The smart water metering market is projected to grow at a CAGR of 10.3%
NEW YORK, Oct. 30, 2019 /PRNewswire/ --
The smart water metering market is projected to grow at a CAGR of 10.3% from 2019 to 2024
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The smart water metering market is projected to reach USD 9.6 billion by 2024 from an estimated USD 5.9 billion in 2019, at a CAGR of 10.3% during the forecast period. Utilities focusing on reducing nonrevenue water rates is driving the smart water metering market. Further, 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, end points, 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 utilities 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 utilities 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.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1– 65%, Tier 2–24%, and Tier 3–11%
• By Designation: C-Level–30%, Director Level–25%, and Others–45%
By Region: Asia Pacific–30%, Middle East & Africa–24%, Europe–24%, North America–18%, and South America–4%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined based on their total revenue as of 2017. Tier 1: USD 1 billion and above, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:
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).
Research Coverage:
The report defines, describes, and forecasts the smart water metering market by meter type, technology, component, application, and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the smart water metering market.
Why Buy this Report?
1. The report identifies and addresses the key markets for smart water metering operations and services, which would help equipment manufacturers and service providers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
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