“The global smart water metering market is estimated to develop at a 12% CAGR between 2024 and 2031. The market size is expected to be USD XX million by 2024 and USD YY million by 2031.”
North America is likely to dominate the market. Factors driving the smart water meters market include rising demand for effective water management, government initiatives for smart city development, and the desire to reduce non-revenue water losses.
Rising adoption of IoT and smart city initiatives
Major trends driving the smart water metering market include the growing usage of Internet of Things (IoT) technology and the expansion of smart city projects around the world. Smart water meters with advanced sensors and connectivity capabilities allow for real-time monitoring, remote meter reading, and data-driven decision-making.
Governments and utilities are investing in smart city initiatives to optimise resource management and operational efficiency. For example, in 2021, Columbus, Ohio, launched a $10 million smart city plan that included the installation of smart water meters.
Government regulations and policies promoting water conservation
Government rules and initiatives aimed at encouraging water conservation and decreasing water loss are major drivers of the smart water metering business. Many countries have implemented regulations and incentives to promote the use of smart water metering systems. For example, in 2020 the European Union implemented the European Green Deal, which establishes targets for member states to reduce water waste and enhance water efficiency. The agreement is intended to increase investment in smart water metering systems across Europe.
High initial costs and infrastructure requirements
The high initial costs of deploying smart water metering systems, as well as the requirement for large infrastructure changes, are important market limitations.
Smart water metering needs significant expenditures in meters, communication networks, software, and integration with current systems. Many water utilities, particularly in developing nations, face financial constraints and may be hesitant to make big initial investments.
AMI technology to dominate the smart water metering market
The AMI (Advanced Metering Infrastructure) category is likely to dominate the smart water metering market throughout the forecast period. AMI systems provide real-time, two-way communication between meters and utilities, allowing for sophisticated capabilities like remote meter reading, leak detection, and demand response programs. In 2021, Itron, a renowned developer of smart metering technologies, announced a contract with Halifax Water in Canada to install an AMI system for 85,000 water meters. The project intends to improve billing accuracy, reduce water waste, and improve customer service.
Recent advances in the AMI category include the growing use of cellular communication technologies like NB-IoT and LTE-M, which provide better coverage and lower power consumption than classic RF mesh networks. In 2022, Kamstrup, a Danish smart metering company, will introduce a new generation of ultrasonic water meters with integrated NB-IoT connections, allowing utilities to deploy AMI systems more efficiently.
North America to lead the smart water metering market
North America is likely to dominate the smart water metering market during the forecast period. The region was an early adopter of smart metering technologies, spurred by government initiatives, ageing water infrastructure, and a desire to increase water management efficiency. The United States is North America's largest market, and several large-scale smart water metering projects are now ongoing. For example, in 2022, the city of San Diego launched a $60 million effort to provide smart water meters to its 1.4 million people.
Stringent water conservation and management rules help to drive the growth of the smart water metering market in North America. The United States Environmental Protection Agency (EPA) issued the WaterSense Specification for Flushometer-Valve Water Closets in 2021, requiring business flushometer-valve toilets to be more water-efficient. Such regulations are anticipated to encourage the use of smart water metering systems, which can track and optimise water consumption.
Recent advances in the North American smart water meters market include the growing use of cloud-based software solutions and data analytics platforms. In 2023, Neptune Technology Group, a prominent developer of smart water metering solutions, will collaborate with Esri, a geographic information system (GIS) software vendor, to create a comprehensive solution for water utilities to visualise and analyse smart meter data.
The smart water metering market is extremely competitive, with both established firms and rising startups contending for market dominance. Key market players include Itron, Landis+Gyr, Sensus (Xylem), Kamstrup, Badger Meter, Neptune Technology Group, and Diehl Metering. To increase their market position, these organisations prioritise product innovation, strategic collaborations, and regional expansion.
Itron bought SmartMeterQ, an Indian developer of smart water metering technologies, in 2022 to extend its business in Asia-Pacific. Landis+Gyr has made significant investments in research and development to expand its smart water metering offering, with a focus on advanced analytics and IoT integration. Sensus (Xylem) has used its experience in data analytics and artificial intelligence to provide value-added services to water utilities, such as leak detection and predictive maintenance.
The sector has also seen a number of mergers and acquisitions in recent years. Badger Meter purchased Analytical Technology, Inc., a water quality monitoring system provider, in 2021 to broaden its capabilities in the smart water industry. Neptune Technology Group has collaborated with prominent software suppliers, including Oracle and SAP, to develop integrated solutions for water utilities.
The smart water metering industry has a promising future, thanks to rising demand for smart city solutions, growing worries about water scarcity, and the need for efficient water management. However, the market is projected to face some obstacles, including cybersecurity threats, interoperability issues, and the need for experienced staff to administer and maintain smart water metering devices.
