Smart water metering market to surpass US$3bn by 2024
Global Smart Water Metering Market is set to grow from its current market value of more than US$900 million (€787 million) to more than $3 billion (€2.62 billion) by 2024. This is according to a new research report by Global Market Insights, Inc.
Implementation of favourable government policies and rollout programmes toward the adoption of intelligent systems will boost the smart water metering market. Initiatives focusing on effective water monitoring and conservation will further propel the industry landscape. For instance, the European Union in collaboration with the International Monetary Fund announced a mandatory rollout of smart water meters in Ireland.
Increasing measures toward water security and monitoring of Non-Revenue Water (NRW) will enhance the smart water metering market. Increasing urbanisation, ageing distribution mains and rising energy cost will further provide a stimulus to the industry outlook. According to the World Bank, 32 billion cubic metres of treated water is lost through leakages in distribution network worldwide. An additional 16 billion cubic metres is supplied annually but not charged due to poor metering, inappropriate billing and thefts.
U.S. smart water metering market is projected to expand over 6% by 2024. Ongoing water conservation reforms coupled with government funding toward installation of smart grid technologies will positively drive the product adoption.
In 2013, the U.S. Department of Energy and the Smart Grid Investment Grant (SGIG) mutually sponsored the installation of smart grid infrastructure in the nation and provided a federal financial assistance of over US$8 billion (€7 billion) in 99 ventures.
AMI smart water metering market is predicted to grow over 28% by 2024. The use of AMI systems is attributed to quick detection of water leakages, reduction in water wastage and improved water supply. These systems offer advanced capabilities in data analysis and operations.
Rising demand for effective management, monitoring, and utilisation of water will fuel the smart water metering market. Global initiatives toward water conservation and measures to address water scarcity will further propel the business landscape. In 2015, the U.S. average water consumption has witnessed significant drop owing to growing water conservation concerns across various states in the country.
France smart water metering market size, by application, 2016 & 2024 (million units)
Growing measures toward effective mapping of water distribution coupled with regulatory regimes to limit non-revenue water loss will complement the Europe smart water metering market. Increasing administrative emphasis toward the development of high performance advanced systems will further embellish the industry growth.
Ongoing technological advancement to develop effective and precise metering technologies will boost the commercial smart water metering market. Rising concerns relating to reduction of water wastage and water scarcity will further facilitate the product adoption.
Notable players operating in the smart water metering market comprise of Landis+GYR, Badger Meter, Itron, Siemens, Arad Group, Schneider Electric, Sensus Sentec, Neptune, Kamstrup, Elster Group, Diehl Metering and Honeywell International.
The author of this blog is Saipriya Iyer