Key Market Overview:
The Smart Water Meter Market was valued at USD 5.3 Billion in 2022, with a CAGR of 11.2% during the forecast period (2022-2030), and the market is projected to be worth USD 8.6 Billion by 2030
The smart water meter market is a rapidly growing industry as more cities and municipalities are implementing smart water management systems to improve water efficiency and reduce costs. Smart water meters provide real-time data on water usage by using advanced technology, such as wireless communication and remote data monitoring. The technology allows for more accurate billing, leak detection, and proactive maintenance. Additionally, smart water meters help utilities detect and prevent water loss due to leaks, theft, and other issues. The market for smart water meters is expected to continue to grow as more cities and municipalities will adopt such systems. The need to reduce water waste and improve water efficiency promotes the growth of the market.
According to the International Water Association, on average, non-revenue water accounts for nearly 30-35% of the total consumable water. Utilities handle the cost of the energy used to pump non-revenue water and repair leaks that leads to increased operating costs and decreased efficiency. According to the Energy and Water department of the World Bank, water utilities around the world lose an estimated USD 14 billion in non-revenue water each year. As the population and urbanization in countries such as China and India continue to grow, government initiatives to provide better sanitation, healthcare, and hygiene facilities raise the demand for efficient water management systems.
Market Dynamics:
Driver:
- Smart water meters provide real-time data on water usage, allowing for more accurate billing and enabling utilities to detect and repair leaks more quickly.
- Smart water meters lead to energy conservation and balance expenditure by allowing the consumers to monitor the data and reduce water wastage, thus boosting the growth of the market.
- The development of advanced technologies, such as wireless communication and remote data monitoring, has impelled consumers to install these meters owing to their great accessibility.
- Government initiatives to promote the use of smart water meters in water scarcity regions help utilities and consumers use water more efficiently and manage water resources more effectively.
Restraint:
The manufacturing cost of smart water meters is higher than traditional water meters, which is a barrier to the growth of the market. Moreover, smart meters are complex to install and require regular maintenance and replacement of batteries, which turns out to be costly for utilities. Smart water meters rely on wireless communication and remote data monitoring, that raises concerns about cybersecurity and data privacy, thus hindering the market growth.
Opportunities:
- The integrated approach of smart water meters with IoT technology and communication infrastructure will make it possible to monitor and manage water usage, opening lucrative opportunities for market growth.
- The development of Advanced Metering Infrastructure (AMI) will enable water suppliers to monitor and manage water consumption on a large scale, improving their operational efficiency and reducing costs.
Smart water meter Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 8.6 Billion |
| CAGR (2022-2030) | 11.2% |
| By Type | Ultrasonic, Magnetic, Electromagnetic, Differential Pressure, Turbine, and Vortex |
| By Component | Hardware, Software, and Services |
| By Technology | Automatic Meter Reading (AMR) and Advanced Metering Infrastructure (AMI) |
| By Sales Channel | Direct Sales and Indirect Sales |
| By End-Use | Residential, Commercial, and Industrial |
| By Geography | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Key Players | Itron Inc., Landis+Gyr AG, Sensus, Elster Group GmbH, Aclara Technologies LLC, Kamstrup A/S, Honeywell International Inc., Nuri Telecom Co. Ltd., Diehl Metering GmbH, Ningbo Water Meter Co. Ltd., Arad Group, Iskraemeco, Xylem Inc., Sanchuan Intelligence Meter Co. Ltd. |
Market Segmentation:
By Type
The type segment is categorized into Ultrasonic, Magnetic, Electromagnetic, Differential Pressure, Turbine, and Vortex. The ultrasonic segment generated the largest revenue share in 2021 and dominated the market owing of its high accuracy and low maintenance cost compared to traditional mechanical water meters. Ultrasonic segment work by measuring the time it takes for sound waves to travel through water, and accurately measure flow rates even in low-flow or high-pressure environments. The low maintenance requirement and high resistance to wear and tear make them a favorable consumer choice. Magnetic water meters have a low-pressure loss and work by measuring the speed of water flow and the volume of water passing through the meter. Electromagnetic water meters have a wide range of flow measurements and work by measuring the changes in the magnetic field caused by the flow of water through the meter.
Differential Pressure (DP) water meters are typically used in municipal water distribution systems and irrigation systems due to their high accuracy. Turbine water meters are used as residential and commercial water metering owing to their low maintenance requirements. Vortex water meters use the principle of vortices shedding from a bluff body to measure water flow and are used in process control and monitoring because of the high durability.
