The global smart water metering market value was US$ 4.89 billion in 2020. The global smart water metering market value is forecast to reach US$ 9.71 billion by 2030, with a growing compound annual growth rate (CAGR) of 7.3% during the forecast period from 2021-2030.
Request To Download Sample of This Strategic Report :-https://reportocean.com/industry-verticals/sample-request?report_id=BWCC577
The smart water metering system is a technologically enhanced platform that enables utilities to automatically collect consumption data, improve efficiency, eliminate manual meter reading, and reduce costs. Additionally, the Smart water metering system uses wired and wireless communications technology, such as the Wi-Fi water meter, to connect LAN or wide area networks, allowing convenient remote monitoring and infrastructure maintenance through leak detection. Furthermore, smart water meters can contribute to billing water, energy consumption, and natural gas in the industrial, residential, and commercial sectors. Smart electronic water metering is also equipped with water mapping solutions throughout the supply chain of the water utility and offers reliable monitoring.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing Market Growth
Smart water metering uses the Internet of Things to measure water usage but cannot influence water consumption patterns by itself. Further, Smart water meters consist of materials like thermoplastics, which allows enterprises to recycle them in order to promote sustainability. Additionally, the growing need for digitization in water industry operations offers opportunities for market growth.
The market share of smart water metering is forecast to grow significantly during the forecast period due to an increase in demand for accurate water billing solutions. Furthermore, the rise in utilities focuses on reducing non-revenue water has driven the growth of the market.
The lack of government initiatives is limiting market growth.
During the forecast period, digitization of the water industry operations is likely to provide lucrative opportunities for the growth of the smart water metering market.
Impact Analysis of COVID-19
COVID-19 has adversely affected the growth of the global smart water metering market in 2020. Due to the absence of government regulations or initiatives, the market is likely to grow relatively slowly during the forecast period. COVID-19 created many obstacles in the construction industry, such as a lack of raw materials, a skilled workforce, safety measures, deliverables, contractual obligations, and project delays. Thus, the demand for smart water metering decreased. Nevertheless, the rising adoption of digital infrastructure solutions across major economies will drive demand for smart water metering post-pandemic.
Regional Insights
North America is forecast to be the largest market during the forecast period due to government initiatives for a reduction in non-revenue water, accurate meter reading, and the development of smart city infrastructure in the US and Canada. Furthermore, urbanization and industrialization are forecast to drive market growth.
Get a Sample PDF copy of the report :-https://reportocean.com/industry-verticals/sample-request?report_id=BWCC577
Leading Competitors
The leading prominent companies profiled in the global smart water metering market are:
- Aclara Technologies LLC
- Badger Meter. Inc.
- Honeywell International
- Itron, Inc.
- Kamstrup A/S
- Landis+Gyr
- Mueller Water Product, Inc.
- Neptune Technology Group Inc.
- SIEMENS AG
- SENSUS (XYLEM)
- Other Prominent Players
Scope of the Report
The global smart water metering market segmentation focuses on Meter Type, Application, Technology, Component, and Region.
Segmentation based on Meter Type
- Electromagnetic Meter
- Ultrasonic Meter
- Mechanical Meter
Segmentation based on Application
- Residential
- Commercial
- Industries
Segmentation based on Technology
- Automatic Meter Reading
- Advanced Metering Infrastructure
Segmentation based on Component
- Meter & Accessories
- IT Solutions
- Communications
- Wired
- Wireless
Inquire more and share questions if any before the purchase on this report at:-https://reportocean.com/industry-verticals/sample-request?report_id=BWCC577
Segmentation based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
-The market report presents the estimated size of the ICT market at the end of the forecast -period.
-The report also examines historical and current market sizes.
-During the forecast period, the report analyzes the growth rate, market size, and market valuation.
-The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
-The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
Full Report Description, TOC, Table of Figure, Chart, etc.-https://reportocean.com/industry-verticals/sample-request?report_id=BWCC577
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is a ‘one-stop solution’ for individuals, organizations, and industries that are looking for innovative market research reports.
Get in Touch with Us:
Report Ocean:
Email:sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 – UNITED STATES Tel: +1 888 212 3539 (US – TOLL FREE)
Website:https://www.reportocean.com/