Residential Smart Water Meter Market: Current Analysis and Forecast (2023-2030)

The residential smart water meter market is growing at a significant rate owing the factors such as smart water meters help households to conserve water by providing real-time usage data, enabling them to identify and address leaks or other issues. This can lead to significant water savings, particularly in regions where water is scarce or expensive.

Further, smart water meters can improve billing accuracy by automatically reading water usage data and transmitting it to the utility company. This can help to reduce errors and disputes and can also enable more accurate billing based on actual usage.

Moreover, the increasing installation of residential smart water meters in developing economies is further accelerating its market demand.

For instance: In 2021, U.S. electric utilities had about 111 million advanced (smart) metering infrastructure (AMI) installations, equal to about 69% of total electric meter installations.

The Residential Smart Water Meter Market is expected to grow at a steady rate of around 11.6% owing to the soaring government increasing awareness to conserve water and replacing analog water meters with smart water meters. Major companies in the market are focusing on providing residential smart water meters with technologically advanced features along with new product launches, collaboration, and mergers & acquisitions.

Based on the technology, the market is segmented into automated reading meters and advanced metering infrastructure. The advanced metering infrastructure segment registered a significant market share in the year 2022. Advanced metering infrastructure (AMI) solutions aimed at addressing the shortcomings of AMR by instead leveraging a fixed communications network infrastructure have evolved. By enabling high-frequency readings of detailed meter data while also allowing for direct two-way communications with the utility back office, AMI solutions open up entirely new possibilities for water utilities to make substantial enhancements of operational efficiency, reduce non-revenue water (NRW), and greatly improve water conservation schemes.

Based on product type, the market is classified into hot water meters, and cold water meters. Hot water meters acquired a considerable share of the residential smart water meter market. Hot water meters are traditionally used in residential settings and are more widely adopted in regions where hot water usage is more common. Additionally, hot water meters are often integrated with other smart home devices, such as thermostats and boilers, which can further increase their adoption. However, the demand for cold water meters is growing as awareness of the benefits of energy efficiency and conservation increases. Overall, the roof-mounted solar panel market is expected to continue its growth trajectory in the coming years as more people look for sustainable and cost-effective energy solutions.

For a better understanding of the market adoption of the Residential Smart Water Meter industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The residential smart water meter market in Europe has experienced significant growth due to various factors. One of them is the increasing installation of smart water meters at households for obtaining real-time information about water consumption.

Additionally, the demand for the residential smart water meter market has been boosted by the rollout of smart water meter schemes in the region. For instance, Britain's water regulator Ofwat has approved a 2.8 billion plan that includes seven smart water meter schemes. The installation of 462,000 smart meters by the end of 2025 aims to increase resilience to drought by reducing demand and enabling faster leak detection. Furthermore, the EU Energy Efficiency Directive seeks to enhance energy efficiency across Europe, with a focus on promoting smart water metering to detect and prevent water leaks, which can reduce energy consumption linked to water treatment and distribution.

Some of the major players operating in the market include: Diehl Stiftung & Co. KG, Apator S.A., Badger Meter, Inc., Landis+Gyr, Honeywell International Inc., kamstrup, Itron Inc., Sensus, Arad Group, ZENNER International GmbH & Co. KG.