Smart Water Metering Market- Global Industry Size, Outlook, Share, Demand, Manufacturers and 2022 to 2028 Forecast

The Smart Water Metering 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.

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.

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The List of Companies -
1. Arad Ltd
2. Badger Meter Inc
3. Bmeters SRL
4. Diehl Stiftung & Co KG
5. Itron Inc
6. Kamstrup AS
7. Mueller Water Products Inc
8. Neptune Technology Group Inc
9. Sensus USA Inc
10. WAVIoT Integrated Systems LLC

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.

Asia Pacific is anticipated to be the third largest region in the smart water metering market in 2022 and is projected to retain its dominance during the forecast period as well. The smart water metering market size in Asia Pacific is likely to undergo a rapid transformation as a result of enhanced focus on metering, market consolidation, and evolving business models in the region. The smart water metering market growth is expected to spike up in Asia Pacific as governments intervene to reduce non-revenue water, lower operational expenditures, and achieve better demand management. Also, metering-as-a-service and static metering technology models are expected to intensify the smart water metering market scenario in Asia. Utilities have realized the importance of increasing cost recovery in ensuring the financial and environmental sustainability of the water supply. Also, healthy investments from the private sector would improve the smart water meter penetration in the region.

China and Australia are anticipated to be the pioneering nations in the commercial deployments of smart water meters in Asia Pacific. Both these countries are intending to capitalize on the emergence of IoT, Big Data, and analytics, thereby harnessing their powers to achieve better results with smart water meters. Further, ambitious digital initiatives in other Southeast Asian countries have spurred strong government support for smart water meter rollout. For instance, Singapore is taking significant steps to promote digital water technologies. In November 2022, Singapore's national water agency PUB started utilizing an Itron industrial IoT network canopy for the smart water metering applications from SP Group.

This network would connect ~300,000 C&I and residential smart water meters while promoting water conservation goals. The installation of new water technologies is an integral part of PUB's Smart Water Meter Program that projects to change the organization into a smart utility. The first phase of a smart water meter program will be introduced in Bukit Batok, Jurong West, Hougang, Tampines, and Tuas. Such developments are expected to drive the smart water metering market growth.

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The investment involved in installation and deployment of smart water meters is comparatively much higher than that of traditional systems. This is because smart water meters have various advantages in monitoring, checking, and reducing non-revenue water costs. The wired or wireless smart water meters are integrated with sensors, data loggers, communication devices, and data management systems that sense, record, and transfer the data to the cloud or designed storage platform that is usable by the operator at any point in time. In addition, the pipelines range hundreds of miles from water treatment plants to their destination, and the water management authorities need to deploy large numbers of smart meters to monitor the pipelines owing to limited bandwidth. This factor also incurs huge investments. Owing to high initial investments, several developing countries are restraining the deployment of such advanced technologies, negatively impacting the smart water metering market growth.

Water scarcity or illegal tampering or tapping of water is a serious concern prevailing in developed as well as developing countries across the globe. Various governments and private organizations are actively participating in creating awareness among water management authorities of respective countries or areas to mitigate water scarcity problems. However, due to the lack of knowledge among the mass in terms of advanced water management technologies, sufficient deployment of smart water meters is lacking in several areas worldwide. This factor is hindering the smart water metering market growth.

Based on application, the smart water metering market is segmented into residential and industrial. The residential segment accounted for a larger market share in 2021 and is expected to retain its dominance during the forecast period in the global smart water metering market. The residential sector is one of the most water-consuming sectors in the world. The increase in demand for usable water is directly proportional to the increase in population. Due to the rapid increase in population across the globe, pipeline tampering or unlawful water-tapping practices are conducted heavily. Owing to these factors, the water treatment plants are facing a huge challenge in providing enough usable water to the residential areas.

To overcome this challenge, smart water meters are being heavily deployed in residential areas in developed countries and a few developing countries. This is due to the surging demand for water consumption surveillance and increasing requirement for non-revenue water bill generation. The smart meters used for residential purposes are integrated with intelligent alarms, which notify incidences such as leakages, tampering attempts, and reverse flow, thereby reducing water loss and collateral damage. Smart water meters benefit residential areas by automatically recording data and information related to water supply and decrease data collection time, inaccurate readings, and estimated billings.

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