The global smart water metering market is growing, due to support from the U.S. federal funding, and significant water metering legislation. The policy and privatization, regarding the use of smart water meters for advanced metering infrastructure is also supporting the growth of the market. The smart water meter offers reduction in carbon footprint and operating cost, while enhancing supply management and services. It includes gaining precision between chargeable consumption, non-revenue water and leakage, identifying end point leakage, and creating consumption patterns. Smart water meters use predictive analytics for regulating supply, and establishing adjustable alarm notifications to avoid end point variances.
One of the major advantages of deploying smart meter is that it eliminates error in reading, as it is digital in nature. This leads to greater accuracy, in comparison to one way devices or conventional basic meters. Additionally, smart meters can be engaged in two-way communications with electric utilities for gathering data, and allowing various evolving smart water network applications, such as leak detection and meter reading. The smart water metering devices are able to perform various tasks, such as messaging the customer, controlling the functioning of water consumption devices within a customer’s premise, notification of abnormal usage to the customer, remote meter reading on a scheduled and on-demand basis, and customized targeting of segments.
The North American smart water metering market leads the global smart water metering market, due to early adoption of two-way water meters used in advanced metering infrastructure networks. The European smart water metering market is expected to grow with the highest rate in the coming years. In Europe, France is the fastest growing market.
Water should be delivered to the end-users efficiently by the utilities, as water is an increasingly scarce resource. One of the major factors leading to water shortages is increasing global population. Globally, the aging water infrastructure needs to be significantly transformed; and a crucial component of aging water infrastructure is water metering. Communicating meters are replacing legacy meters to make the water infrastructure more efficient.
The high rate of non-revenue water is one of the major restraints in the global smart water metering market. Around 30% of the global water is lost to undetected leaks in water infrastructure, such as failure to accurately measure meter usage. In many countries, non-revenue water rates even exceed by 50%. The advanced metering infrastructure or smart metering is one of the efficient tools for decreasing non-revenue water. Metering is essential for conservation efforts; whereas smart metering with two-way communication is essential for leak detection.
Some advanced automatic meter reading systems can observe hourly usage in responding to billing inquiries, customer leak detection, theft detection and system planning. The remote meter reading ensures that customers receive bills reflecting actual usage, even without data logging. The installation of smart water meters also makes it non-imperative for the meter reading personnel to visit the customer premises.
Some of the competitors in the smart water metering market are Diehl Stiftung & Co. KG, Neptune Technology Group Inc., Badger Meter Inc., Elster Group GmbH, Arad Group, Aclara Technologies LLC, Datamatic Ltd., and Itron Inc.
Global Smart Water Metering Market Segmentation