Smart Water Metering Market Overview 2024: Size, Growth Drivers, and Major Segments
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What is the Expected Growth Rate of the Smart Water Metering Market for the Period 2024 to 2033?
The expansion of the smart water metering market has been explosive lately. Its growth trajectory is projected to climb from $3.89 billion in 2023 to $4.41 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 13.5%. This remarkable growth during the historical period can be attributed to factors such as old infrastructure, increased consumer consciousness, emphasis on environmental sustainability, the rising fascination with data analytics utilization, and government regulations.
The market for smart water metering is projected to witness accelerated expansion in the years to come, inflating to $7.02 billion by 2028 with a compound annual growth rate (CAGR) of 12.3%. The advancements during the prediction period are largely due to the rise of smart city projects, remote surveillance, cloud technology, mobile applications, and cybersecurity threats. Prevailing trends anticipated during the forecast period comprise of breakthroughs in sensor technologies, applications of blockchain in water management, edge computing, subscription-oriented models, and integration with smart homes.
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What Factors Are Responsible for the Growth of the smart water metering Market?
The anticipated growth of the smart water metering market can be linked to utilities’ determination to cut non-revenue water, known as NRW, which is treated and purified water that gets lost before reaching its intended location. The control of NRW equips utilities with the means to upgrade service, boost their financial performance, make their cities more inviting, strengthen climate resilience, and lower energy use. The Indiana Finance Authority, an American government entity overseeing state-related debt issuance and providing valuable and practical financing solutions, stated in December 2022 that of Indiana’s metered drinking water utilities, 78% or 418 out of 537, undertook water audits in 2022. These audits highlighted a NRW decrease from 46.7 billion gallons in 2019 to 45.3 billion gallons, leading to a reduced total cost of $51.6 million, compared to $58.4 million in 2019. This trend testifies to continued initiatives by utilities to manage and reduce NRW, demonstrating a positive progression in resource preservation and financial management. Consequently, the focus of utilities on NRW reduction is pivotal to the expansion of the smart water metering market.
Which Segments Are Important for Insight into the Smart Water Metering Market?
1) By Meter Type: Ultrasonic Meter, Electromagnetic Meter, Mechanical Meter
2) By Component: Information Technology (IT) Solutions, Communications, Meters And Accessories
3) By Technology: Automatic Meter Reading, Advanced Meter Infrastructure
4) By Application: Residential, Water Utilities, Industrial, Agricultural
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Which Regions Are Essential for the Growth of the Smart Water Metering Market?
North America was the largest region in the smart water metering market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart water metering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Smart Water Metering Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the smart water metering market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Smart Water Metering Market Include
1. Smart Water Metering Market Executive Summary
2. Smart Water Metering Market Segments
3. Smart Water Metering Market Size And Template Market Growth Rate
4. Key Smart Water Metering Market Trends
5. Major Smart Water Metering Market Drivers
……
25. Key Mergers And Acquisitions In The Smart Water Metering Market
26. Top Smart Water Metering Companies
27. Smart Water Metering Market Opportunities And Strategies
28. Smart Water Metering Market, Conclusions And Recommendations
29. Appendix
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