The new report by Expert Market Research titled, ‘Global Smart Water Meter Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global smart water meter market, assessing the market based on its segments like type, water type, technology, components, application, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): 28 Million Units
- Forecast CAGR (2023-2028): 19%
- Forecast Market Size (2026): 82 Million Units
The growth of global smart water meter market is driven by the efficient consumption of water. Additionally, the favourable government policies and increasing financial incentives will aid the growth of smart water meter market. Moreover, increased convenience provided by these meters in terms of billing, leakage detection and security in terms of these meters being temper proof are expected to increase the demand. However, the initial higher cost of installation may constrain the growth of global smart water meter market in the forecast period.
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Industry Definition and Major Segments
Smart water meter are special water meters, equipped with wireless communication setup allowing it remote location monitoring and leaks detection. It also enables services such as automatic billing and customer management. Additionally, it prevents tampering attempts.
The smart water meter industry can be segmented by type into:
- Electromagnetic Meter
- Ultrasonic Meter
- Mechanical Meter
It may be differentiated on the basis of water type into:
- Hot Water Meter
- Cold Water Meter
The market can be divided on the basis of technology into:
- Advanced Meter Infrastructure (AMI)
It may be segmented by component as:
- Meters and Accessories
- IT Solutions
The market may be divided by application into:
- Water Utilities
The regional markets for smart water meter include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Regionally, North America is expected to see a significant growth in the usage of smart water meters. This can be attributed to significant advantages offered by smart water meters. Additionally, government initiatives to support conservation of water, and emerging smart cities with integrated internet services will aid the growth of the market. Further the North American market will be propelled by factors such as greater asset management, ease in maintenance and easier customer service. Meanwhile, in the Asia Pacific factors such as rapid growing population, increasing industrialisation and urbanisation will push the growth of the smart water meter market in the forecast period.
Key Market Players
The major players in the market are Xylem Inc., Aichi Tokei Denki Co. Ltd., Kamstrup A/S, Diehl Stiftung & Co. KG, Hubbell Incorporated, Landis+Gyr AG, and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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