Smart Water Metering Global Market Report 2022: Sector to Reach $6.4 Billion in 2027 at a CAGR of 11.6%: Research and Markets

DUBLIN, March 21, 2023 /PRNewswire/ -- The "Smart Water Metering Market by Meter Type (Ultrasonic, Electromagnetic, Smart Mechanical), Application (Water Utilities, Industries), Technology (AMI, AMR), Component (Meter & Accessories, Communications) and Region - Global Forecast to 2027" report has been added to  ResearchAndMarkets.com's offering.

The Smart Water Metering market is expected to grow at a CAGR of 11.6% during the forecast period, from an estimated USD 3.7 Billion in 2022 to USD 6.4 Billion in 2027.

Industrialization and urbanization have led to an increase in water consumption, thus impacting the total availability of water supply. Such factors are driving the need for improving water metering infrastructure to reduce heavy water losses.

Electromagnetic meters is expected to emerge as the largest segment based on meter type.

The smart water metering market has been segmented into ultrasonic meters, electromagnetic meters, and smart mechanical meters based on meter type. Electromagnetic meters are cheaper than ultrasonic meters and offer benefits such as low-pressure loss, the capability of measuring bubbling water, and a longer lifespan. These factors are driving the growth of the electromagnetic smart water metering market.

IT solutions: The fastest segment for the smart water metering market, by component.

Based on the component, the smart water metering market has been split into meters and accessories, IT solutions, and communications. IoT sensors and data management software platforms help water utilities avoid such losses by analyzing the probable reasons. The fast adoption rate of digital technologies in the water industry is leading to the high growth rate of the IT solutions segment.

Asia Pacific is expected to be the second largest market during the forecast period.

The Asia Pacific region is expected to be the second largest growing market due to Countries such as China, Australia, Singapore, and India developing smart infrastructure for water consumption and water supply. Such initiatives are offering lucrative opportunities for suppliers to expand their regional reach in the Asia Pacific and are likely to create growth opportunities in the Asia Pacific smart water metering market during the forecast period

Market Dynamics

Drivers

• Supportive Government Policies and Financial Incentives for Digitalization of Grids
• Increased Need to Monitor Utility Systems in Real Time
• Dynamic Pricing of Utilities
• Reduced Blackouts and Failures of Utility Systems
• Increased Need to Monitor Energy Consumption to Achieve Carbon Neutrality

Restraints

• High Set Up and Operational Costs for Utility Suppliers to Switch from Traditional to Smart Meters
• Halted Smart Grid and Smart City Projects due to COVID-19 Pandemic
• Reduced Investment Toward Infrastructure Development and Low Return on Investment

Opportunities

• Focus of Governments Worldwide on Reducing Aggregate Technical and Commercial Losses
• Integration of Artificial Intelligence (Ai) and Machine Learning (Ml) Technologies into Smart Meters
• Adoption of Electric and Hybrid Vehicles by Consumers

Challenges

• Maintenance, Security, and Integrity of Smart Meters and Associated Data, Along with Requirement of Skilled Professionals
• Dependency on Reliable Connections Between Smart Meters and Smart Grid Devices to Achieve Highly Accurate Data

Case Study Analysis

• Smart Water System Helps Monroe, Louisiana, to Identify Individual Leaking Houses After Winter Storms
• Pepco's Focus on Saving Operating Expenses with Remote Switching
• Focus on Turning Budget Deficit Utility Company into Budget Plus Company with Smart Metering
• Use of Ami by Spanish Hotel to Advance Its Energy Efficiency

Companies Mentioned

• Aclara Technologies
• Badger Meter
• Genus Power Infrastructure
• Hexing Electrical
• Honeywell International
• Iskraemeco
• Itron Gamesa
• Jiangsu Linyang Electronics
• Kamstrup
• Landis+Gyr
• Larsen & Toubro
• Networked Energy Services Corporation
• Osaki Electric Co. (Edmi)
• Pietro Fiorentini
• Sagemcom
• Schneider Electric
• Secure Meters
• Sensus (Xylem)
• Siemens
• Wasion Group

For more information about this report visit https://www.researchandmarkets.com/r/tbwej6

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SOURCE Research and Markets