Global Smart Water Meter Market Analysis By Meter TypeĦ.1. Market Attractiveness Analysis, By ComponentĦ. Smart Water Meter Market Size (US$ Mn) and Volume (Thousand Units) Analysis & Forecast, By Component, 2017–2031ĥ.2. Global Smart Water Meter Market Analysis By Componentĥ.1. Parent Industry Overview – Global Smart Metering Industry OverviewĤ.7. Associated Industry and Key Indicator AssessmentĤ.1. Global Smart Water Meter Market OverviewĤ. Key players operating in the smart water meter market are:Ģ.1. They are also investing considerably in R&D to launch next-generation water infrastructure metering solutions. Leading players are focusing on IoT-based and cloud-based water metering solutions to increase market share in the near future. Prominent companies in the smart water meter market are collaborating to adopt recyclable materials in water meters. Surge in adoption of IoT-enabled water metering system is expected to boost the market value in the next few years. Rapid pace of development of smart city infrastructure and consistent initiatives by governments to encourage deployment of smart water meters are key factors that are expected to propel the market in the region. North America is projected to account for leading smart water meter market share from 2022 to 2031. Get Customization on this Report for Specific Research Solutions: Growing investments in smart water metering infrastructure in developing countries is anticipated to augment the market size in the near future.Continuous technological advancement in water metering systems, such as IoT-based systems, is anticipated to augment the market size in the near future.For instance, pressing need for accurate billing in water consumption is driving the demand for smart water meters. Need to improve water usage and considerable focus on water conservation worldwide are key factors that are expected to drive the smart water meter industry. Consistent efforts in several countries for the development of smart cities are anticipated to drive the demand for smart water metering infrastructure in urban areas.For instance, the launch of Smart Gateway Sensor Interface for water metering infrastructure, by Sensus, is expected to enable smart communication between utility companies and customers.
Advancements in sensor interface are likely to pave the way for development of next-gen smart water meters.Introduction of smart water monitoring systems is anticipated to bolster market development in the near future. For instance, integration of sensors for monitoring temperature in water pipelines. Constant Advancement in Water Metering Technology to Broaden Market Outlook : Companies are incorporating novel technology for smart water metering systems.Adoption of smart water meters among residential users in several countries is anticipated to increase significantly due to several benefits the system offers to end-users, such as real-time web-based monitoring and remote monitoring attributes.Rise in Installation of Smart Water Meters in Residential & Commercial Buildings : Smart water meters are gaining traction to monitor water usage, reduce water wastage, and detect water leaks in residential and commercial buildings.Get the Recently Updated Report on the Smart Water Meter Market as a Sample Copy at. Considerable advancements have been made in hardware components of smart water meters such as in pressure sensors, meters, and modules. Increasing incorporation of edge computing in smart water metering system helps in efficient remote monitoring of water. Smart meters enable consumers and utility companies to gain insight through advanced data analytics and subsequently reduce losses. Technological advancement in the system, especially IoT-enabled smart water metering devices, has led to improved water utilization. The global smart water meter market is projected to expand at a CAGR of 6.9% from 2022 to 2031 to reach US$ 7.6 Bn by 2031.
Installation of smart water meters in residential, commercial, and industrial buildings is gaining traction due to their benefits in improving water consumption efficiencies, automating water billing, and obtaining real-time web-based monitoring of the water usage. Governments of several countries are raising awareness about benefits of advanced water metering infrastructure for utility providers, municipalities, and end-users, which is fueling the demand for smart water meters. Wilmington, Delaware, United States, (GLOBE NEWSWIRE) - Transparency Market Research Inc.
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