Research Nester Analytics LLC assesses the growth of the global smart water metering market which is anticipated to be on account of the growing awareness for controlling misuse of water and rising demand for measuring equipment in various industrial sectors.
New York — April 06, 2023 — Research Nester Analytics LLC’s recent market research analysis on “Smart Water Metering Market: Global Demand Analysis & Opportunity Outlook 2033” delivers a detailed competitors analysis and a detailed overview of the global smart water metering market in terms of market segmentation by type, component, product, end-User, and by region.
Initiatives and Emerging Campaigns by NGOs to Drive Growth of the Global Smart Water Metering Market
While basic sanitation and access to water are recognized as human rights, water inequality is now a concern for people all over the world. According to a study, there will be 2 million people without access to securely managed water in 2020, and there will be almost 771 million people without adequate drinking water. Due to increased awareness of the need to reduce water waste, new initiatives and efforts by NGOs to conserve water are supporting the development of the industrial sector in nations like North America and Western Europe. Also, increased public initiatives to stop leaks and funding for R&D to create efficient remote sensing metering techniques have fueled an industrial boom in the Asia-Pacific region. In December 2020, Itron approved a contract for building the water distribution infrastructure at the Consolidated Utility District of Rutherford County (CUDRC). The remedy is projected to change the way of adopting AMI (Advanced Metering Infrastructure) in utilities.
Some of the major growth factors and challenges that are associated with the growth of the global smart water metering market are:
Growth Drivers:
· Need for Smart Water Metering to Optimize Water Consumption
· Rise in Investment in Smart Water Management Technologies
Challenges:
The inadequacy of the infrastructure to support smart metering poses a threat to the industry’s expansion. The installation of a smart water meter has few negatives, but it does cost a lot to deploy and maintain, and it also needs a good infrastructure to support the installation process. The infrastructure in several underdeveloped nations is insufficient for installation. Also, a few places with poor connectivity signals make it challenging for the supplier to maintain frequent tracking data monitoring. Water meters’ utility is being constrained in some regions by the difficulty of power cabling. Users occasionally have to deal with potential privacy issues when household data is sent to the supplier. Demand for smart water meters is being constrained by people’s unwillingness to disclose their consumption information to any third party, which is expected to restrain market revenue growth.
By component, the global smart water metering market is segmented into IT solutions, communications, and meters & accessories. The IT solutions segment is to garner the highest CAGR of 11.25 percent over the forecast period. The growing demand for accurate billing of domestic consumers, the growing need for accurate mapping of the use of unlimited water resources, and the optimization of the billing process are the major factors that are predicted to boost the segment’s growth in the near future.
By region, the Europe region is estimated to have significant growth with a registered revenue of USD 5.85 billion by the end of 2035. Favorable government policies for the adoption of smart water meters, and growing demand for the efficient use of water resources fuel the growth of smart watering metering in Europe. For instance, in 2019, 1.1 million cases of tap water damage were recorded, with costs adding up to over USD 3.4 billion. Moreover, the UK government has introduced rollout programs for the installation of advanced metering systems across the country. For instance, AMP6, AMP7 & AMP8 water resource programs in the UK aim to install meters for over 90% of the end-users by 2022 for efficient water metering management, leakage reduction & repair, and regular monitoring of consumption.
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This report also provides the existing competitive scenario of some of the key players of the global smart water metering market which includes company profiling of Neptune Technology Group, Kamstrup, Honeywell International Inc., Badger Meter, Inc, Landis+Gyr, Sensus, Taggle Systems Pty Ltd, Itron, wasion group, EWS Australia and others.
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