Smart Water Meter Market to Reach $15.63 Billion by 2030

The global Smart Water Meter market is projected to generate $15.63 Billion revenue by 2030, advancing at a CAGR of 9.4% during 2021–2030. This can be mainly attributed to the surging consumption of water coupled with the rising population all over the world. In addition, the increasing installations of these systems driven by several initiatives taken by government bodies to reduce water wastage, and the rising adoption of AI and IoT in various industries for the precise management of supply chains are expected to drive the market growth in the upcoming period.

Smart water meters deliver real-time data, help in the reduction of water bills, and provide improved operational efficiency. These systems use predictive analytics for regulating supply and providing adjustable alarm notifications to avoid end-point variances, and offer consumers an option to track their water usage and check their expenditure on the water daily. These features provide the facility to consumers to effectively check the meter reading on the premises itself.

Moreover, factors such as growing awareness toward water theft prevention, countering inaccuracy in water billing, and managing issues related to water scarcity are augmenting the demand for such systems. The adoption of Smart Water Meter is also ascribed to snowballing government support through non-revenue water minimization initiatives, globally.

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. Also, in many countries, governments have begun taking action to curb water loss; European countries are the most active in such activities. For instance, 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.

AMI Dominates the Market

The advanced metering infrastructure (AMI) category held a larger revenue share in 2021, and it is expected to register a higher CAGR in the forecast period. This is ascribed to technological developments and the rapid incorporation of AMI solutions with an IoT-based platform to certify efficient water consumption monitoring patterns.

North America Is the Market Leader

North America led the market in 2021. This is due to the presence of prominent players, government initiatives for accurate meter readings, rapid urbanization, and technological advancements.

In North America, the U.S has emerged as the leading market. This is due to the development of smart city infrastructure and various investments done by public organizations for the replacement of old water meters with updated ones in the country. Furthermore, the regulatory environment is encouraging water utilities to install advanced water meters and use sensors to monitor distribution networks to reduce non-revenue water loss due to pipe bursts, leaks, and thefts.

The major players operating in the global Smart Water Meter market are Kamstrup, Itron Inc., Landis + Gyr, Badger Meter Inc., Diehl Stiftung & Co. KG, Neptune Technology Group Inc., Aclara Technologies LLC, Sensus, BMETERS Srl, and Honeywell International Inc.