Smart Water Metering Market Size & Growth | Report 2023, 2028
The smart water metering market is expected to be valued at US$ 3359.84 million in 2022 and is expected to reach US$ 5954.65 million by 2028; it is estimated to grow at a CAGR of 10.0% from 2022 to 2028.
The majority of the world is facing acute water scarcity owing to various factors such as illegal water tapping, pipeline tampering, and leakage. Moreover, rapid urbanization and aging infrastructure are key reasons for water scarcity. Water utilities are constantly adopting innovative technologies to supply an adequate quantity of water to every area, along with reducing operational costs, managing assets, and supporting water conservation. This is catalyzing the growth of smart water metering market. The global population is growing exponentially, resulting in a rise in demand for water. To supply the required or demanded quantity of water, the water providers or utilities are upgrading their traditional water metering systems with new advanced technologies, including automatic meter readers or advanced metering infrastructure. The smart water meters also facilitate the residential areas by alarming in case of pipeline leakage, tampering efforts, and reverse flow, thereby reducing water loss and associated loss. The industrial sector is also upgrading its traditional water meters with smart water meters as these smart technologies help the industries understand the quantity of water allotted to them, the quantity of water supplied at the end, and the quantity of water billed at the end of the time. To reduce nonrevenue water bill generation, industries are increasingly procuring these smart water meters, which is further bolstering the smart water metering market growth.
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Ecosystem of Global Smart Water Metering Market
Component providers, smart water meter manufacturers, and end users are the main stakeholders in the smart water metering market ecosystem. The component suppliers provide components such as display panels, valves, pins, and connector slots to the system manufacturers. The smart meter manufacturers then utilize the components while assembling those components to make the final products.
The smart water metering market size is categorized on the basis of type, component, and application. Based on type, the market is segmented into automatic meter reader and advanced metering infrastructure. In terms of component, the market is segmented into controlling units, display storage & integrated software, and others. In terms of application, the market is bifurcated into residential and industrial.
Impact of COVID-19 Pandemic on Smart Water Metering Market
The COVID-19 pandemic led to a downfall across a majority of industries, including manufacturing & construction and electronics & semiconductors. The pandemic also led to disruption in the supply chain across these industries. Also, the majority of the smart water meter installation and upgradation projects got delayed during the FY 2020 due to several challenges such as unavailability of labor, stringent company operation regulations, lockdown measures, and shifted focus of governments from development to COVID-19 fighting measures. Also, water consumption across residential applications witnessed strong growth due to lockdown situations across different countries. This led to an increase in demand for efficient distribution of water across different regions. Such factors negatively impacted the smart water metering market growth worldwide
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