Smart Water Meter Market to 2025 - Global Analysis and Forecasts
LONDON, August 29, 2018 /PRNewswire/ -- The global Smart Water Meter market is estimated to grow at a CAGR of 12.4% during the forecast period 2018 - 2025 and account for US$ 5,832.0 Mn by the year 2025.
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Several governmental initiatives are helping the smart water meter market to flourish in the current scenario.Various parts of the US have successfully implemented smart water meter with the help of government funding.
For instance, Queensland (Australia) state government invested US$ 10 Mn with an objective to implement smart water meters in various parts of the region.The investment's objective is to improve water efficiency programs in FY 2017 - 2018.
Similarly, in November 2017, the Ministry of Water and Sanitation, Ghana awarded a contract of Kamstrup A/S for the supply of 500,000 smart water meters in order to fight water scarcity and high non-revenue water.The smart water meters' market is anticipated to witness a notable growth in the coming years owing to various other political initiatives undertaken by the governments of developed as well as developing countries across the globe.
Governments of countries such as the US, Canada, the UK, Germany, China, India, and Singapore are continuously emphasizing on developing smart cities, focusing on energy, transportation and traffic sectors.
The future market for smart water meter is promising, as the OEMs and other research centers are continually intending to deploy smart and connected technologies for efficient monitoring and operations without any human interference.As a result, technologically enriched sensors systems are being developed, which is expected to attract the significant number of industries in the coming years.
The AMR type market is continuously evolving with the introduction of new and innovative products.There is a surge in demand for AMR based smart water meter in type segment.
This device provides improved monitoring of water consumption and aims at mitigating the losses of water utility companies.
In our study, we have segmented the smart water meter market by types, components, and end-users.The smart water meters are broadly categorized into two types as Advanced Metering Infrastructure (AMI), and Automated Meter Reading (AMR).
Further, the market has been segmented on the basis of components of a smart water meter system into controlling unit; display, storage & integrated software; and others.The end-users for these smart water meters comprise of residential and industrial sectors.
On the basis of geography, the Smart Water Meter market is analyzed into North America, Europe, Asia- Pacific (APAC), Middle East & Africa (MEA) and South America (SAM).
The market is observing proliferation in the adoption of AMR based devices along with some developed regions preparing for two-way communication-based infrastructure network.Although, AMI sub-segment is projected to represent fastest growth rate, while, the AMR sub-segment due to significant growth rate and high market share is expected to create highest revenue opportunity over the forecast period.
The top companies operating in the field of smart water meter include Sensus, Neptune Technologies, Elster Group GmbH, Aclara Technologies LLC, Badger Meters, Kamstrup, DIEHL Metering Group, ARAD Group, Mueller, Itron, Various other companies are also operating in the market and are coming up with new technologies and offerings which is helping the market for smart water meter to expand over the years in terms of volume as well as revenues.
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