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Smart Water Meter Market Overview
The global smart water meter market was valued at $839.6 million in 2015, and in the forecast period (2016–2025), it is projected to register a CAGR of 11.1%. The market is primarily driven by the rising demand for proper water utilization. The non-water revenues is a nuisance for governments and water utilities. There is an increasing demand for water management owing to the surging water-related emergencies.
On the basis of type, the smart water meter market is divided into fluidic oscillator meters, positive displacement meters, velocity meters, single-jet meters, electromagnetic meters, and multi-jet meters. In terms of volume, the positive displacement category held the largest share, of 28.7%, in 2015. During the forecast period, owing to the growing replacement of conventional meters with advanced variants, the demand for electromagnetic water meters are predicted to witness the highest CAGR during the forecast period.
Global Smart Water Meter Market, by Application, Thousand Units (2012 - 2025)
Further, based on application, the market is divided into water utilities, industrial, and residential, of which the water utilities division held the largest revenue share in the smart water meter market in 2015. The largest users of smart water meters are water utilities, which are expected to lead the market during the forecast period as well. This can be primarily attributed to the growing need for managing delivery modes of water. To enhance the water supply and measurement framework, governments of different nations are installing smart water meters.
In terms of value as well as volume, North America held the largest share in 2015. The smart water meter market in Europe and Asia-Pacific (APAC) is expected to see a CAGR of 12.1% during the forecast period. Besides this, the Middle-East and Africa are also expected to witness rapid development, in terms of revenue contribution to the market, during the forecast period.
Smart Water Meter Market Dynamics
One of the major trends being witnessed in the smart water meter market is the steady development of advanced metering infrastructure (AMI). When compared to residential and industrial-sector consumers, water utilities are expected to create the larger demand for AMI owing to their higher budget for the advancement of the water infrastructure. Although smart water meters find application with water utilities as well as residential and industrial setups, water utilities provide the largest opportunities to smart water meter manufacturers. Water utilities provide water to industries and residences, during which they bear major losses owing to thefts, spillages, and wrong metering. To curb this, water utilities are increasingly investing in advanced water metering and upgrading the infrastructure, globally.
Smart water metering provides consumers with an option to track their water usage and check the expenditure on water on a daily basis. This provides the facility to the consumer to effectively check meter reading on the premises itself. In developed nations, around 20% of the supplied water is lost, while in developing nations, over half of the water, from which revenue is to be generated, is lost. To curb this, smart water meters are installed as they track and identify water spillages in the delivery network. In many countries, governments have begun taking action to curb water loss; European countries are the most active in such activities. Enactments such as the Water Framework Directive (WFD) are in place to limit the operational expenses of water organizations. The smart water meter market in Wales and England is driven by such enactments.
Communication technology in the smart water meter sector is one of the most important technologies for its functioning. With the advent of internet of things (IoT), the smart water meter market has been presented with a new growth opportunity. This technology is primarily useful in regions with uncertain rainfall conditions, where it can help organizations properly utilize rainwater. IoT enables water utilities to enhance the water supply, quality, treatment, storage, and transportation. These advantages are aiding in the popularity of such devices in regions such as the MEA. It region accounts for the lowest market share in the market presently; however, the growing demand for water conservation is propelling the popularity of smart water meters in industrial settings here. Market players, such as Cyan and Kamstrup, are establishing their operations in the MEA region after realizing the growth potential on offer.
Smart Water Meter Market Competitive Structure
Considering the number of manufacturers, the intensity of rivalry is medium, owing to average number of smart water meter manufacturers. However, on the basis of exit barriers, the intensity of rivalry is low as the component of smart water meters can be utilized by different electronics product manufacturers. Besides this, considering the future growth potential, the intensity of rivalry can increase, owing to the rising number of new entrants in the smart water market. It is common practice on part of manufacturers to develop new technologies and launch new products in the market. The Majority of the top players in the market operate internationally, which increases the overall intensity of the rivalry. Badger Meter Inc., Itron Inc., Landis+Gyr Group AG, Kamstrup A/S, Aclara Technologies LLC, Elster Group GmbH, Sensus, Diehl Stiftung & Co. KG, Neptune Technology Group, and Aquiba Pty Ltd are the key players in the global smart water meter market.
Key Questions Answered in the Report