Smart Water Meter Market: Technology Backs Product Expansion

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Smart Water Meter Market Technology Backs
Product Expansion
The prevalence of dwindling water resources and
the increasing wastewater disposal costs has
skyrocketed the water scarcity crisis. A study
revealed that more than 700 million people across
43 countries suffer from water scarcity, creating
a demand for sustainable water supply. As a
result, smart water technology is gaining immense
popularity. Based on our study, the global smart
water meter market is estimated to surge at a
CAGR of 7.65 over the forecasting years
2022-2028. A smart water meter is a mechanical
or static device equipped with radio
frequency-based communication modules such as
M-Bus, NB-IoT, SigFox, etc., facilitating 1-way
or 2-way communication between the device and
operators. It boosts the utilitys ability to
switch off valves remotely, identify leaks, and
receive intelligent warnings for immediate
action. Hence, these factors are contributing to
the markets growth. However, the high cost of
installation and operational issues negatively
impact the studied market.
Smart Water Meter Market Global Outlook The
smart water meter market report highlights
technology and end-user segmentation analysis.
The technology category is divided into advanced
metering infrastructure and automatic meter
reading. The key end-users studied in the report
are residential, commercial, and industrial. The
AMR technology is anticipated to grow with a CAGR
of 3.37 over the forecast years. The high risks
involved in traditional analog meters influence
utilities to replace them with AMR meters.
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• Besides, AMR meters enable accurate billing,
  reduce meter-reading costs, ensure data
  transparency, real-time billing information,
  etc., to end-users.
• On the other hand, AMI is a more advanced
  technology than AMR owing to its two-way
  communication and real-time water data for the
  end-user and the utility. The segment is
  projected to surge with a CAGR of 9.48. The
  technology helps utilities solve non-revenue
  water (NRW) problems.
• Smart water meters such as AMI and AMR are ideal
  for non-residential consumers as they make it
  convenient to accurately forecast water bills,
  helping with operational planning. Moreover,
  industrial and commercial smart factories such as
  hospitals, schools, restaurants, etc., are
  surging at a CAGR of 8.88, owing to the
  implementation of water meters to boost
  efficiency and reduce water consumption, which is
  further likely to propel the growth of the
  studied market.
• Furthermore, the increasing number of residential
  buildings is expected to mitigate water
  consumption by 35, advancing at a CAGR of 7.48.
  Due to large water consumption by residential
  users, consumers are upgrading their places with
  smart water meters. As a result, the rapid
  increase in the adoption rate is revolutionizing
  the way smart water management systems interact
  with the residential sector.
• Regional Progression
• Asia-Pacific to witness the fastest growth at a
  CAGR of 9.50 by 2028.
• The region is primarily emerging as a hub for
  narrowband-IoT-based smart water meters. The
  water utilities across the region are adopting
  LPWAN communication solutions, which drives the
  growth of this market. Besides, China is leading
  the region, owing to the deployment of
  large-scale projects based on the NB-IoT
  communication protocol.
• North America dominates the market with a CAGR of
  6.84.
• The development of smart cities and stringent
  government norms in the United States and Canada
  has driven the regional market. Also, water
  utilities are implementing smart technology
  solutions to streamline their operations,
  creating opportunities for market players such as
  Neptune Technology Group Inc and Sensus USA Inc.
• Competitors influence on the market

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• In 2021, Diehl Metering introduced the first
  ultrasonic bulk meter, HYDRUS 2.0 BULK, for
  extreme accuracy and better connectivity,
• In 2021, Mueller Water Products deployed LoRaWan
  Class B endpoints.
• Promising Avenues
• Countries across the world are substantially
  facing a shortage of water resources due to poor
  functioning of the water pipeline system, such as
  illegal tapping or leakages. Additionally, the
  growing water demand exceeds supply levels due to
  the rising urbanization, population, global
  warming, and geographic variation. As a result,
  governments are optimizing modern technological
  solutions such as AMI meters, sustainable water
  management systems, and initiatives to build
  smart cities, which are expected to accelerate
  the smart water meter markets growth.

FAQs Q 1. What is the growth of the smart water
meter market in terms of revenue? A. The global
smart water meter market is expected to reach
6874.22 million by 2028. Q 2. Which is the
largest end-user of the smart water meter
market? A. Commercial is the largest end-user of
the smart water meter market.