- The smart water meter market will reach 81.52 million units in out by 2026, according to the recently published study by TMR.
- China, Australia, India, Japan, and South Korean will witness a rapid adoption of smart water meter technology during the forecast period.
ALBANY, New York, March 9, 2020 /PRNewswire/ -- According to the TMR study, electromagnetic and ultrasonic meter will remain the most lucrative segment for players in the smart water meter market. The growing demand from commercial establishments, and individual households for ultrasonic, and electromagnetic meters promise new avenues for growth. The ultrasonic meters, and electromagnetic meter segment will grow at a CAGR of 15.02% and 14.54% respectively during the forecast period.
According to TMR analysts, "The easy to avail maintenance for smart meters and precision meter reading remains key drivers for growth. The rising low production costs, and ability to connect to cellular networks efficiently remain important features for end-users."
Key Findings in the Smart Water Market Study
Among the two key segments in the smart water meter market, the two-way meter promises more growth during the forecast period. The one-way meter system makes way for AMR-system based communication, which is increasingly being viewed as old technology. On the other hand, the two-way meter systems offer various benefits to end-players including real-time notifications, smart batteries, and quick access to potential technical malfunctions.
The smart city initiatives around the world are picking up steam quickly. For example, India announced a package of 1 lakh crore rupees for development of 100 smart cities in 2015. According to World Trade report published by WTO in 2018, the total value of global e-commerce transaction in 2015 reached US$25 trillion. The valuation increased by 56% from US$16 trillion in 2013. The growing government dependence on digital worldwide, and its lucrative promise for world trade will continue to drive support for government initiatives for smart city infrastructure in near future.
The growing demand for smart meters resulted in US$21.8 mn valuation for smart meters market in 2017. The adoption of IoT technology will also be key to growth for smart water meters in near future. The technology will aid the on-going infrastructural development, especially in Asia Pacific. Countries like India, and China have undertaken major infrastructural construction activity in near future. While China has announced its signature Belt & Road initiative to link world trade, India will be investing US$1.4 trillion in infrastructure development during 2019-2024.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global smart water meter Market by (Technology - Ultrasonic Meter, Electromagnetic Meter, Mechanical Meter (Rotary Piston, Single-jet, Multi-jet, Combination, Nutating Disk, Woltman); Application - Residential, Commercial/Industrial; Meter Type - One-way Meter, Two-way Meter) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Key Restraints to Growth in the Smart Water Market:
Despite growing economies of scale in the smart water meter market, the technology remains expensive, especially for individual household adoption. Moreover, the added burden of availing batteries, and lack of direct monetary benefits to individual households remain a significant barrier to adoption in the smart water meter market. The growing demand for smart water meter market remains driven by its key benefit of futuristic, and efficient power usage, and government regulations for environmental sustainability.
The smart water meter market study provides detailed analysis of various regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America region will likely hold the largest share of global revenues during the forecast period. The strong presence of well-established players in the region, growing demand for smart water meters in the region, and significant improvements in quality remain key drivers of growth in the region. The level of competitor remains significantly high in the region, and government regulations continue to drive positive adoption of smart meter technology with strong investments. A few recent advancements in the region include Itron Intelis smart water meter, which offers additional water management capabilities with Gen5 networks, and interoperability.
Smart water meter market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
The smart water meter market continues to remain fragmented, and competitive landscape. However, the barriers to entry also remain high with significant knowledge barriers, and high investments. The growth of efficient batteries remain a concern, which drives the research and development among large players. Some key players in the smart water meter market are Kamstrup A/S, Diehl Stiftung & Co. KG, Badger Meter, Inc., Itron Inc., and Sensus USA Inc. Key partnerships with government, private stakeholders, and collaborations remain major opportunities for growth. For example, a Saudi Arabia based water management solutions provider collaborated with Diehl Stiftung & Co. KG in 2017 to be a part of 'Saudi Vision 20130'. This partnership will help pave way for 700,000 HYDRUS ultrasonic meters in Saudi Arabia in near future.
The global smart water meter market has been segmented as follows:
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