Smart Water Metering Market Share, Growth & Forecast [2031]
Smart Water Metering Market Share, Growth & Forecast [2031]
Segments - Smart Water Metering Market by Meter Type (Mechanical Meter, Ultrasonic Meter, and Electromagnetic Meter), Application (Water Utilities, Industries, Commercial, and Residential), Component (Communications, IT Solutions, and Meter & Accessories), Technology (Automatic Meter Reading and Advanced Metering Infrastructure), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :ICT-SE-5101
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Report Description
The global smart water metering market size was USD 3.8 Bn in 2022 and is anticipated to reach USD 6.8 Bn by 2031, expanding at a CAGR of 12% during 2023–2031. Increasing need for water billing solutions is likely to boost the market.
Smart water metering refers to the use of advanced technology to measure and monitor water usage in real time. It involves the installation of electronic water meters that can automatically collect and transmit water usage data to a central system for analysis and billing purposes.
Smart water metering provides several benefits over traditional water metering methods including, accurate billing, leak detection, conservation, and operational efficiency. Smart water metering helps utilities to manage their water resources, improve customer service, and support sustainable water use practices.
The market report finds that the COVID-19 pandemic has slightly impacted the smart water metering market. Governments and several players initiated the deployment of advanced smart metering solutions. Additionally, in December 2020, E.ON is the first energy supplier to install 20,000 intelligent metering systems in Germany. This system is installed at Wasserverband Weddel-Lehre (WWL) in the grid area of E.ON subsidiary Avacon.
Smart Water Metering Market Dynamics
Major Drivers:
Growing demand for reducing non-revenue water is expected to drive the market. Water utility companies have strict operational budgets, which are insufficient for upfront capital investments. According to the International Water Association, non-revenue water accounts for about 50% of the water supply. In emerging markets up to 75% of non-revenue water.
Restraints:
The lack of government initiatives is expected to restrain the market. Governments are focusing on smart grids, where the water meters are being ignored as compared with electricity and gas meters. High cost of smart water meters and the lack of operational infrastructure in developed and developing countries are likely to hamper the market.
Opportunities:
Increasing need for digitization of water industry operations is expected to create lucrative opportunities for the market players.
Scope of the Smart Water Metering Market Report
The market report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Smart Water Metering Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Meter Type (Mechanical Meter, Ultrasonic Meter, and Electromagnetic Meter), Application (Water Utilities, Industries, Commercial, and Residential), Component (Communications, IT Solutions, and Meter & Accessories), and Technology (Automatic Meter Reading and Advanced Metering Infrastructure) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Xylem; Honeywell International Inc.; Siemens; Landis+Gyr; Neptune Technology Group Inc.; Badger Meter, Inc.; Kamstrup A/S; Itron Inc.; Hubbell; Aclara Technologies LLC.; and Mueller Water Products, Inc. |
Smart Water Metering Market Segment Insights
Based on meter type, the market is divided into mechanical meter, ultrasonic meter, and electromagnetic meter. The ultrasonic meter segment is expected to expand at a significant pace during the projection period, due to the high accuracy rates and internet of things (IoT) sensors. Ultrasonic meters measure the velocity of a fluid flowing through a pipe in two ways such as transit time and doppler technology.
On the basis of application, the smart water metering market is segmented into water utilities, industries, commercial, and residential. The water utilities segment is projected to register a considerable CAGR during the forecast period, due to the increasing demand for reducing water loss. According to the California State Water Resources Control Board, there was an 11% increase in water savings by 2017.
In terms of component, the market is segregated into communications, IT solutions, and meter & accessories. The IT solutions in smart water management help in preventing the wastage of water by finding issues and leaks in metering. Through IT solutions, consumers can reduce labor costs, moreover eradicate the requirements for utility agents to take readings manually.
Based on technology, the smart water metering market is divided into automatic meter reading (AMR) and advanced metering infrastructure (AMI). The advanced metering infrastructure segment is anticipated to expand at a significant pace during the forecast period. AMI is a technology that allows two-way communication between a water meter and a utility company. It is an integrated system of equipment, communications, and information management system for utilities to collect water usage data in real time. However, AMI involves less human effort for functioning, which helps in the reduction of labor costs.
In terms of region, the global smart water metering market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, owing to the acceptance of cooperative water meters. Emerging countries such as the US is dominating the market, owing to the strict regulatory norms and increasing government initiatives for smart meters.
