Smart Water Metering Market Expected to Reach $9.73 Billion By 2030

According to a new report published by Allied Market Research, titled, “Smart Water Metering Market by Type, Technology, Component, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the Smart water metering market size was valued at $4.91 billion in 2020, and is projected to reach at $9.73 billion by 2030, growing at a CAGR of 7.5% from 2021 to 2030.

A Smart water metering is an electronic water monitoring device that measures and communicates water usage data from user to provider to enable proper billing and water management.  Further, Smart water metering s are designed with electronics computing unit solutions that can facilitate wireless communication through between the provider and the smart Wi-Fi water meters. In addition, unlike traditional water meters or mechanical water meters, Smart water metering are equipped with ultrasonic or electromagnetic sense solutions to offer more reliable and accurate measurements. Smart water metering system using IoT-based communication are equipment for metal replacement are able to reduce production times and generate a greater.

The growth of the global Smart water metering market is majorly driven by rise in utilizes focus towards reducing in nonrevenue water paired with surge in need for accurate water billing solution. However, lack of government initiatives in developing economies is acting as a prime restraint of the global market. On the contrary, rise in demand for Smart water metering solution to optimize water consumption coupled with surge in digitization across water industry is anticipated to provide lucrative opportunities for the Smart water metering  industry during the forecast period.

According to market research, the electronic magnetic meter segment was the highest contributor to the market in 2020. The industrial and commercial segments collectively accounted for around 65.4% market share in 2020. Surge in adoption of adoption of digital monitoring solution across  industrial sectors has led to the growth of the electronic magnetic meter segment, thereby enhancing the Smart water metering market growth.

COVID-19 Impact Analysis

The emergence of COVID-19 has significantly impacted the global Smart water metering industry. Delay caused for construction projects due to partial or complete lockdown in various regions of the world has significantly reduced the production of smart water metering during the pandemic. However, lack of availability of workforce propels the demand for smart water monitoring solution, which is expected to offer significant growth opportunities for the growth of market analysis post pandemic.

Region wise, North America holds a significant share in the global Smart water metering market. The adoption of interactive Smart water metering solution at the commercial sector is expected to propel the growth of the Smart water metering industry in this region. Moreover, surge in demand for wireless water monitoring solution across industrial sectors in North America is anticipated to drive the market trends in this region.

Key Findings Of The Study

• In 2020, the ultrasonic meter segment accounted for maximum revenue, and is projected to grow at a notable CAGR of  7.1% during the forecast period.
• The  commercial and industrial segments together accounted for around 65.4% of the Smart water metering market share in 2020.
• The communication segment is projected to growth at a CAGR of 7.7% during the forecast period.
• North America contributed for the major share in the Smart water metering market, accounting for more than 35.1% share in 2020.

The key players profiled in the report Aclara Technologies LLC, Badger Meter, Inc, Honeywell International, ltron, Inc., Kamstrup A/S, Landis+Gyr, Mueller Water Product, Inc., Neptune Technology Group Inc., Siemens AG, and Sensus Inc. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the Smart water metering market.