Global Smart Water Metering Market is valued approximately at USD 5.35 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 10.30% over the forecast period 2019-2026. Smart meters signify a transformative technology for the utility industry and its consumers. These technologically innovative meters allow superior insight into the usage of energy and, in the case of smart electric meters, give improved control of the electrical grid.
On the other hand, smart water meters are primarily aimed to track accurately and monitor water usage in industries, homes, and other avenues. Increasing water scarcity issues worldwide and rising development of the smart city infrastructure are the few factors responsible for high CAGR of the market over the forecast period. For instance, according to the United Nations Department of Economic and Social Affairs (UNDESA), around 700 million people in 43 countries suffer from water scarcity.
By 2025, 1.8 billion people will be living in countries or regions with absolute water scarcity, and two-thirds of the world’s population could be living under water stressed conditions. Thus, the water scarcity issues isare on surging trend across the globe thereby, the consumers are adopting smart water metering to avoid water losses and leakages through which the market is growing at significant rate.
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Moreover, replacement of aging infrastructure aided with digitalization of the water industry operations is the major factor likely to offer lucrative growth opportunity to the market in the upcoming years. However, high installation cost, limited initiatives of government and lack of awareness & acceptance are few factors anticipated to hampering the growth of global Smart Water Metering market during the forecast period.
The regional analysis of global Smart Water Metering market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region in terms of revenue and market share owing to the government initiatives for reduction in non-revenue water along with development of smart city infrastructure in the US and Canada. However, North America is also expected to exhibit at high growth rate / CAGR over the forecast period of 2019-2026 owing to increasing urbanization and industrial development as well as several manufacturers focusing on improving the quality of product to capture a wide consumer base thereby, driving the demand for Smart Water Metering market in the region.
Major market player included in this report are:
Badger Meter
Kamstrup
Diehl
Landis+Gyr
Aclara Technologies
Sensus
Itron
Datamatic
Elster Group
Arad Group
