The global smart water metering market is projected to reach USD 9.6 billion by 2024 from an estimated USD 5.9 billion in 2019, at a CAGR of 10.3% during the forecast period. Increasing efforts by water utilities to reduce nonrevenue water are driving the smart water metering market.
On the basis of Technology:
1. AMI- is the latest meter reading technology, which is being adopted by the utilities in the water industry. The AMI technology enables 2-way communication between the meter and the user/utility. Hence, it becomes more convenient for users to monitor their water consumption. Further, with the help of this technology, leak detection is easy. Due to this, the utilities have been able to reduce their nonrevenue water significantly. Other benefits of AMI include better asset management, water conservation, and improved customer service.
2. AMR- is a system and process used to remotely collect water meter data without the physical presence of personnel at the reading point. North America and Europe are the regions mostly implementing this technology. Other regions have also started implementing this metering infrastructure to reduce nonrevenue water.
On the basis of Meter Type
1. Ultrasonic Meter- ultrasonic meters have a longer life span, and they can transmit real-time data using communication network connectivity; the data is analyzed by meter data management systems or central monitoring software platforms.
2. Electromagnetic Meter - Capabilities of Measuring Wastewater and Better Operational Efficiency Help in Growth of Electromagnetic Meters.
3. Mechanical Meter
On the basis of Application:
1. Water Utilities
The water utilities segment is expected to grow at the fastest rate during the forecast period. This segment is further subsegmented into residential and commercial. The residential subsegment is expected to grow faster than the commercial subsegment. This is mainly due to the increasing population, urbanization, and development of smart city infrastructure. Further, the increasing need for accuracy in the billing of the residential users will boost the growth of this segment.
On the basis of Component:
1. IT Solutions
3. Meters & Accessories
Key market players:
The major players in the global smart water metering market are Kamsturp (Denmark), Badger Meter (US), Diehl (Germany), Landis+Gyr (Germany), Itron (US), Neptune Technology Group (US), Aclara Technologies (US), Sensus (US), BMETER (Italy), Datamatic (US), Honeywell (US), and ZENNER (Germany).
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