With increasing adoption of internet of things (IoT) technologies by utility vertical and the advantages offered by smart water meters in water management, the smart water meters market is expected to grow at a high growth rate. Like many other verticals, utility vertical is undergoing a process of transformation through the use of IoT-enabled real-time data generation in order to increase operational efficiencies aiding in reduced expenditures and energy consumptions. For water utility authorities, non-revenue water (NWR) i.e. water lost before reaching to customers through leakages and illegal water tapping is a major cause of concern and smart water meters can aid in detecting and preventing water leakages and water tapping.
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Smart Water Meters: Drivers and Challenges
Aging water utility infrastructure in matured economies including U.S., U.K., Germany, France etc. and increasing emphasis on water and energy conservations and carbon footprint reduction are some of the factors driving the demand of smart water meters market. Besides this, increasing adoption of IoT solutions in utility vertical and increasing number of smart city projects are expected to support the increase in demand for smart water meters market.
However, high initial investment cost in terms of installation and software licensing are some of the challenges that will affect the demand of smart water meters market.
Global Smart Water Meters: Market Segmentation
Global Smart Water Meters Market can be divided into four segments, based on component, application, technology and region.
Segmentation on the basis of Component for Smart Water Meters Market:
The major segments of smart water meters on the basis of the component include:
- Software & platforms
Segmentation on the basis of Application for Smart Water Meters Market:
The major segments of smart water meters on the basis of the application include:
Segmentation on the basis of Technology for Smart Water Meters Market:
The major segments of smart water meters on the basis of technology include:
- Advanced Metering Infrastructure (AMI)
- Automatic Meter Reading (AMR)
Segmentation on the basis of Region for Smart Water Meters Market:
The major segments of smart water meters on the basis of the region include:
- Asia-Pacific excluding Japan
- The Middle East and Africa
- Western Europe
- North America
- Eastern Europe
- Latin America
Global Smart Water Meters: Regional Trend
Among various regions, smart water meters market in North America is expected to dominate during the forecast period because of region’s strong focus on water monitoring and water leakage prevention, repair and up gradation of aging water infrastructure and the presence of major vendors providing smart water meters solutions. North America region is expected to be followed by Western Europe and APEJ.
APEJ is expected to drive the demand for smart water meters market, supported by increasing expenditure on region’s water utility infrastructure to support a large population and increasing adoption of IoT technology in the region.
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Global Smart Water Meters: Competitive Landscape
Some of the prominent players in the field of smart water meters market include Itron Corp (U.S.), Elster Group (U.S.), Aclara Technologies LLC (U.S.), Landis+Gyr AG (Switzerland), Maven Systems Pvt. Ltd. (India) etc.