DUBLIN--(BUSINESS WIRE)--The "Smart Water Metering Market by Meter Type (Electromagnetic, Ultrasonic, Mechanical), Technology (AMI, AMR), Component (Meters & Accessories, IT Solutions, Communications), Application (Water Utilities, Industries), and Region -Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The smart water metering market is estimated to be USD 5.9 billion in 2019 and is projected to reach USD 9.6 billion by 2024, at a CAGR of 10.3% during the forecast period.
The smart water metering market is dominated by a few major players that have a wide regional presence. The leading players in the smart water metering market are Arad Group (Israel), Badger Meter (US), Diehl (Germany), Kamstrup (Denmark), and Itron (US).
The smart water metering market is projected to grow at a CAGR of 10.3% from 2019 to 2024
Utilities focusing on reducing non-revenue water rates are driving the smart water metering market. Further, the rising demand for managing water consumption by water-intensive industries is likely to boost the market.
The meters & accessories segment is expected to be the largest and the fastest-growing market from 2019 to 2024
The smart water metering infrastructure is made of 3 components, which are meter & accessories, IT solutions, and communications. The hardware components in the meters & accessories segment comprise devices such as flow meters, endpoints, encoders, registers, transmitters, radio modules, and antennas. With the innovation of new technologies in IoT and automation sectors, the ultrasonic meters are preferred as they have inbuilt sensors that provide more accurate data.
Water utilities, by application, is expected to be the fastest-growing market from 2019 to 2024
The water utility segment dominated the global smart water metering market in 2018, holding a 70% share of the total market size. The water utilities are a core part of the water metering value chain, and the smart water meters can help with various aspects of their operations. The water grid used for the distribution of water is a key part of water utility infrastructure. Currently, the water utilities are concerned about leakage detection and prevention, which results in large volumes of water loss.
Moreover, the water losses lead to excessive bills for the customers and in some cases, significant damage and cost to repair. Furthermore, the utilities are focusing on investments related to updating aged conventional water networks and developing new smart water metering infrastructure. The water utilities around the globe are trying to expand their smart water metering customer base. This is driving the growth of water utilities as a major application segment of the global smart water metering.
Middle East & Africa: The second fastest-growing region in the smart water metering market.
The Middle East & Africa is the second fastest-growing region in the smart water metering market; it is projected to grow at a CAGR of 10.4% during the forecast period. Since the region faces water scarcity, the governments are focused on reducing water losses and water leakages caused due to poor or faulty water metering infrastructure. Moreover, the Gulf countries are accelerating their smart metering plans to optimize the water consumption, improve water security, and achieve more sustainable management of the available water resources. Such investments are boosting the demand for smart water metering market in the Middle East & Africa.
- Utilities' Focus Toward Reducing Non-revenue Water
- Need for Smart Water Metering to Optimize Water Consumption
- Need for Accuracy in Billing
- Lack of Government Initiatives
- Lack of Awareness and Acceptance By End-Users
- Replacement of Aging Infrastructure
- Digitalization of the Water Industry Operations
- High Initial Investments and Long Payback Period
- Aclara Technologies
- Arad Group
- B Meters
- Badger Meter
- Elster Group
- Neptune Technology Group
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