The global smart water meter market accounted for a value of USD 4.4 billion in 2019 and is projected to register growth at a CAGR of 9.6% during forecast period.
COVID-19 has impacted the smart water meter market. The manufacturing units have to halt or shutdown its production due to lockdown. The supply chain of finished products and raw materials got disrupted due to travel restriction around the world. The demand for smart water meter is likely to decline due to COVID-19.
For more details, visit: Global Smart Water Meter Market By Solution (Enterprise Asset Management, Smart Irrigation Management, Others), By Application (Commercial, Utility, Others), By Technology (AMR and AMI), By Region, Forecast & Opportunities to 2026
The technological advancement is increasing and people are adopting highly technological equipments such as smart water meter across the world. The demand for emerging intelligent sustainable water management solutions is increasing. It provides effective reading and helps in monitoring the consumption patterns to utilize our resources efficiently. This drives growth in smart water meter market during forecast period.
On the basis of solution, the smart meter water market is segmented into enterprise asset management, analytics & data management, security, smart irrigation management, advanced pressure management, mobile workforce management, network management, customer information system & billing, leak detection and others. The enterprise asset management segment is estimated to hold largest market share during forecast period. The adoption of enterprise asset management is increasing around the world. The demand and adoption for real-time condition monitoring is increasing. it provides predictive maintenance of assets. This drives growth in enterprise asset management segment during forecast period.
On the basis of technology, the smart water meter market is segmented into AMR and AMI. The AMI smart water meter market is estimated to witness highest growth during forecast period. It helps in optimizing the bill generation process and it reduces labor cost. It possesses high reliability and long battery life. The companies are investing in this segment to brought technological advancement in this segment. The demand and adoption of AMI is increasing and this drives growth in AMI segment during forecast period.
On the basis of technology, the smart water meter market is segmented into residential, commercial and utility. The residential segment is estimated to dominate the market during forecast period. The demand for accurate mapping for water spending and it also helps in optimizing billing process. The residential segment is adopting smart water meter as the water scarcity is increasing along with the demand for remote monitoring. This increases growth in residential market during forecast period.
Asia-Pacific region is estimated to grow at highest CAGR during forecast period. It has the highest population in the world. There are major technological sifts in this region. The IoT and other technologies are widely adopted in this region. The water scarcity is increasing in this region which increase demand for smart water meter as it helps in monitoring water flow and consumption. The demand and adoption of smart water meter is increasing around the world and this drives growth in Asia-Pacific region during forecast period.
The key market players in smart water meter market are ABB, IBM, Honeywell Elster, Siemens, Itron, Schneider Electric, Suez, Oracle, Landis + GYR, Sensus, Arad Group, Huawei, Trimble Water, Hydropoint, I2O Water, Xenius, Senziot, Takadu and Badger Meter.
- What are the expected industry trends over the next three to five years?
- Which of the smart water meter solution is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?