Smart Water Metering Market to grow at a CAGR of 9.82% during the forecast period between 2020 and 2026 driven by ease in access to electrification, increasing requirement of accurate resource allocation, and the ongoing government protocol to monitor water distribution network.
Strong emergence of sustainable solutions offered by key companies for effective water management along with increasing focus towards water conservation augments global smart water meter penetration growth.
In addition, shifting trends towards digitalization of water utilities to improve the efficiency of distribution and storage systems drives the smart water metering market growth. Additionally, growth in residential buildings and the consequent rise in water consumption projects high demand for integration of smart water metering systems.
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With the potential to deliver highly accurate real-time data outputs in comparison with mechanical and electromagnetic meters, Ultrasonic smart water metering segment is set to emerge with strong market share amidst key meter types during the upcoming years.
Further, the involvement of key players in R&D activities to offer efficient remote sensing water metering techniques to customers opens potential market growth opportunities in the near term.
Water utility sector dominates the application segment driven by need for accuracy in water billing by residential users and development of smart city infrastructure.
However, lack of acceptance due to high installation and maintenance cost is the key challenging factor for smart water metering market growth.
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Advanced Metering Infrastructure (AMI) segment emerges with strong market growth during the forecast period
Advanced Metering Infrastructure (AMI) and Automatic Meter Reading (AMR) are emerging meter reading technology. Wide adoption of AMI by digitized water utilities and mid- distributors is set to trigger the smart water metering market growth during the forecast period.
Further, the advantages of AMI technology to detect leaks and monitor non-revenue water shapes the smart water metering market size with long term growth opportunities. Accordingly, key OEMs are focusing to deliver AMI acquainted with better asset management, water conservation, and improved customer service.
Smart water metering market across North America is set to enter the growth phase, followed by Europe and Asia Pacific
Smart water metering market is emerging with strong growth across Americas driven by key emerging trends of billing transparency as well as government spending towards the implementation of a digital economy. Accordingly, ongoing investments for water infrastructure development across the U.S is set to drive the smart water metering market growth. For instance, in 2019, the US Environmental Protection Agency declared to invest more than USD 64 million in the “Clean Water State Revolving Fund (CWSRF)” for water infrastructure projects.
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The European smart water metering market is set to hold major share due to shifting regulatory landscape with sustainable standards & policies. Germany, UK, France, and Italy are the key European countries propelling the smart water metering industry growth owing to administrative focus for subsidizing smart water meters coupled with growing industrial dependence on water resource across these countries.
In addition, the potential of smart water metering technologies to provide economic merits and solutions to tackle issues of water scarcity triggers the Smart water metering market growth across Asian countries and other emerging nations.
Further, increasing urbanization and industrial development along with requirements to monitor and regulate water consumption results in smart water meter growth and demand.
Key market players are participating in growth strategies to imprint strong market growth opportunities
Strategies such as long term contracts, investments, and acquisitions are observed to be practices across key players to support smart water metering market growth.
Accordingly, in 2018, Itron signed an agreement with Mississippi Power to deploy and manage around 200,000 smart meters across the magnolia state. In addition, in 2019, Itron received a contract from Liberty Utilities Company for OpenWay Riva, an Internet of Things (IoT) solution that includes an open, standard-based network for gas, electricity, and water.
In addition, in 2019, Diehl and its local partner Faso General Technology (FGT) received a contract from the National Water and Sanitation Office (ONEA) to improve water management.
Acquisitions are observed by major firms to strengthen market share across the smart water metering market. For example, in 2019, Badger Meter acquired Innovative Metering Solutions to increase the footprint of Badger Meter across its emerging utility customers.
Key companies including Aclara Technologies, Badger Meter, BMETER, Diehl, Datamatic, Honeywell, Itron, Kamsturp, Landis+Gyr, and Neptune Technology Group among others contribute to major smart water metering market share.
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