The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years, due to the increasing government initiatives for the conservation of water. The Government of Japan is estimated to deploy 100% smart water meters by 2025. High demand for smart water meters is increasing, due to the growing agriculture sector in the country.
Segments
The global smart water metering market has been segregated on the basis of
Meter Type
- Mechanical Meter
- Ultrasonic Meter
- Electromagnetic Meter
Application
- Water Utilities
- Industries
- Commercial
- Residential
Component
- Communications
- IT Solutions
- Meter & Accessories
Technology
- Automatic Meter Reading
- Advanced Metering Infrastructure
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Xylem
- Honeywell International Inc.
- Siemens
- Landis+Gyr
- Neptune Technology Group Inc.
- Badger Meter, Inc.
- Kamstrup A/S
- Itron Inc.
- Hubbell
- Aclara Technologies LLC.
- Mueller Water Products, Inc.
Competitive Landscape
Major players competing in the global smart water metering market are Xylem; Honeywell International Inc.; Siemens; Landis+Gyr; Neptune Technology Group Inc.; Badger Meter, Inc.; Kamstrup A/S; Itron Inc.; Hubbell; Aclara Technologies LLC.; and Mueller Water Products, Inc.
These players adopt various strategies including mergers, collaboration, production expansion, partnerships, product launches, and acquisitions, to expand their consumer base globally.
- In March 2023, Itron, Inc. partnered with Peoples Gas, North Shore Gas, and WEC Energy Group. These three companies are working together with ComEd, an energy provider to more than 4 million customers to share ConEd’s current Itron advanced metering infrastructure (AMI) to support smart technology.
- In May 2022, Badger Meter launched the ModMAG M2000 Electromagnetic flow meter with BACnet MS/TP communication protocol. The M2000 is the first electromagnetic meter to complete BACnet Testing Laboratories (BTL) certification.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Smart Water Metering Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Smart Water Metering Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Smart Water Metering Market - Supply Chain
4.5. Global Smart Water Metering Market Forecast
4.5.1. Smart Water Metering Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Smart Water Metering Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Smart Water Metering Market Absolute $ Opportunity
5. Global Smart Water Metering Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Smart Water Metering Market Size and Volume Forecast by Applications
5.3.1. Water Utilities
5.3.2. Industries
5.3.3. Commercial
5.3.4. Residential
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Smart Water Metering Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Smart Water Metering Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Smart Water Metering Demand Share Forecast, 2019-2026
7. North America Smart Water Metering Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Smart Water Metering Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Smart Water Metering Market Size and Volume Forecast by Applications
7.4.1. Water Utilities
7.4.2. Industries
7.4.3. Commercial
7.4.4. Residential
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Smart Water Metering Demand Share Forecast, 2019-2026
8. Latin America Smart Water Metering Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Smart Water Metering Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Smart Water Metering Market Size and Volume Forecast by Applications
8.4.1. Water Utilities
8.4.2. Industries
8.4.3. Commercial
8.4.4. Residential
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Smart Water Metering Demand Share Forecast, 2019-2026
9. Europe Smart Water Metering Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Smart Water Metering Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Smart Water Metering Market Size and Volume Forecast by Applications
9.4.1. Water Utilities
9.4.2. Industries
9.4.3. Commercial
9.4.4. Residential
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Smart Water Metering Demand Share Forecast, 2019-2026
10. Asia Pacific Smart Water Metering Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Smart Water Metering Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Smart Water Metering Market Size and Volume Forecast by Applications
10.4.1. Water Utilities
10.4.2. Industries
10.4.3. Commercial
10.4.4. Residential
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Smart Water Metering Demand Share Forecast, 2019-2026
11. Middle East & Africa Smart Water Metering Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Smart Water Metering Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Smart Water Metering Market Size and Volume Forecast by Applications
11.4.1. Water Utilities
11.4.2. Industries
11.4.3. Commercial
11.4.4. Residential
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Smart Water Metering Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Smart Water Metering Market: Market Share Analysis
12.2. Smart Water Metering Distributors and Customers
12.3. Smart Water Metering Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Xylem
12.4.2. Honeywell International Inc.
12.4.3. Siemens
12.4.4. Landis+Gyr
12.4.5. Neptune Technology Group Inc.
12.4.6. Badger Meter, Inc.
12.4.7. Kamstrup A/S
12.4.8. Itron Inc.
12.4.9. Hubbell
12.4.10. Aclara Technologies LLC.
12.4.11. Mueller Water Products, Inc.
Methodology
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