Smart Water Meter Market Overview
Smart water meter market size stood at $839.6 million in 2015, it is expected to grow at 11.1% CAGR during 2016-2025. The market is developing with double digit owing to increasing demand for ideal utilization of water. The non-revenue water is one of the real difficulties for the water utilities as well as governments. The surging water emergency additionally lifts the interest for a reasonable arrangement towards water management. Water utilities are the real customers of smart water meter and it is expected to lead the market amid the gauge time frame. This is because of their requirement of channelizing the delivery modes of substantial measure of water. The government in different nations are taking activities to enhance water framework with the installation of smart water meters.
Global Smart Water Meter Market, by Application, Thousand Units (2012 - 2025)
Smart Water Meter Market Dynamics
The smart water meter market is segmented based on - type, application and geography. The different types of smart water meters are positive displacement meters, velocity meters, fluidic oscillator meters, electromagnetic meters, single-jet meters and multi-jet meters. In light of application, the market is segmented into water utilities, industrial and residential. The geographical segmentation contains North America, Latin America, Europe, Asia-Pacific, and Middle-East and Africa.
The volume sales of positive displacement smart water meters constituted 28.7% of the global sales of smart water meters in 2015 but its share is expected to decline significantly amid 2016 – 2025. Attributable to the increasing demand for advanced water meters, the electromagnetic water meters are expected to witness highest growth amid the analyzed period. Positive displacement meter was the largest product category of this market in 2015. However, the quickest development is expected to be seen in electromagnetic smart meters portion, during the forecast period.
Water utilities was globally the largest application area of smart water meters in 2015. Geographically, North America was the largest market of smart water meter in value or volume terms, in 2015. The demand of these water meters in Asia-Pacific and Europe is expected to develop at a CAGR of 12.1% amid the forecast period. The market is relied upon to witness speediest development in revenues from Middle-East and Africa in the coming years.
The demand for advanced metering infrastructure (AMI) has been developing at a steady pace and is expected to give further growth opportunity to the smart water meter industry. The vast majority of this demand is expected to originate from water utilities as they have bigger spending plans when contrasted with industrial and residential sector consumers. The application of smart water meters incorporates water utilities, industrial and residential buyers. Water utilities give water to habitations and ventures and bear most of the loses acquired because of spillages, burglary or mistaken metering. This reason makes them the largest consumer of this market and they are expected to hold their strength during the forecast period owning to metering up gradation plans of several water utilities around the world.
Smart metering empowers a consumer to viably use their meter as it builds their openness in a few ways. The consumers can read their meter on request. This encourages the purchaser to get the reading on effective date of change in premises. In developed nations, the non-revenue waters represent around 20% in the aggregate water delivered, while in the developing nations around half of the aggregate water created is lost. The smart water meters help in identifying spillages in the water network, in this way limiting the loss of non-revenue water. The governments of several nations have begun to create projects to limit water losses. The European nations are heralds in such activities. The Water Framework Directive (WFD) in Europe is one of the enactments focused to limit the operational expenses of water organizations. This is driving the market, particularly in England and Wales.
The smart water meter industry is to a great extent subject to communication technology. The new time of internet of things (IoT) has been presenting growth opportunity for this industry. The IoT can be fundamentally useful in the regions having uncertainty about rain as it boosts the beneficial utilization of rain water. The water foundation IoT helps water utilities by enhancing water quality, supply, treatment, transportation and storerooms. The advantages of these water meters are propelling its demand over a few regions. The market of these water meters in Middle-East and Africa (MEA) is expected to grow significantly amid the forecast period. MEA represents the smallest market among all the regions; be that as it may, the growing for water conservation, particularly in the Middle-East, is bolstering smart water meter industry development in coming years. The smart water meter companies, for example, Kamstrup and Cyan are entering the MEA market owing to the realized growth potential in the region.
Smart Water Meter Market – Competitive Structure
Attributable to an average number of smart water meter manufacturers, the intensity of rivalry is medium. The components utilized as a part of the manufacturing of these water meters can be utilized by several electronic products manufacturers. This makes it simple for the manufacturers to exit from this industry, by pitching the components to different enterprises, along these lines influencing the intensity of rivalry to low. Since, the worldwide market for these water meters has good development openings in future, it is normal that manufacturers will make new investments and launch advanced water meters, thus creating high intensity of rivalry. A large portion of the smart meter organizations work universally, which additionally increase the level of rivalry in the market. Some of the key players operating in this market include Badger Meter, Itron, Landis+Gyr, Elster Group, Kamstrup, Aclara Technologies, Sensus, Neptune, Diehl and Acquiba.