The global smart water meter market is expected to reach $2,400.6 million by the end of 2025. The growing water crises is fueling the demand for sensible plans to effectively manage water. Apart from this, the surging demand of water utilities for water supply measurement and water delivering infrastructure is driving the growth of the market.
AMI meters trending in the market
The demand for advanced metering infrastructure (AMI) is growing at a substantial rate, and it is predicted to help in the growth of the smart water meter market. The major demand for AMI originates from the water utilities sector owing to its higher spending budget for water infrastructure advancement as compared to other sectors, including residential and industrial. Enhanced two-way communication, data quality, and rapid alerts regarding any potential leak as compared to the traditional meters is bolstering the popularity of AMI meters.
The integration of the internet of things (IoT) technology with smart water meters has emerged as one of the most important opportunities for smart water meter market players. IoT is beneficial for localities vulnerable to scarce rain, as it proves to be advantageous in saving the rain water. IoT helps water utilities upgrade the water infrastructure in terms of water treatment, supply, quality, storage, and transportation. IoT can be particularly helpful in draught-ridden areas, such as California (U.S.).
MEA is expected to provide ample opportunities to the smart water meter market players owing to its expected considerable growth in the market in the forecast period, even though it currently holds the lowest market share. Water is particularly scarce in the MEA region, which is fueling efforts for water conservation. Organizations such as Cyan and Kamstrup are entering the market of the MEA due to the expected growth in the region. Iran has been at the forefront of the implementation of smart water meters; however, Saudi Arabia accumulated the largest market share in the regional market in 2015.
Water utilities in the U.K. and the U.S. rapidly installing smart water meters
The need to reduce the wastage of the treated water being supplied to users is a key smart water meter market driver. Owing to inaccurate water network, water utility companies in several countries, such as the U.K., are witnessing losses of over 27% of treated water, which is pushing them to use advanced water meters instead of traditional ones. Companies such as Thames Water Utilities are actively investing in new meters. Apart from U.K. companies, Rogers Water Utilities (RWU) in the U.S. is moving toward replacing outdated traditional water meters with smart variants. Moreover, Keystone Utility Systems was contracted by Sammamish Plateau Water (U.S.) to supposed to install over 18,000 meters in the country in 2016. According to Smart Water Summit, over 80% of water utilities (U.S.) are planning to either upgrade or repair their water infrastructure.
Smart water meter market competitive landscape
Based on the number of manufacturers, the intensity of rivalry is moderate owing to an average number of smart water meter manufacturers. Manufacturers of smart water meters are expected to invest in technology upgradation to make the most of the growth opportunities across the world. Moreover, the intensity of rivalry in the global smart water meter market is expected to increase owing to the rising number of companies.
GLOBAL SMART WATER METER MARKET SEGMENTATION