The smart water metering market is expected to rise significantly in the future years, owing to increased acceptance of smart city programs, government laws on water conservation, and the need for effective water management. The industry is likely to migrate towards advanced metering infrastructure (AMI) systems, which provide real-time, bidirectional communication between meters and utilities. The integration of IoT, artificial intelligence, and data analytics will be critical to driving market growth and offering value-added services for water utilities.
However, the high initial costs of smart water metering systems, as well as the necessity for large infrastructure modifications, may limit market expansion, particularly in developing nations. To address these problems and assure long-term adoption of smart water metering systems, water utilities will need to establish novel business models and financing techniques.
North America is likely to maintain its market dominance in smart water metering, owing to government initiatives, ageing infrastructure, and tight water conservation requirements. However, the Asia-Pacific region is predicted to experience the fastest growth rate during the forecast period because of rapid urbanisation, increased investments in smart city initiatives, and growing worries about water scarcity.
To keep their market share, established players will focus on product innovation, strategic collaborations, and regional development. New competitors are also likely to enter the market. notably in the software and services category, bringing innovative solutions for data analytics, leak detection, and client interaction.
Overall, the smart water metering market offers substantial prospects for growth and innovation, owing to rising demand for effective water management, technical advancements, and government initiatives. To maintain the market's long-term success, participants will need to solve difficulties like cybersecurity, interoperability, and the demand for experienced individuals.
Itron
Landis+Gyr
Sensus (Xylem)
Kamstrup
Badger Meter
Neptune Technology Group
Diehl Metering
Arad Group
Honeywell
B Meters
In January 2023, Itron introduced their new ItronAMI solution, a comprehensive AMI platform for water utilities that includes advanced capabilities like leak detection, pressure monitoring, and data analytics.
Sensus (Xylem) teamed with Esri in November 2022 to provide an integrated solution for water utilities to visualise and analyse smart meter data on Esri's ArcGIS platform.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope and Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking—Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies List by Country) (Premium) *
5. COMPANY PROFILES
5.1. Itron
5.2. Landis+Gyr
5.3. Sensus (Xylem)
5.4. Kamstrup
5.5. Badger Meter
5.6. Neptune Technology Group
5.7. Diehl Metering
5.8. Arad Group
5.9. Honeywell
5.10. B Meters (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Rising adoption of IoT and smart city initiatives
6.1.2. Integration of sustainable and transparent sourcing practices
6.1.3. Growing applications in specialised nutrition products
6.2. Market Drivers
6.2.1. Government regulations and policies promoting water conservation
6.2.2. Increasing demand for efficient water management
6.2.3. Need to reduce non-revenue water losses
6.3. Market Restraints
6.3.1. High initial costs and infrastructure requirements
6.3.2. Lack of standardisation and interoperability
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY TECHNOLOGY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (2020-2031)
7.1. AMR
7.2. AMI
8. BY COMPONENT (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH)--2020-2031)
8.1. Meters
8.1.1. Electromagnetic
8.1.2. Ultrasonic
8.1.3. Mechanical
8.2. Software
8.2.1. Meter Data Management
8.2.2. Analytics
8.3. Services
8.3.1. Consulting
8.3.2. Implementation
8.3.3. Support & Maintenance
9. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Residential
9.1.1. Single-family homes
9.1.2. Multi-family Buildings
9.2. Commercial
9.2.1. Office Buildings
9.2.2. Hospitals
9.2.3. Hotels & Restaurants
9.3. Industrial
9.3.1. Manufacturing
9.3.2. Mining
9.3.3. Agriculture
10. BY COMMUNICATION METHOD (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. Cellular
10.1.1. NB-IoT
10.1.2. LTE-M
10.2. Fixed Network
10.2.1. RF Mesh
10.2.2. PLC
11. BY REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH)--2020-2031)
11.1. North America
11.1.1. United States
11.1.2. Canada
11.1.3. Mexico
11.2. South America
11.2.1. Brazil
11.2.2. Argentina
11.2.3. Rest of South America
11.3. Europe
11.3.1. Germany
11.3.2. United Kingdom
11.3.3. France
11.3.4. Italy
11.3.5. Spain
11.3.6. Russia
11.3.7. Rest of Europe
11.4. Asia-Pacific
11.4.1. China
11.4.2. Japan
11.4.3. India
11.4.4. Australia
11.4.5. South Korea
11.4.6. Rest of Asia-Pacific
11.5. Middle-East
11.5.1. UAE
11.5.2. Saudi Arabia
11.5.3. Turkey
11.5.4. Rest of Middle East
11.6. Africa
11.6.1. South Africa
11.6.2. Egypt
11.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (2020-2031)
By Technology:
AMR
AMI
By Component:
Meters
Software
Services
By Meter Type:
Electromagnetic
Ultrasonic
Mechanical
By Application:
Residential
Commercial
Industrial
By Communication Method:
Cellular
Fixed Network
By Region:
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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