Smart Water Metering Market

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. 

The Meter & Accessories segment has been adversely impacted by the emergence of COVID-19 pandemic.

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.

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.

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. 

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.

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.

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