Global Smart Water Meters Market to Reach $4.6 Billion by 2026
SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Smart Water Meters - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 19; Released: May 2021
Executive Pool: 5944
Companies: 82 - Players covered include Aclara Technologies LLC; Arad Group; Master Meter, Inc.; Contadores de Agua de Zaragoza, S.A. (Contazara); Arad Measuring Technologies Wuhan Co. Ltd.; Arqiva Limited; Aquiba Pty Ltd.; B METERS s.r.l.; Badger Meter, Inc.; Bermad Water Technologies; Diehl Metering GmbH; Honeywell International; Iskraemeco, d.d.; Itron, Inc.; Kamstrup A/S; Mueller Water Products, Inc.; Neptune Technology Group Inc.; Sanchuan Wisdom Technology Co., Ltd.; Suntront Technology Co., Ltd.; Tantalus Systems Corp.; Wasion Group Co., Ltd.; Xylem Inc. and Others.
Coverage: All major geographies and key segments
Segments: Technology (Auto Meter Reading (AMR), Advanced Metering Infrastructure (AMI)); Application (Residential, Industrial, Commercial)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Smart Water Meters Market to Reach $4.6 Billion by 2026
Smart water meters are electronic devices used mostly by public water utilities for the purpose of reading and measuring water consumption from remote locations. The primary drivers that are creating the pressing need for efficient solutions such as smart water meters include water scarcity, aging infrastructure, rapid urbanization, leakage, non-revenue water, legislations, water conservation, and measures to improve operational savings. Myriad benefits of smart water technologies that is driving its global adoption include efficient water leakage and pressure management; reliable network operations and management; strategic channelization of capital expenditures; and better water quality monitoring. Smart water meters are also witnessing increased demand influenced by the roll out of stringent government regulations. The market is anticipated to be propelled by modernization of aging infrastructure, focus on water conservation and government policies to promote sustainable development.
Amid the COVID-19 crisis, the global market for Smart Water Meters estimated at US$2.9 Billion in the year 2020, is projected to reach a revised size of US$4.6 Billion by 2026, growing at a CAGR of 7.7% over the analysis period. Auto Meter Reading (AMR), one of the segments analyzed in the report, is projected to record 4.9% CAGR and reach US$2.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Advanced Metering Infrastructure (AMI) segment is readjusted to a revised 10.6% CAGR for the next 7-year period. The AMR system facilitates automatic collection of meter readings without performing any physical inspection. AMI allows two-way communication between metering devices and users or utilities, and cover several functions like meter readings, fault or leakage identification, service connection/disconnection, and theft or tamper detection. The segment is gaining from technological advances, cost-related benefits and evolving requirements of utilities.
The U.S. Market is Estimated at $467.8 Million in 2021, While China is Forecast to Reach $1.8 Billion by 2021
The Smart Water Meters market in the U.S. is estimated at US$467.8 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.8 Billion by the year 2026 trailing a CAGR of 8.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.8% and 6.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.2% CAGR. In North America, government efforts to reduce non-revenue water, ensure accurate water bills, and develop smart cities are fueling market growth. Rapid industrializations and urbanization along with the presence of leading companies make North America a strong market for smart water meters. The smart water meters market in Europe is driven by high focus on sustainability and massive rollout of these devices through the region. Increasing awareness about sustainable and efficient use of energy and water is encouraging people to adopt smart meters. Regulations to reduce water wastage and environmental protection efforts are fueling adoption in countries including Japan and China. Asia-Pacific is anticipated to also gain from increasing investment in water utility infrastructure for supporting a massive customer base and rising implementation of IoT. More
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