In terms of revenue, the global smart water meter market was valued at $xx million in 2021, and is expected to reach $9045.65 million by 2030, growing at a CAGR of 8.39% during the forecast period. The market study has also analyzed the impact of COVID-19 on the smart water meter industry qualitatively as well as quantitatively.

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Smart metering solutions are enhancements of traditional meters, and they use meters or modules with communication capabilities (one-way or two-way) incorporated in or attached to the meter. Smart water meters leverage the data they generate to provide water utilities with actionable insights that can be utilized to improve water distribution operations, increase billing and consumer interaction, and reduce non-revenue water (NRW).

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Key growth enablers of the global smart water meter market are:

• Need for sustainable management and appropriate availability of existing water
  • The demand for sustainable water management is increasing and is a major driving force. Smart water meters give utility insights into where the water goes and how much is consumed. This enables utilities to reduce NRW (Non-Revenue Water) by delivering more resources in water-stressed areas and better regulating water usage to serve larger populations. Water utilities may now address water issues from the bottom up rather than the usual top-down approach.
• Superiority of smart water meters over traditional water meters
• Rising smart city projects

Key growth restraining factors are:

• High installation costs
  • Smart water metering comes with a hefty set of operating expenditures. Unlike traditional meters, smart meters rely on connectivity technologies and digital components to operate and communicate data. As a result, the smart metering equipment costs are high.
  • Customers who wish to save money on their water bills can circumvent the water usage restrictions by hacking, jamming, or evading them. Furthermore, the absence of confidentiality in the transmission of smart meter data from the customer to the utility is quite dangerous.
• Lack of availability of capital funding
• Vulnerabilities of smart water meters

Global Smart Water Meter Market | Top Trends

• According to Inkwood Research, COVID-19 has slowed ongoing projects and postponed new ones due to supply chain disruptions. The impact of the epidemic has been predicted to persist until 2021-2022, after which most current projects will proceed as scheduled.
• In 2021, the residential end-user sector dominated the market, owing to the simplicity with which smart water meter devices installed in homes could be integrated into the smart water network.
• One of the primary market trends is the increased attention on Non-Revenue Water (NRW) accountability. Utility companies can use these meters to figure out where and how much water is used.
• Governments worldwide are assisting customers with financial assistance and grants to encourage the use of smart meters, aiding market growth. For example, Austin Water, a water provider in Texas, received an $80 billion loan to replace mechanical meters with smart meters.

Market Segmentation – Type and End-User –

 Market by Type:

• Automatic Meter Reading (AMR)
• Advanced Metering Infrastructure (AMI)
  • AMI (Advanced Metering Infrastructure) is expected to be the fastest-growing technology. The AMR meters were previously chosen over the other two technologies due to their lower costs. They do not, however, provide extensive data and necessitate the use of a drive-by or walk-by vehicle to acquire the data. Because of the limits of AMR meters, utilities have been left seeking more out of their investment. As a result, utilities have begun to deploy AMI meters with a higher data collection capacity.
  • AMI is a far more advanced version of AMR. AMI allows for two-way communication, is automated, and provides consumers and utilities with real-time water data.
  • The data is collected multiple times during the day and gives more precise information such as peak use, real-time consumption, and time of use, all of which contribute to better customer management and operations.

Market by End-User:

• Residential
  • Residential is the largest end-user in the market.
  • The majority of residential complexes do not keep track of water use or usage. The implementation of smart water meters is projected to benefit from the growing number of residential structures and the resultant increase in water use.
  • California has set a water usage cap, requiring home customers to install smart water meters in order to track future consumption. Similarly, in April 2018, Sudbury, a Canadian city, unveiled a redesign of home water meters that will now offer real-time data.
• Commercial & Industrial

Geographical Study Based on Four Major Regions:

• North America: The United States and Canada
  • In 2021, North America dominated the market, accounting for 48.00% of total sales. The North American market growth is propelled by the rapid growth of smart water management facilities, rising smart city projects, and rigorous government regulations.
  • In terms of smart water meter adoption, the United States leads with nearly 7.09 million devices installed across the country.
  • In December 2017, the Texas Water Development Board approved financial assistance for the city of Abilene’s water meter replacement project. The money comes from the Clean Water State Revolving Fund, which has a budget of $18.37 million to replace 43,500 water meters with automated readers and leak detection systems.
• Europe: The United Kingdom, Germany, France, Spain, Italy, Belgium, Poland, and Rest of Europe
• Asia-Pacific: China, Japan, India, South Korea, Indonesia, Thailand, Vietnam, Australia & New Zealand, and Rest of Asia-Pacific
• Rest of World: Latin America, Middle East & Africa

The major players in the global smart water meter market are:

• Sensus USA Inc
• Badger Meter Inc
• Itron Inc
• Kamstrup AS
• Landis+Gyr AG

Key strategies adopted by some of these companies:

Consolidated Utility District (CUD) granted Itron Inc a contract in March 2022 to improve its advanced metering infrastructure by deploying Temetra, Itron’s mobile meter data gathering system, in conjunction with Itron’s fixed network solution (AMI).

Kamstrup teamed with Hjrring Water Utility in January 2022 to deploy flowIQ® 2200 meters, infrastructure, and a remote reading system.

Luna Elektrik Elektronik Sanayi ve Ticaret A.. was acquired by Landis Gyr in September 2021. Luna Elektrik Elektronik Sanayi ve Ticaret A is a provider of smart metering equipment for electricity, water, and heat, as well as accompanying software solutions, with headquarters in Izmir, Turkey.

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