The global smart water meters market size was USD 7.12 Billion in 2021 and is expected to register a revenue CAGR of 10.2% over the forecast period, according to the latest report by Reports and Data.
Smart water metres are a type of technological gadget used to measure water use for billing purposes. In addition, the usage of water metres for invoicing natural gas, energy consumption, and water in industrial, commercial, and residential locations is becoming more popular across the world. In metering devices, a water metre, an electric metre, and a control unit are utilised to reduce Non-Revenue Water (NRW) waste, achieve billing accuracy, and reduce carbon footprint. Because of the increasing demand for data processing, control, and measurement, they are widely utilised in a variety of fields.
While water access and basic sanitation are recognised fundamental rights, water inequality has become a global concern among individuals. According to study, there will be over 771 million people without basic drinking water in 2020, and around 2 million people would lack securely managed water. The developing industrial sector in nations such as North America and Western Europe is being aided by new campaigns and initiatives by non-governmental organisations (NGOs) to save water, since there is a rising understanding of the need of managing water waste. Furthermore, increased public actions to reduce leaks and investments in R&D to create effective remote sensing metering systems have ignited an industry boom in Asia-Pacific.
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Some Key Highlights from the Report
The smart water metre market is divided into three segments based on metre type: ultrasonic metre, electromagnetic metre, and mechanical metre. In 2021, the ultrasonic metre category generated the most revenue. Using one or more ultrasonic transducers, an ultrasonic metre delivers ultrasonic sound waves through the fluid to determine its velocity. When the velocity of the water is measured, the cross-sectional area of the metre component may be computed with high precision since it has a constant and known value. Because water density fluctuates with temperature, most ultrasonic metres monitor the temperature as well as the volume.
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According to geographical study, the North American smart water metre market will account for the greatest revenue share in 2021. If traditional water metres are replaced with more accurate ones that use less local non-revenue water, the industrial scenario is projected to alter. New York American Water stated in 2020 that it will replace all 126,500 of the county’s water metres in order to measure water consumption patterns and provide real-time water usage information. Strict government targets have been set for regional municipality utilities to implement AMI water infrastructure, resulting in increased demand for smart water metres in this region.
Trilliant, a prominent multinational AMI solution vendor, announced the successful adoption of wireless water metering in Canada on September 20, 2022. This will also help with metering initiatives that require consistent and robust connectivity.
Companies profiled in the market report include Kamstrup, Badger Meter, Inc., Diehl Stiftung & Co. KG, Landis+Gyr, Itron Inc., Neptune Technology Group Inc., Aclara Technologies LLC., Sensus, a Xylem brand, BMETERS Srl and ZENNER International GmbH & Co. KG.
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