Global Smart Water Metering Market TOC
Smart Water Metering Market size is estimated to cross USD 21.70 billion by the end of 2033, growing at a CAGR of 10.96% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of smart water metering was around USD 6.95 billion. The demand for smart water metering is attributed to the increasing demand for digitalization in water industry operations and growing investments in installing smart water meters.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
10.96% |
|
Base Year Market Size (2022) |
USD 6.95 billion |
|
Forecast Year Market Size (2033) |
USD 21.70 billion |
|
Regional Scope |
|
Component (IT Solutions, Communications, Meters & Accessories)
Smart water metering market from the meter & accessories segment is estimated to generate a revenue of USD 12.76 billion by the end of 2033. This is impelled by the rising initiatives to install a higher number of smart water meters. For instance, in 2020, Anglian Water started the installation of 1.1 million smart water meters for businesses and homes as part of a five-year project by investing more than USD 200.6 million. Since, water consumption has increased by 10% with the significant pressure of a changing climate and fast-growing population in the driest region of the UK. In addition, the San Francisco Public Utilities Commission (SFPUC) installed identical automatic water meters in almost 96% of the city's 178,000 water customers. This meter transfer information related to water consumption and helps utilities use this data to bill users over a wireless network.
Product (AMR, AMI)
By the end of 2035, the AMI segment in the smart water metering market is anticipated to garner the largest revenue of USD 16.88 billion. The segment is further expected to grow at a CAGR of 11.44% during the forecast period. AMI meter data is sent through a fixed network to utilities. The utility can use the data to enhance operational efficiencies and sustainability by monitoring water usage effectively, detecting malfunctions, and recognizing irregularities. AMI can help utilities reduce nonrevenue water by allowing them to pinpoint leaks accurately and instances of potential theft. For instance, in the United States, the Environmental Protection Agency estimated that the average family wastes 180 gallons every week, or 9,400 gallons of water every year, from household leaks.
Our in-depth analysis of the global Smart Water Metering Market includes the following segments:
|
Type |
|
|
Component |
|
|
Product |
|
|
End User |
|
North American Market Forecast
The North America smart water metering market is projected to hold a significant market share of USD 10.76 billion by the end of 2033. The regulatory environment is propelling water utilities to introduce advanced water meters to monitor the distribution network, and surging government initiatives are expected to drive the market in the region. For example, the California Public Utilities Commission (CPUC) authorized San Jose Water's request to deploy Advanced Metering Infrastructure (AMI or smart meters) in June 2022. The Company planned to invest in this technology at approximately USD 100 million for the next four years, which supports customer service and environmental goals. Besides, in March 2022, Greater Sudbury installed smart water meters at homes and businesses to eliminate the need for most in-person meter readings. In addition, a USD 50-a-month manual meter read fee would be charged as a penalty if people don't get a smart meter installed.
APAC Market Analysis
The Asia Pacific smart water metering market is projected to grow at the highest rate with a CAGR of 12.42% due to the increasing smart city projects in recent years and growing investments in the region. For instance, in India, 4,436 out of 7,902 projects are completed under the government’s ambitious Smart Cities Mission (SCM), which aims to build 100 smart cities by offering housing for everyone, better infrastructure, and ample developed open spaces. In one of the cities named Noida, the authority has started the installation of 5,000 smart water meters in the first phase and aims at ending water wastage and bringing more transparency in billings. In April 2021, SP Group (SP) rolled out Singapore’s first large-scale smart water metering project appointed by the National water agency PUB to install 300,000 automated water meters in new and existing industrial, residential, and commercial premises by 2024 and is about to complete installation for all 1.4 million households.
Author Credits: Abhishek Verma, Hetal Singh
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?