By Component
The component segment is classified into hardware, software, and services. The hardware segment is estimated to contribute the largest share in terms of revenue to the market growth during the forecasted period. Hardware component includes the physical meter itself, and other components such as sensors, transceivers, and batteries that are essential for the proper functioning of the smart water meter and are cost-significant. The physical meter is the core component responsible for measuring the flow rate and volume of water. Sensors measure various parameters such as temperature, pressure, and flow rate. Transceivers are used to transmit data from the smart water meter to the data collection and analysis system and batteries are used to power the smart water meter. The software component is also important as it includes the software used to analyze and process the data collected by the smart water meter, such as data management and billing systems. The services component includes installation, maintenance, and support services offered by manufacturers and service providers.
By Technology
The technology segment is divided into Automatic Meter Reading (AMR) and Advanced Metering Infrastructure (AMI). Automatic Meter Reading technology generated the maximum revenue in 2021 owing to the increased consumer demand for real-time data on water consumption. It is a system that automatically collects consumption, diagnostic, and status data from water meters or energy metering devices and transfers that data to a central database for billing, troubleshooting, and analyzing.
Moreover, AMR systems are typically used to remotely read a customer’s water meter on a regular schedule, typically monthly. Advanced Metering Infrastructure (AMI) is an advanced version of AMR technology and will register a higher CAGR during the forecast period. The growth factors are attributed to its two-way communication system between the meter and the utility to provide real-time data on water usage. AMI systems also provide alerts for high usage, leaks, or tampering, as well as allow for remote disconnection/reconnection of service. However, the technology is more expensive than AMR but provides more detailed data and features.
By Sales Channel
The market is segmented by distribution channel into direct sales and indirect sales. Direct Sales refers to the sale of smart water meters through the manufacturer’s own sales team, website, or other direct channels such as retail stores. The distribution channel allows manufacturers to have more control over pricing and the customer experience and is beneficial for manufacturers with a strong brand or established customer base. Indirect Sales refers to the sale of smart water meters through intermediaries such as distributors, wholesalers, or retailers.
Moreover, the distribution channel allows manufacturers to reach a wider customer base and is beneficial for manufacturers with limited resources or a new product. The choice of the channel will be governed by the specific product, target market, and the manufacturer’s resources and capabilities. The distribution channel strategy varies depending on the region and the market conditions.
By End-Use
The market is fragmented into residential, commercial, and industrial end-user. The residential segment has dominated the market in 2021 and these smart water meters are used to measure water consumption in individual homes and apartments. The residential water meter is designed to be easy to install and use, and typically features wireless communication capabilities to allow for remote monitoring and billing. Commercial smart water meters are used in commercial buildings such as offices, hotels, and retail stores. The system are designed to handle higher flow rates and pressures than residential meters, and typically feature advanced metering capabilities such as remote monitoring and data analysis. Industrial smart water meters are used in industrial facilities such as factories and power plants and are also suitable for high-flow rate applications and can measure flow rates even in low-flow or high-pressure environments. The aforementioned factors collectively contribute to expanding the smart water meter market.
By Region
North America is expected to have a significant market share due to the increasing adoption of smart water meters in the residential and commercial sectors. The United States and Canada are the major contributors to the growth of the market in this region.
Europe is also expected to have a significant share of the market due to the adoption of advanced technologies such as the Internet of Things (IoT) and smart grid systems. With a strong focus on reducing water loss, conserving water resources, and improving water management processes, Europe has created a favorable market for the growth of smart water meter technology The United Kingdom, Germany, and France are the major contributors to the growth of the market in this region.
Asia-Pacific is expected to be the fastest-growing region in the smart water meter market due to the increasing population and urbanization, and the increasing need for efficient water management. China, Japan, and India are the major contributors to the growth of the market in this region.
Smart Water Meter Market Competitive Landscape:
The market is highly competitive with a large number of players operating in the market. These players compete on factors such as product quality, technology, innovation, price, and after-sales services. Many companies are investing in research and development to enhance the functionality and performance of their smart water meter offerings. Crucial players in the market include-
- Itron Inc.
- Landis+Gyr AG
- Sensus
- Elster Group GmbH
- Aclara Technologies LLC
- Kamstrup A/S
- Honeywell International Inc.
- Nuri Telecom Co. Ltd.
- Diehl Metering GmbH
- Ningbo Water Meter Co. Ltd.
- Arad Group
- Iskraemeco
- Xylem Inc.
- Sanchuan Intelligence Meter Co. Ltd.
Recent Developments:
- In 2020, Itron Inc has launched the OpenWay Riva IoT solution, a platform that allows utilities to connect, manage and control smart water meters and other IoT devices.
- In 2020, Landis+Gyr has introduced the AG Amicus water meter, which is a smart water meter that uses ultrasonic technology and is designed for residential and small commercial applications.
- In 2019, FlexNet has been introduced by Sensus, a long-range, wireless AMI system for water and gas utilities. The system allows utilities to remotely monitor and control smart water meters and other devices.
- In 2019, Kamstrup launched its next-generation smart water meter, the MULTICAL 21, which uses ultrasonic measurement technology, and is designed for residential and commercial applications.
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