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 the smart water metering market size isprojected to reach US$ 7.36 billion by 2031. The smart water metering market is expected to record a CAGR of 9.9% from 2023 to 2031.
Smart Irrigation Systems Through Smart Water Management to Provide Lucrative Opportunities for Smart Water Metering Market Growth During the Forecast Period
Smart irrigation or smart agriculture is a flourishing sector in North America and Europe due to the fact that the regions have sufficient agricultural land. However, they lack human labor and time for the conventional form of agriculture. Smart agriculture or smart irrigation systems involve the usage of several sensors, data loggers, and communication systems along with data platforms with which the operator can easily review the procedures. Pertaining to the trends mentioned above in the agriculture industry among North American and European countries and the upsurge in prices of individual sensors, data loggers, and other components, farmers or farming organizations implement smart water meters on the grounds. Smart metering technology can be integrated into irrigation systems to monitor and manage water consumption for landscape and agriculture. Smart irrigation controllers and sensors can help users optimize their water usage and avoid water waste. This can result in significant water conservation in regions where irrigation is a major water consumer. In addition, smart water meters benefit farmers or farming organizations by coupling all the individual components into one unit, which, in turn, reduces the upfront costs of the company. The meters facilitate farmer's or farming organizations' enhanced energy management, water usage, water conservation, and ultimately saving costs. The advantages of smart water meters in irrigation or agriculture are sensing the amount of water needed and spraying the required amount. It reduces time, minimizes human labor, and enhances accuracy, thereby resulting in high-quality crop yield. The technological advancements in water conservation are highly benefiting the agriculture industry in countries such as the US, Canada, Mexico, Germany, France, the UK, Italy, Australia, and others. The high adoption of smart technologies in irrigation is expected to bolster the growth of the smart water metering market in the coming years.
Key Findings of Smart Water Metering Market Study:
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.
Based on meter type, the market is segmented into ultrasonic meters, electromagnetic meters, and electromechanical meters. Ultrasonic water meter works on the sound wave principle. The technology releases sound waves to determine the velocity and the flow of water inside the tunnel or pipe. Under no-flow conditions, the sound waves released by the ultrasonic water meters receive the same frequency as those released due to no detection of flow or the frequency of flow. Under flowing conditions, the sound waves released by the ultrasonic smart water meter are reflected with the different frequencies of sound waves. The transmitter then processes the signals generated from both the sound waves (released and received) to provide the actual real-time data.
The rise in demand for longer-lifespan smart water products, along with the low requirement of calibration in smart water meters, drives the growth of the global smart water metering market for the ultrasonic meter segment. Moreover, the majority of the companies operating in the market offer at least some products in the ultrasonic meters segment due to higher demand for ultrasonic meters from residential and some industrial applications. A few of the companies operating in the market are Peltek India, Iskraemeco Group, Kamstrup, Mueller Water Products, Badger Meter Inc, Bmeters Srl, DIEHL STIFTUNG & CO KG, Itron Inc, and ARAD Ltd. In November 2022, LANDIS+GYR launched hardware and software solutions for gas water meters. Also, the company launched its latest addition of ultrasonic smart water meters, W270 and W370, based on IoT technologies. Such product launches boost the market growth for the segment.
Moreover, factor such as increasing water scarcity and misuse of water propel the smart water metering market growth. Also, increase in demand for smart water meters with rise in smart city initiatives is expected to bring new smart water metering market trends in the coming years.
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), 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). North America accounted for the largest smart water metering market share in 2023.
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 among the key players profiled in the smart water metering market report.
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