Market Research Report
Smart Water Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
|Smart Water Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026|
Published: August 2, 2021
IMARC Services Private Limited
Content info: 146 Pages
Delivery time: 2-3 business days
The global smart water meter market exhibited moderate growth during 2015-2020. Owing to rapid urbanization and the rising global population, there has been an increase in the demand for water around the world. As a result, the conventionally used analog metering systems are gradually being replaced by smart water meters. This can be attributed to their ability to offer instant and real-time information about water consumption to individuals and the authorities. In addition to this, these meters help in reducing the overall labor cost, keeping track of the exact usage of water and offering a relatively more accurate billing with the ability to detect thefts. Smart water meters also aid water utilities in monitoring consumer usage and adjusting the prices as per the season or time of the day.
At present, the demand for smart water meters is escalating across the globe as they enable users to conserve water. In addition to this, these meters are tamper-proof and allow utilities to remotely cut-off water supply in case of overdue bills. Moreover, governments in numerous countries are undertaking initiatives to ensure that every household and business firm is offered a smart meter. Some of the other factors that are impelling the market growth include the easy availability of smart water meters, the growing popularity of the Internet of Things (IoT)-based devices, and the development of smart cities across the globe. Furthermore, the development of LPWA (low power wide area) network technologies that provide enhanced coverage and connectivity for smart water meters is anticipated to strengthen the growth of the market in upcoming years. Looking forward, IMARC Group expects the global smart water meter market to reach a value of US$ 8.61 Billion by 2026.