CHICAGO, Aug. 12, 2019 /PRNewswire/ -- According to the new market research report "Smart Water Metering Market by Meter Type (Eelctromagnetic, Ultrasonic, Mechanical), Technology (AMI, AMR), Component (Meters & Accessories, IT Solutions, Communications), Application (Water Utilities, Industries), and Region - Global Forecast to 2024", published by MarketsandMarkets™, 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. The growing concern toward managing the supply of water is a driving factor for the market. Moreover, the adoption of the Internet of Things in the water industry is bringing opportunities for the market.
The ultrasonic meter segment is expected to be the fastest growing Smart Water Metering Market, by meter type, during the forecast period
The ultrasonic meter segment of the Smart Water Metering Market, by meter type, is expected to grow at the fastest rate during the forecast period. This is mainly because ultrasonic meters deliver highly accurate data outputs than mechanical and electromagnetic meters. These meters are equipped with sensors that can measure the water velocity and then convert it into the water flow rate. Moreover, ultrasonic meters have a longer life span, and they are able to transmit real-time data using communication network connectivity; the data is analyzed by meter data management systems or central monitoring software platforms.
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The AMR segment is expected to dominate the Smart Water Metering Market, by technology, during the forecast period
AMR is a key driver of proficiency for water utilities. It helps in lowering operational costs by optimizing maintenance and reducing human intervention in the measurement operation. AMR is a system and process used to remotely collect water meter data without the physical presence of personnel at the reading point. North America and Europe are the regions mostly implementing this technology. Other regions have also started implementing this metering infrastructure to reduce nonrevenue water.
North America: The largest Smart Water Metering Market
In this report, the Smart Water Metering Market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. The dominance of the region is mainly due to high installation rate of smart water meters by the North American water utilities. Also, the region is the highest consumer of water in the world. Smart water meter suppliers are focusing on expanding their offerings in the North American region to help customers reduce the water bills as the smart water meters detect water leakages and turn off the supply in case of water losses. Ultrasonic meters are gaining more preference by the water utilities in North America due to higher efficiency and more accurate rates.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Smart Water Metering Market.
Some of the key players are Arad Group (Israel), Badger Meter (US), Itron (US), Kamstrup (Denmark), and Diehl (Germany). The leading players are adopting various strategies to increase their share in the Smart Water Metering Market. Contracts & agreements has been a widely adopted strategy by the major players in the Smart Water Metering Market.
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