electromagnetic Meter Segment holds a dominant position throughout the forecast period
The Smart water metering market share is expected to witness notable growth during the forecast period, owing to rise in need for accuracy in water billing solution. Furthermore, rise in utilities focus toward reducing nonrevenue water has driven the growth of the market. Moreover, need for smart water metering to optimize water consumption is expected to propel the Smart water metering market growth during the forecast period.
However, lack of government initiatives is restraining the market growth. On the contrary, surge in digitization of the water industry operations is expected to provide lucrative opportunities for the growth of the Smart water metering market during the forecast period.
By Technology
Advanced Metering Infrastructure segment hold domination position in 2020.
COVID-19 Impact Analysis
The outbreak of COVID-19 has immensely affected growth rate of the Smart water metering market in 2020. Further, the market is estimated to witness relatively slow growth till the end of 2021, owing to lack of government regulations or initiatives globally. The market was primarily hit by several obstacles created amid the COVID-19 pandemic in the construction industry, including the availability of raw materials, skilled workforce &safety measures, deliverables, contractual obligations, and project delays or cancellations. Consequently, it resulted in decreased demand for smart water meters. However, rise in digital infrastructure solutions across prime economies is expected to drive the growth of smart water meters market post pandemic.
Segmentation Review
The global Smart water metering market is segmented into meter type, technology, component, application and region. On the basis of meter type, the market is segregated into electromagnetic meter, ultrasonic meter, and mechanical meter. The ultrasonic meter segment dominated the market, in terms of revenue, in 2020, and is expected to follow the same trend during the forecast period. By technology, it is divided automotive meter reading and advanced metering infrastructure.
By Application
Industrial segment dominate the market in term of renvenue in 2020.
The advanced metering infrastructure segment was the highest revenue contributor in 2020, and is anticipated to garner significant market share during the forecast period. By component, the market is categorized into meter & accessories, IT solutions, communications (wired and wireless). The meter & accessories segment acquired the largest share in 2020, and is expected to grow at a high CAGR from 2021 to 2030.By application, the market is classified into residential, commercial, and industries. The industrial segment dominated the market, in terms of revenue, in 2020, and is expected to follow the same trend during the forecast period.
Region-wise, the Smart water metering market trends are analyzed across North America (the U.S. and Canada), Europe (the UK, Germany, France, Italy, Spain, the Netherlands, and the rest of the Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and the rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America, specifically the U.S., remains a significant participant in the global Smart water metering industry. Major organizations and government institutions in the country are intensely putting resources into the technology.
By Component
Meter and Accessories segment generated the highest revenue in 2020.
Top Impacting Factors
Significant factors that impact the growth of the global Smart water metering include rise in need for smart water metering to optimize water consumption paired with need for accuracy in billing. Further, rise in utilities focus toward reducing nonrevenue water is expected to drive the market growth. However, lack of component government initiatives in emerging economies acts as a prime barrier for early adoption, which hampers the growth of the market. On the contrary, surge in digitization of the water industry operations is expected to offer potential growth opportunity for the Smart water metering market during the forecast period.
By Region
North America segment garner significant market share in 2020.
Key Benefits For Stakeholders
- This study comprises analytical depiction of the Smart water metering market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall Smart water metering market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current Smart water metering market forecast is quantitatively analyzed from 2021 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
- The report includes the market share of key vendors and Smart water metering market trends.
Smart Water Metering Market Report Highlights
| Aspects | Details |
 By Meter type |
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 By technology |
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 By Component |
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 By Applications |
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 By Region |
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 Key Market Players | SENSUS (XYLEM), Mueller Water Product Inc, LANDIS+GYR, Kamstrup A/S., HONEYWELL INTERNATIONAL INC., Aclara Technologies LLC (Hubbell Incorporated), NEPTUNE TECHNOLOGY GROUP INC., SIEMENS AG, BADGER METER, INC., ITRON INC. |
Analyst Review
A smart water meter device is an enhanced monitoring solution designed to gather the water meters readings or data from each meter automatically on a set date and time. Further, smart water meter technology is equipped with an in-build wireless communication solution such as an NB-Fi transceiver capable of transmitting data at a range of more than 5KM. In addition, rise in demand for self-recording water usage reading and recording solutions is expected to offer profitable opportunities for the smart water meter market. Moreover, the deployment of AI-powered solutions in the industrial and commercial sectors is one of the prime factors driving the growth of the smart water meter market in the coming years.
The global smart water meter market is highly competitive, owing to the strong presence of existing vendors. Smart water meter vendors who have access to extensive technical and financial resources are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by key vendors.
Surge in demand for e-commerce platform globally is driving the need to enhance smart water meter solutions such as chatbots and voice assistants. Moreover, prime economics, such as the U.S., China, Germany, and Japan, plan to develop and deploy next-generation smart water meter solutions across various sectors. For instance, in March 2021, the U.S. President Joe Biden announced a massive plan to modernize the U.S. infrastructure with an estimated budget of over $2.25 trillion, which is anticipated to provide lucrative opportunities for the market growth.
Among the analyzed regions, North America exhibits the highest adoption rate of smart water meter and has been experiencing massive expansion of the market. On the other hand, Asia-Pacific is expected to grow at a faster pace, predicting lucrative growth due to emerging countries, such as China, Japan, and India, investing in these technologies. Regions, such as the Middle East and Africa, are expected to offer new opportunities in the smart water meter market in future.
The key players profiled in the report include Aclara Technologies LLC, Badger Meter, Inc, Honeywell International, ltron, Inc., Kamstrup A/S, Landis+Gyr, Mueller Water Product, Inc., Neptune Technology Group Inc., Siemens AG, and Sensus Inc.
The Smart Water Metering Market is estimated to grow at a CAGR of 7.5% from 2021 to 2030.
The Smart Water Metering Market is projected to reach $9.73 billion by 2030.
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Factors such as owing to rise in need for accuracy in water billing solution and rise in utilities focus toward reducing nonrevenue water drives the growth of the Smart Water Metering market
The key players profiled in the report include Aclara Technologies LLC, Badger Meter, Inc, Honeywell International, ltron, Inc., Kamstrup A/S, Landis+Gyr, Mueller Water Product, Inc., Neptune Technology Group Inc., Siemens AG, and Sensus Inc, and many more.
On the basis of top growing big corporations, we select top 10 players.
The Smart Water Metering Market is segmented on the basis of type, technology, component, application and region.
The key growth strategies of Smart Water Metering market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
Electromagnetic Meter Segment holds a dominant position throughout the forecast period.
Electromagnetic Meter segment will grow at a highest CAGR of 9.5% during 2021 - 2030.
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