Smart Water Metering Market is expected to reach US$ 7.36 Billion by 2031

Increasing Water Scarcity and Rising Misuse of Water Boost Smart Water Metering Market Growth

According to our latest study on “Smart Water Metering Market Forecast to 2031 – Global and Regional Share, Trend, and Growth Opportunity Analysis — by Type, Component, End User, and Meter Type,” the market was valued at US$ 3.80 billion in 2023 and is projected to reach US$ 7.36 billion by 2031; it is estimated to register a CAGR of 9.9% from 2023 to 2031. The report includes growth prospects in light of current smart water metering market trends and driving factors influencing the market growth.

Practices such as illegal tapping, tampering with pipelines, leakage, and others cause water scarcity. According to World Wildlife Fund (WWF), ∼ 1.1 billion individuals across the world lack access to water, resulting in 2.7 billion finding water scarce. According to UNESCO, the global urban population confronting water scarcity is expected to quadruple from 930 million people in 2016 to 1.7–2.4 billion by 2050. Also, the increasing frequency of extreme and persistent droughts is pressuring ecosystems, with disastrous repercussions for plant and animal species. Furthermore, another major issue faced by various regions is the misuse of water, which has significantly increased the demand for advanced solutions to maintain the consumption pattern from source to destination. The significant demand for an advanced solution has led to the development and implementation of smart water meters, as they can monitor consumption patterns and monitor leakage, theft, and illegal tampering. Smart water meters are equipped with wired or wireless devices that are integrated with data management programs, which enable the user or operator to examine/check the consumption pattern. Technological advancements in the field of water conservation can help in fighting water scarcity. Thus, various governments of developed and developing regions across the world are constantly increasing their desire to adopt these robust technologies to provide a sufficient amount of water to the public. Additionally, numerous private organizations are striving to implement technologically advanced smart water management systems to address water scarcity issues across the globe. Therefore, increasing water scarcity and misuse propels the demand for proper maintenance of water consumption patterns, thus bolsters the smart water meters market size.  

Smart Water Metering Market – by Region, 2023 and 2031

Source: The Insight Partners Analysis

The smart water metering market analysis has been carried out by considering the following segments: type, component, end user, and meter type. Based on type, the market is bifurcated into AMR and AMI. In terms of component, the smart water metering market is segmented into controlling units; display, storage, and integrated software; and others. The market, by application, is bifurcated into residential and industrial. By meter type, the market is segmented into ultrasonic meter, electromagnetic meter, and electromechanical meter. The ultrasonic meters segment held the largest smart water metering market share in 2023.

The scope of the smart water metering market report is primarily divided into North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). Asia Pacific accounted for the significant smart water metering market share in 2023. Asia Pacific remains the world's most vulnerable region to water security and thus needs to address this issue for the economic growth of countries. As per research conducted by the Asian Development Bank, close to 3.4 billion people in Asia Pacific will be living in water-stressed areas by 2050, while the demand for water is expected to increase by 55%. Asia Pacific is home to around 60% of the world's population, which needs access to clean water for potable uses, as well as for other household purposes. Additionally, climate change plays another critical role in the water supply crisis in the region. Some areas of the region remain heavily flooded, whereas a few faces huge water scarcity problems. Therefore, there is a dire need for government intervention in Asian countries to minimize water wastage and maintain water assets to ensure long-term sustainability of water supply. This will drive the smart water metering market growth.

Arad Ltd, Badger Meter Inc., Bmeters SRL, Diehl Stiftung & Co KG, Itron Inc., Kamstrup AS, Mueller Water Products Inc., Neptune Technology Group Inc., Sensus USA Inc, and WAVIoT Integrated Systems LLC are a few of the key players profiled in the smart water metering market report.

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