Global Smart Water Meters Market to Reach $4.6 Billion by 2026

SAN FRANCISCO, March 21, 2022 /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: 20; Released: February 2022
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$3.2 Billion in the year 2022, 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 $496.5 Million in 2022, While China is Forecast to Reach $1.8 Billion by 2021
The Smart Water Meters market in the U.S. is estimated at US$496.5 Million in the year 2022. 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.

WATER 4.0: Digitization of Water Industry through Smart Water Meters
The implementation of digital solutions such as smart water meters and intelligent networking technologies hold positive implications for resource optimization, transparency and efficiency. By providing relevant, real-time information to users and operators, digitization aids in decision making and strengthens relationship between suppliers and consumers. In order to gain from digitization, participants in the water industry need to devise appropriate digital strategies for their organizations. In the recent years, GWP members have implemented different aspects of WATER 4.0 for seamless transition from traditional to innovative approaches for water management and to improve operational efficiency. The implementation of next-generation digital technologies is known to assist operators in ensuring supply of clean potable water with minimal environmental footprint. Recent projects undertaken by various participants indicate the ability of smart technologies and real-time data-based decisions to enable scalability, improve water and wastewater management, reduce pollution levels and achieve significant operational savings.

WATER 4.0 taps automation and digitization for enabling flexible, competitive and resource-efficient water management.

The strategy brings together established aspects of Industrie 4.0 including networking of processes, equipment, resources, storage systems, IoT and services and smart grids for achieving systematic, efficient water management. WATER 4.0 relies on cyber physical systems (CPS) for optimal networking of real and virtual water systems as well as advanced software for construction, planning and operational aspects. The concept efficiently networks water users and other elements in a sustainable water-related infrastructure with water circuits and the environment, while following a holistic approach through the value chain. By enabling higher transparency for consumers, WATER 4.0 covers existing needs and offers new opportunities related to sustainable, effective water management. One of the important features of the fourth stage is merging of virtual and real worlds into CPS. The stage focuses on integration of computer models, sensors and real-time controller with water systems along with participation of smart networks up to the Internet or Intranet. The strategy combines technologies, processes and measures into an IT unit as well as includes proven and innovative approaches.

The key prerequisites include exchange of information recoded online or entered manually, consideration of digital illustrations of systems, and mutual influence of real and virtual systems. Cyber physical water systems (CPWS) are appropriate for integrated as well as long-term interaction and consideration of real and virtual environmental systems, while also considering changed and changing processes. Rather than depicting a concrete approach, WATER 4.0 represents interaction of existing and potential networked technologies, with water being the natural, industrial resource or product that needs to be managed sustainably. Networking control systems and measurements with data analysis and modeling allows data to offer useful insights for enhanced decision making and implementing suitable strategies. The accumulation of relevant information over time leads to enhanced knowledge for efficient use of water in different application areas. These aspects establish WATER 4.0 as a holistic approach that leverages digital data and information from different technical areas for sustainable decisions. WATER 4.0 is highly dynamic area that follows technological developments and utilizes new capabilities. Moreover, the strategy lives on influence of the whole system as well as comparison between real and virtual water systems. More

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