According to our latest study on " Smart Water Metering Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Component, Application, and Meter Type," the market is expected to be valued at US$ 3,359.84 million in 2022 and is expected to reach US$ 5,954.65 million by 2028; it is estimated to grow at a CAGR of 10.0% from 2022 to 2028.
Increasing Water Scarcity and Misuse of Water Fuel Smart Water Metering Market Growth
The world is facing a huge scarcity of water owing to practices such as illegal tapping, tampering with pipelines, and leakage. Owing to this, water scarcity is rapidly increasing in the current scenario and the issue is anticipated to increase in the near future. The substantial demand for an advanced solution has led to development and implementation of smart water meters, which can monitor the consumption pattern and supervising and recording leakage, theft, and illegal tampering. Smart water meters are wired, or wireless mechanisms integrated with data management programs through which the users or operators can review/check the consumption pattern. Various governments of developed and developing regions across the globe are constantly increasing their interest in adopting technologies to provide an adequate quantity of water to the mass. In addition, various private organizations are also striving hard to implement technologically enriched smart water management systems to cope with water scarcity problems across the globe. Thus, water scarcity and demand for proper handling of water consumption patterns are increasing the adoption of smart water meters, thereby bolstering the smart water metering market growth.
Itron Inc, Neptune Technology Group Inc, Sensus USA Inc, Elster AMCO, and Badger Meter Inc are the five leading global smart water metering market players. The positioning of these "Five Key Players" is derived by giving weightage to the following key performance parameters-overall revenue, segment revenue, geographical reach, customer base, new solution/service launches, smart water metering market initiatives, investments in technological advancements, R&D investments, mergers & acquisitions, and other smart water metering market-related activities.
Key Findings of Study:
The global smart water metering market is experiencing intense growth regarding the investments, trials being carried out, and deployment for the future in the current scenario; this growth is anticipated to continue in the coming years. The smart water metering market consists of some well-established players across the globe, which invest huge amounts in order to deliver the most advanced service to customers. Also, there are many stakeholders in the smart water meter ecosystem that are involved in the end-to-end development of smart water meter technology and ensuring that the best service is made available for the users. Government funding for research & development and strategic partnerships between chipset manufacturers, equipment vendors, network operators, and government bodies are anticipated to boost the smart water metering market size over the forecast period.
North America accounted for the largest share of the global smart water metering market size in 2021, and it is expected to retain its dominance during the forecast period. This can be attributed to several factors such as well-developed smart grid infrastructure across different countries such as the US and Canada and the presence of well-established smart water metering market players that constantly work on the development of innovative solutions for the end users across the region. The presence of companies such as Sensus, Itron Inc, and Badger Meter Inc is further catalyzing the smart water metering market growth across North America.
Water scarcity issues have sent alarming signals to many Middle Eastern and African countries in the past, and a few have been working upon those warnings. As far as the investments in the smart water meters are concerned in the region, the Ministry of Ghana has inked a deal with Danish smart water metering market player Kamstrup. The Ministry of Water and Sanitation in Ghana has signed a Memorandum of Understanding (MoU) with the company for provisioning 500,000 smart water meters along with a system that would enable remote meter reading to address the water scarcity issue in the country. Also, the Dubai Electricity and Water Authority (DEWA) has awarded a project for water supply monitoring to achieve better efficiencies as a part of Smart Dubai Initiative. DEWA has logged a rise in the smart water meters numbers by 73.6% between 2018 and 2022. This increase in the number of smart meters has gone up from 566,214 meters (August 2018) to 983,185 meters (August 2022). DIEHL Metering, Itron, and Kamstrup lead the deployment scenario for smart water meters in the Middle East & Africa. In December 2021, Kamstrup received a Sharjah Electricity & Water Authority's (SEWA) project in Maysaloon. Such steps for deploying smart water meters would contribute to reducing water scarcity issues in the Middle East & Africa while boosting the smart water metering market growth.
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