Market Research Report
Smart Water Meter Market - Growth, Trends and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||613085|
|Published||Content info||131 Pages
Delivery time: 2-3 business days
|Smart Water Meter Market - Growth, Trends and Forecasts (2020 - 2025)|
|Published: January 1, 2020||Content info: 131 Pages||
The unit shipments of the Global Smart Water Meters were at 14.75 million units in 2019, with the market expected to register a CAGR of 9.7% during the forecast period. With increasing pressure on water utilities due to growing demand, increasing water stress, rising energy prices, and aging water systems, smart water network solutions have emerged with significant benefits, by combining advanced metering technology, software, and effective communications systems. The integration of the said components enables end users to account for every drop and turn water into revenue through enhanced leak detection and unparalleled data acquisition.
Water meters are devices that measure the quantity of water used in various residential, commercial, and industrial applications. On the other hand, smart metering solutions are the extensions of these conventional meters, and employ meters or modules with communication capabilities (either one-way or two-way) embedded within the meter or attached to the meter.
Residential Segment is Anticipated to Hold a Major Market Share
Most housing complexes do not track the consumption or usage of water in apartments. The growing number of residential buildings and the consequent increase in water consumption are expected to have a positive impact on the integration of smart water meters.
The integration or incorporation of smart meters in the residential sector is likely to save or mitigate water consumption by about 35%, which will not only foster efficiency, but also help residents manage their bills.
The countries prone to droughts present an immense opportunity to the smart water meters market, which will help save water consumption, and effectively manage the water flow to residential areas.
The North American market is Anticipated to Hold a Major Market Share
Water scarcity in the West, along with ageing infrastructures in the regions of the Mid-West and East, has helped promote the requirement to tackle efficient remote meter readings that can help benefit revenue generation and improve consumer service.
Furthermore, the reduced leakage and efficient use of water are also major drivers for the smart water meters market. As North America is a more developed market, the utility base is in harmony with the smart meter technology, and is starting to implement advanced data solutions.
Various cities are also promoting the use of smart water meters. The City of Santa Fe, for instance, chose Badger Meter's BEACON smart water meter solution, for full installation across all their water meter endpoints, including both residential and commercial customers. The foundation for the outline is a cellular-enabled smart meter, which can be installed and immediately used for the utility's smart water network applications.
The smart water meter market is highly competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. However, companies are increasing their market presence by securing new contracts and by tapping new markets. For instance, in 2018, Diehl announced that the Diehl metering software solution is now available on Microsoft Azure. The company's IZAR software provides the central platform for all of the energy data, making all processes simpler and more cost-efficient, from meters and remote reading, through to data management and comprehensive data analysis.
Furthermore, in 2017, ZENNER took over Alfa Centauri SpA, further expanding its position in the international smart meter market. The new company is likely to be registered in the future as ZENNER Gas S.r.l., and may move its headquarters from Fara Filiorum Petri (Italy), to Pescara. With this, the company is setting another milestone in its global digitalization. ZENNER has already been providing smart water meters, heat meters, and heat cost allocators for several years.