Pune, India, May 26, 2022 (GLOBE NEWSWIRE) -- The global smart water meter market size was USD 1.38 billion in 2018. The market is expected to reach USD 3.07 Billion in 2026, exhibiting a CAGR of 10.6% during the forecast period. Rising pace of urbanization worldwide will be play a crucial role in driving the growth of this market. Fortune Business Insights™ mentions this information in its report titled Smart Water Meter Market, 2021-2026.
According to the UN Department of Economic and Social Affairs (DESA), around 55% of the world's population lives in urban areas currently. By 2050, the DESA estimates, roughly two-thirds of the global population will be residing in urban sprawls, with 90% of this rise expected to be seen in the developing countries of Asia and Africa. These countries have high populations and face acute water scarcity. As a result, water consumption needs to be carefully and accurately monitored in the urban spaces in these regions, which is one of the leading smart water meter market trends. Thus, with rapidly rising population and increasing pressure on available water resources, the need for smart water metering systems is likely to escalate in these regions in the forthcoming years.
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Report Scope & Segmentation:
|Forecast Period 2019 to 2026 CAGR||10.6%|
|2026 Value Projection||USD 30.7 Billion|
|Market Size in 2019||USD 1.38 Billion|
|Historical Data for||2015-2017|
|No. of Pages||120|
|Segments covered||By Type, By Application, Regional Forecast|
|Growth Drivers||Integration of IoT in Regulation of Water Consumption to Boost the Market|
|Europe to Lead the Pack Backed by High Emphasis on Sustainability|
Integration of IoT in Regulation of Water Consumption to Boost the Market
The Internet of Things (IoT) is a form of smart technology that is being widely adopted in a number of application areas. One such area is that of monitoring of water consumption especially in urban areas. IoT makes possible real-time data collection of the current water usage in a particular as well as enables forecasting of water utilization the next day using the tool of predictive analytics. As a result, water authorities are able to efficiently and economically track water consumption patterns of a city and make use of that data to improve management of water resources in that region.
For example, the San Francisco Public Utilities Commission (SFPUC) monitors more than 96% of the city's registered water accounts using smart meters. These meters transmit hourly data to the commission's billing system via a wireless network. Thus, incorporation of intelligent technologies in water managements systems will boost the smart water metering market growth.
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Europe to Lead the Pack Backed by High Emphasis on Sustainability
With a market size of USD 0.48 billion in 2018, Europe is slated to dominate the smart water meter market share in the coming years owing to massive roll-out of smart water meters across the continent. These roll-outs are backed by the high awareness among the people regarding sustainable use of water and power.
In North America, the US is home to some of the leading companies providing smart water solutions, which bodes well for this market. Canada is also expected to offer lucrative prospects on account of increasing adoption of smart water meters in the country. In Latin America, Brazil and Mexico are anticipated to lead the installation of these systems during the forecast period.
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Alliances and Collaborations to Characterize Market Competition
Many key companies in this market are increasingly entering into contractual partnerships and collaborations and forming alliances to diversify their operations, according to the smart water meter market analysis. These strategies are empowering these players to deepen their footprint in this market and ensure their dominance in the foreseeable future.
January 2020: Dubbo Regional Council in New South Wales, Australia awarded a contract to the Sydney-based Taggle Systems to ensure mandatory installation of smart water meters in all properties connected to reticulated water in the local area. The council aims to cover around 17,700 homes and 2300 businesses through this contract.
January 2019: The Denmark-based smart water solutions provider Kamstrup teamed up with Siemens to deliver Kamstrup OMNIA, a state-of-the-art data collection system to ESB Networks, an Irish energy company. The system will be combined with Siemens's superior data management solution, Siemens EnergyIP.
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List of Companies Covered in the Smart Water Meter Market Report:
• ZENNER (US)
• Datamatic (India)
• Sensus (US)
• Neptune Technology Group Inc (US)
• Badger Meter (US)
• Itron (US)
• Honeywell (US)
• BMETER (UK)
• Aclara Technologies (US)
• Diehl (Germany)
• Landis + Gyr (Switzerland)
• Kamsturp (Denmark)
Global Smart Water Meter Market Segmentation:
• Auto Meter Reading
• Advanced Metering Infrastructure
Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Smart Water Meter Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments by Industry Players in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Smart Water Meter Market Analysis (USD Billion), Insights and Forecast, 2017-2026
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Type
6.2.1. Advanced Metering Infrastructure
6.2.2. Auto Meter Readings
6.3. Market Analysis, Insights and Forecast – By Application
6.4. Market Analysis, Insights and Forecast – By Region
6.4.1. North America
6.4.3. Asia Pacific
6.4.4. Latin America
6.4.5. Middle East & Africa
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