Smart Water Meters Market

The global smart water meters market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to increasing government initiatives towards sustainable development and growing demand for energy conservation.

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Smart water meter is used to fulfill the process of monitoring the supply and flow of water with the help of wireless communication to connect the wide-area network. It is used to maintain and track infrastructure of water meter and enables the detection and protection against tampering attempts. The consumer benefits from the system's efficient design and long battery life, as well as automatic billing and customer management services, which lowers labor costs. It has a wide range of applications in businesses and water utilities.

The COVID-19 outbreak has brought negative impact on the market. Due to the lockdown imposed by governments globally, manufacturing and delivery units have been affected along with cancellation or delay in projects, which is likely to hamper the smart water meters market growth. The market is expected to recover soon as several industries resumed their operation owing to subsiding the COVID cases gradually worldwide.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for water usage in several industries, such as construction, food & beverage, manufacturing, and the chemical is expected to boost the market growth in the coming years.
• Growing non-government body initiatives and rising technological advancement to save water is one of the key factors driving the market growth.
• Rising practices to promote sustainable use of water by governments in the region is anticipated to hamper the market expansion during the forecast period.
• High initial investments and fragmented nature of the industry presents a major challenge. This is anticipated to hamper the market growth in the projected period.
• Increasing focus on digitization of smart water meters is projected to create significant growth opportunities for the market in the near future.

Scope of the Report

The report on the global smart water meters market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Residential segment to grow at a rapid pace

Based on applications, the global smart water meters market is segregated into industrial, commercial, and residential. The residential segment is expected to grow at a rapid pace during the forecast period owing to rise in demand for accurate mapping of unregulated water resource spending. Moreover, optimization in the billing process is further expected to drive the segment growth. However, the industrial segment is anticipated to hold a key share of the market in the coming years due to growing focus toward the smart city mission objectives initiated by governments in developing countries.

Reduction in labor cost to drive AMI segment

On the basis of types, the market is segmented into advanced metering infrastructure (AMI) and automated meter reading (AMR). The AMI segment is projected to expand at a considerable CAGR during the forecast period attributed to its ability to reduce labor costs and optimize the bill generation process. On the other hand, the AMR segment is anticipated to account for a major market share during the forecast period due to easy availability, affordable maintenance, and low installation costs. Furthermore, it gathers data related to water consumption, diagnoses it automatically, and sends it to a central database for analysis. This is expected to drive the segment growth further.

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Europe to constitute a key market share

In terms of regions, the global smart water meters market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is expected to constitute a key share of the market during the projected period owing to the ease of adoption for advancement in technology along with the presence of key players across the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period attributed to the increasing public awareness of smart water management strategies, as well as increased investment in level production water meter installation in the region.

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Segments

Segments Covered in the Report

The global smart water meters market has been segmented on the basis of

Applications

• Industrial
• Commercial
• Residential

Types

• Advanced Metering Infrastructure
• Automated Meter Reading

Regions

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

Key Players

• Carlon Meter Co., Inc.
• Elster AMCO Water, LLC
• Shenzhen Star Instrument Co., Ltd.
• DH Metering Europe SA
• Ningbo Water Meter Co., Ltd.
• Electronic Equipment Pvt. Ltd.
• Baylan Water Meters
• MFB di Bonomi Eliseo & C. Snc
• PowerCom Ltd.

Competitive Landscape

Key players competing in the global smart water meters market are Carlon Meter Co., Inc.; Elster AMCO Water, LLC; Shenzhen Star Instrument Co., Ltd.; DH Metering Europe SA; Ningbo Water Meter Co., Ltd.; Electronic Equipment Pvt. Ltd., Baylan Water Meters; MFB di Bonomi Eliseo & C. Snc; and PowerCom Ltd. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.