Smart Water Meter Market

Global Smart Water Meter Market Size (2024-2032):

The size of the global smart water meter market was worth USD 4.03 billion in 2023. The global market is anticipated to grow at a CAGR of 11.50% from 2024 to 2032 and be worth USD 10.73 billion by 2032 from USD 4.49 billion in 2024. 

Current Scenario of the Global Smart Water Meter Market

Escalating efforts by water companies to reduce unpaid water are driving the market for smart water metering. Smart meters are devices that simplify the work of public services and are more accurate in their operation compared to traditional meters that are employed to control water consumption. Smart water metering technology provides more benefits to customers and also to the service provider, who will no doubt pilot the installations in various countries. These gauges also help identify heavy use as well as leak detection techniques. Major market players are still making several strides to improve performance standards and make these meters an inexpensive source for evaluating water use.

MARKET TRENDS

One of the main trends observed in the smart water meter market is the constant development of Advanced Metering Infrastructure (AMI). Water utilities are predicted to create the greatest call for AMI compared to residential and industrial consumers due to their larger budget for advancing water infrastructure. Although smart water meters find application in water services, as well as residential and industrial facilities, water services offer the greatest opportunities for manufacturers of smart water meters. Water utilities supply water to industries and households, during which they incur significant losses due to theft, spills, and faulty meters. To curb this, water companies are investing highly in advanced water meters and modernized infrastructure worldwide.

MARKET DRIVERS

The adoption of strict regulations on the monitoring of the water distribution network, coupled with the ever-escalating requirement for accurate resource allocation, will drive the penetration of the smart water metering industry.

Escalated investments in infrastructure development aimed at providing proactive services and an optimized water supply process will drive the installation of these systems. Continuous technological advancements and innovations aimed at developing accurate monitoring technologies will enhance the expansion of the industry. Growing concerns about growing water shortages and escalating initiatives to reduce its waste will drive the uptake of the product. Escalated measures and intensification of worldwide initiatives to minimize non-billable water (NRW) due to the escalating call for efficient use of resources will drive the market for smart water metering. The escalating introduction of sustainable solutions for efficient water management and the escalating emphasis on its conservation will stimulate the call for products. Furthermore, changing trends toward digitizing distribution systems to improve efficiency will further increase the prospects for the industry. Smart water metering offers consumers the ability to track their water consumption and control water usage on a daily basis. This allows the consumer to effectively verify the meter reading on site. In developed countries, about 20% of the water supplied is lost, while in developing countries, more than half of the water from which revenue will be generated is lost. To combat this, smart water meters are installed to track and identify water spills in the distribution network. In many countries, governments have begun to take steps to reduce water loss; European countries are the most active in these activities. Provisions such as the Water Framework Directive (WFD) exist to limit the operating expenses of water organizations. The market for smart water meters in Wales and England is governed by these laws.

MARKET RESTRAINTS

The lack of acceptance due to the high cost of installation involved is predicted to challenge market expansion during the foreseen period.

MARKET OPPORTUNITIES

The market is mainly fed by the growing call for good water use. Non-water revenue is a nuisance for governments and water companies. There is a growing call for water management due to the increase in water-related emergencies. Communication technology in the smart water meter industry is one of the most important technologies for their operation. Easy availability of the Internet of Things, the market for smart water meters has had a new expansion opportunity. This technology is mainly useful in areas where rain conditions are uncertain, and where it can help organizations use rainwater correctly. The IoT enables water companies to improve the supply, quality, treatment, storage, and transportation of water. These advantages contribute to the popularity of these devices in regions such as the MEA. This region currently represents the lowest market share in the market; however, the growing call for water conservation is driving the popularity of smart water meters in industrial settings here. Market players such as Cyan and Kamstrup are establishing their operations in the MEA region after realizing the expansion potential offered.

MARKET CHALLENGES

The infrequent meter reading and limited bandwidth of the remote sensing water meter are likely to hamper the expansion of the industry.

IMPACT OF COVID-19 ON THE GLOBAL SMART WATER METER MARKET

In the pessimistic scenario, total shipments of smart meters between electricity, gas, and water combined from 2019 to 2025 could fall by as much as 28% due to COVID-19. In the short term, the number of infections in a country is the most important factor in stopping any deployment. However, constraints due to lockdowns should not be a significant recovery factor for the smart utility industry. In many cases, utility-oriented companies (such as meter manufacturers) have been able to continue in business (including manufacturing) at all times due to their classification as a critical industry. The same is true for many component manufacturers,

while the relative return of manufacturing to China also alleviates most concerns on the supply side.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Smart Water Meter Market Analysis By Technology:

AMI's smart water meter market is predicted to see solid expansion due to its ability to streamline invoice generation and reduce labour costs. High reliability and optimized design are some of the main underlying factors for the installation of these units. Additionally, escalated investment by utilities to purchase and implement digital solutions in their utility network will keep business expansion proliferating.

Global Smart Water Meter Market Analysis By Application:

The market for smart water meters for residential applications is predicted to grow more than 15% by 2026. Escalating calls for accurate mapping of unregulated water resource spending and optimization of the billing process will increase product adoption. Remote monitoring, water shortages, and the escalating integration of cybersecurity mechanisms to ensure reliable and safe operation will enhance the penetration of technology in residential establishments.

REGIONAL ANALYSIS

North America is projected to hold the largest shares from 2022 - 2027, thanks to government initiatives to reduce non-commercial water, accurate meter readings, and the development of smart city infrastructure in the United States, and Canada. Also, escalated urbanization and industrial development are predicted to drive market expansion. The European smart water meter market will see strong expansion due to the changing regulatory landscape toward the implementation of sustainable policies and standards to effectively address concerns related to water scarcity.

In addition, escalating urbanization has led to the adoption of advanced water consumption management systems, which in turn will increase product penetration. Escalating the attention of consumers to the transparency of the billing process and the growing economic benefits of the installation of smart technologies are fuelling the demand of the market in this region. Escalating water scarcity and escalated public spending to implement a digital economy will keep the industry landscape proliferating.

KEY PLAYERS IN THE GLOBAL SMART WATER METER MARKET 

Companies playing a prominent role in the global smart water meter market Kamsturp (Denmark), Badger Meter (US), Diehl (Germany), Landis+Gyr (Germany), Itron (US), Neptune Technology Group (US), Aclara Technologies (US), Sensus (US), BMETER (Italy), Datamatic (US), Honeywell (US), ZENNER (Germany) and Others.

RECENT HAPPENINGS IN THE GLOBAL SMART WATER METER MARKET

• In 2021, Diaml launched a smart water meter project. The Public Water Authority (Diam) celebrated the operation of the smart water meters that have been installed in the Muscat and Musandam governorates.

DETAILED SEGMENTATION OF THE SMART WATER METER MARKET INCLUDED IN THIS REPORT

This global smart water meter market research report has been segmented and sub-segmented based on technology, application, and region.

By Technology

• AMR
• AMI

By Application

• Residential
• Commercial
• Utility

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa