Global Smart Water Meter Market Projected to Surge at $6974.22 Million by 2028
A recent study by Triton Market Research titled ‘Global Smart Water Meter Market’ consists of the Global Analysis and Forecasts by Technology (Automatic Meter Reading, Advanced Metering Infrastructure), End-user (Residential, Commercial & Industrial), Geography (Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa).
Smart water meters help utilities in managing their water networks efficiently. They offer effective customer service and aid end-users in accurately determining their water consumption.
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Triton’s report signifies that the global smart water meter market is anticipated to exhibit growth at a CAGR of 7.65% during the forecasted years 2022 to 2028. It is further predicted to gain revenue worth $6974.22 million by 2028.
Smart water technologies are becoming integral to various strategies to preserve water supplies, ensure equitable access, increase connected populations, and charge for customers. The benefits offered by smart water meters are widespread. They boost a utility’s ability to bill the customers timely and accurately. In this regard, the remote read capability of such meters allows shorter intervals between billing reads, thus creating a consistent flow of capital. Additionally, they help cut down labor costs owing to their advanced reading process. Many smart water meters have a radio transmitter that helps readers receive meter information. Thus, it enables streamlined monitoring, which further helps determine the optimum levels for sustainable water management. Hence, these benefits support the smart water meter market’s growth.
However, a smart water meter installation cost is much higher than conventional meters, which hampers the overall market’s growth. It is the integration with networking technology that adds to the overall cost. Also, the return on investment on expensive meters is realized in around five to eight years. As a result, they are not ideal for small utilities that do not have the required capital for investments.
The smart water meter is segmented into end-user and technology. Based on end-user, it is divided into commercial & industrial and residential. The technology segment includes automatic meter reading and advanced metering infrastructure.
The Asia-Pacific is likely to have the fastest growth in the smart water meter market over the forecast period. The increasing implementation of NB IoT-based smart water metering projects in various countries is augmenting the growth of the studied market in the region. For instance, over the last few years, many water utilities in Australia and New Zealand have piloted NB-IoT, among others, network LPWAN communication solutions for smart water metering.
The key companies profiled in the smart water meter market include Kamstrup AS, Elster Group GmbH, Neptune Technology Group Inc, Badger Meter Inc, Diehl Stiftung & Co KG, Mueller Water Products Inc, Arad Group, Landia GYR AG, Sensus USA Inc (Acquired by Xylem), Itron Inc, Aclara Technologies LLC (Acquired by Hubbell Incorporated), Master Meter Inc (Acquired by Arad Ltd), Datamatic Inc, ICSA (India) Limited, and Zenner International GmbH & Co KG.
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Question & Answer: Smart Water Meter Market
Question 1: What factors support the smart water meter market’s growth?
Answer: Smart water technologies are becoming integral to various strategies to preserve water supplies, ensure equitable access, increase connected populations, and charge for customers. The benefits offered by smart water meters are widespread. They boost a utility’s ability to bill the customers timely and accurately. In this regard, the remote read capability of such meters allows shorter intervals between billing reads, thus creating a consistent flow of capital. Additionally, they help cut down labor costs owing to their advanced reading process. Many smart water meters have a radio transmitter that helps readers receive meter information. Thus, it enables streamlined monitoring, which further help determine the optimum levels for sustainable water management. Hence, these benefits support the smart water meter market’s growth.
Question 2: Which factor hampers the overall growth of the smart water meter market?
Answer: A smart water meter installation cost is much higher than conventional meters, which hampers the overall market’s growth. It is the integration with networking technology that adds to the overall cost. Also, the return on investment on expensive meters is realized in around five to eight years. As a result, they are not ideal for small utilities that do not have the required capital for investments.
Question 3: Which region is likely to observe the fastest growth in the smart water meter market?
Answer: The Asia-Pacific is likely to observe the fastest growth in the smart water meter market over the forecast period. The increasing implementation of NB IoT-based smart water metering projects in various countries is augmenting the growth of the studied market in the region. For instance, over the last few years, many water utilities in Australia and New Zealand have piloted NB-IoT, among others, network LPWAN communication solutions for smart water metering.
Question 4: What are the key companies profiled in the smart water meter market?
Answer: The key companies profiled in the smart water meter market include Kamstrup AS, Elster Group GmbH, Neptune Technology Group Inc, Badger Meter Inc, Diehl Stiftung & Co KG, Mueller Water Products Inc, Arad Group, Landia GYR AG, Sensus USA Inc (Acquired by Xylem), Itron Inc, