Smart water meter is an electronic device used by water utility companies to measure and read the water consumption. The main functions of a smart water meter include automatic capture and communication of meter readings with respect to real-time water consumption.The concept of Smart Water Meter Market arose in early 2000. To deliver more predictive and proactive services, water utility companies adopted the global trend of using real-time data analytics. This technology was developed based on the Advanced Metering Infrastructure (AMI) technology, which acts as the backbone of the smart water meter concept. The smart water meter technology will help operators detect leakages in pipelines, thereby reducing water loses and in turn controlling the water consumption. The smart water meter market is likely to demonstrate huge growth in the coming years. Smart water meters find applications in industrial/commercial buildings as well as in residential premises.
Smart Water Meter Market: Push Factors
The below push factors signify the driving aspects and trends in the smart water meter market. The growth of smart water networks play a vital role to push the acceptance of smart water meters. Increasing demand for automated metering infrastructure in order to reduce water leakage and control water consumption serves as the backbone for the implementation of smart water meters. Importance of water conservation is the primary driver of the smart water meter market. Increasing awareness related to water scarcity, leakages, illegal water tapping and other forms of water wastage have triggered the growth of adoption of sustainable water management systems. This has propelled the use of smart water metering thereby facilitating enhanced revenue growth of the smart water meter market. Intelligent management of scarce water is becoming a trend these days, which is likely to boost the evolution of a tool called “smart water grids”. This has spurred the adoption of smart water meters.
Further, increasing proliferation of the Internet of Things (IoT) and its integration in water management enables better water treatment, controlled demand and supply of water and easier management of water thereby reducing costs and saving this natural resource. This has impacted the use of smart water meters. Focus on reducing non-revenue water (produced water that is lost before reaching the end customer), upgrading and repair of aging water infrastructure and the need for accurate billing are some of the factors driving the smart water meter market globally. In the current scenario of carbon footprint reduction, environmental stress, economic uncertainty, water scarcity and a growing awareness of the costly relationship between energy and water use, smart water meters stand out as the perfect solution to address multiple issues.
Further, water utilities, meter data and network management firms, smart water meter manufacturers, communications network and telemetry providers, installation companies, and cyber security businesses are collaborating to provide smart water metering solutions, representing a large source of industry convergence, thereby facilitating the growth of the global smart water meter market. Further growth of this market could be driven by the rising global population and the resulting need for smart water infrastructure, thereby increasing the popularity of smart water networks. This factor, along with stringent government regulations pertaining to water management and favourable mandates is driving global acceptance of smart water meters.
Smart Water Meter Market: Pull Factors
The smart water meter market might face low government support, lack of capital and high CAPEX and OPEX related to smart water metering. These are a few challenges that could adversely impact the smart water meter market growth to some extent. Some facilities have experienced complaints from customers due to faulty billing by smart meters. Prevalence of technical glitches in the smart meter systems may likely pose problems and hinder the growth of the smart water meter market in a small way.
Smart Water Meter Market: Worldwide Spread
Owing to strict government compliances, evolution of smart cities and acceptance of fixed network metering systems, the Americas has been and likely will continue to be the largest market for smart water meters. Brazil and Canada are expected to be the market leaders in this region. On the other hand, Europe might represent the fastest growth in the smart water meter market during the forecast period. Developing regions such as APAC are also witnessing good growth opportunities in the global smart water meter market due to rising population and awareness of effective water management.
Smart Water Meter Market: Top Companies
The global smart water meter market appears to be highly fragmented with the presence of multiple global and regional smart water meter manufacturers. Big vendors are adopting strategies such as joint ventures and acquisitions to increase their global market footprint and establish a better competitive edge. Some of the leading vendors in the global smart water meter market are Honeywell, IBM, GE, Elster Group GmbH, Itron, Sensus, Aclara Technologies among others.
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