Smart Water Meter Market Set to Reach USD 9 Billion by 2030, Growing at a CAGR of 14%
According to Next Move Strategy Consulting, the global Smart Water Meter Market is forecast to grow to USD 9 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 14% by 2030. Smart water meters are internet-connected devices that monitor and record water usage, transmitting real-time data to a central system for better management, leak detection, and water conservation. These innovations are reshaping the way water utilities and consumers manage water resources while promoting sustainability.
Download Free Sample: https://www.nextmsc.com/smart-water-meter-market/request-sample
Market Overview and Dynamics
Smart water meters provide invaluable benefits by delivering accurate data on water consumption, helping to reduce waste, and enabling real-time leak detection. These devices also play a crucial role in preventing water contamination, alerting authorities to potential threats such as bacteria, chemicals, and parasites in the water supply.
The market is experiencing increased demand driven by rising government initiatives and an overall focus on sustainable water usage. Notably, the U.S. Environmental Protection Agency (EPA) approved approximately USD 169 million in 2022 for water infrastructure improvements through the Bipartisan Infrastructure Law, aiming to provide communities with access to clean and safe drinking water.
The market is also witnessing growing adoption in response to the increasing prevalence of waterborne diseases, including cholera and typhoid. According to the World Health Organization’s 2021 report, around 2 billion people globally are exposed to unsafe drinking water, primarily contaminated with fecal matter. This urgent need for safe drinking water is propelling the growth of smart water meter technologies.
Despite these promising trends, high upfront costs associated with smart water meters pose a challenge for some consumers and utilities. However, the ongoing development of Internet of Things (IoT)-integrated meters and the introduction of advanced features like remote monitoring and automated data collection are expected to open new growth opportunities in the market.
Inquire Before Buying: https://www.nextmsc.com/smart-water-meter-market/inquire-before-buying
Segmentation and Market Scope
The global smart water meter market is segmented into various categories to offer a deeper understanding of key trends:
- Technology: Automated Meter Reading (AMR) and Advanced Metering Infrastructure (AMI)
- Connectivity: Cellular, Fixed Network, Radio Frequency (RF), and Power Line Communication (PLC)
- Meter Installation: Indoor and Outdoor
- Flow Measurement: Positive Displacement, Velocity-based, Compound/Multi-jet, and Turbine
- Applications: Water Supply Management, Leak Detection & Prevention, Water Conservation, and Billing & Revenue Management
- End-Users: Residential, Commercial, Industrial, and Municipal
Geographical Outlook
North America leads the global smart water meter market, driven by increased government support and initiatives aimed at improving water management and infrastructure. The U.S. EPA’s funding of USD 25.7 million in 2022 further underscores the country’s commitment to promoting smart water meter adoption. Major players such as Itron Inc., Badger Meter Inc., and Aclara Technologies are contributing to market growth through strategic product launches and collaborations. For example, Itron Inc. and Digimondo’s partnership in 2021 has helped integrate smart water management solutions via LoRaWAN technology.
Meanwhile, the Asia Pacific region is also emerging as a significant market due to government initiatives aimed at improving water management. Notably, India’s commitment to smart water management technologies, exemplified by the USD 0.3 million financial support to M/s Kritsnam Technologies in 2022, highlights the region's growing adoption of smart water meters.
Competitive Landscape
The smart water meter market is highly competitive, with several key players such as Aclara Technologies LLC., Arad Group, Badger Meter Inc., BERMAD CS Ltd, Diehl Stiftung & Co. KG, and Itron Inc. taking innovative steps to maintain leadership in the industry. These companies focus on launching advanced products, entering strategic collaborations, and expanding their service portfolios.
In 2022, Badger Meter, Inc. introduced the ModMAG M2000 Electromagnetic Flow Meter, which provides rugged and reliable flow measurement for critical applications. Similarly, Itron Inc. has expanded its market presence by collaborating with United Utilities to implement its next-generation cloud-based meter management solution, Temetra, which promises enhanced efficiency in water management.
Conclusion
The smart water meter market is poised for significant growth in the coming years, driven by advancements in technology, rising demand for sustainable water management solutions, and growing government support. As countries continue to prioritize water conservation and efficiency, smart water meters will play a pivotal role in improving global water management systems. With a robust pipeline of innovations and strategic collaborations, the smart water meter market is expected to witness further acceleration in the years ahead.
For more information, please contact:
Next Move Strategy Consulting
E-Mail: info@nextmsc.com
Direct: +1-217-650-7991
Website: www.nextmsc.com
Follow Us: LinkedIn | Twitter | Facebook | Instagram | YouTube
About Next Move Strategy Consulting:
Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.
We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicates as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solutions that range from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.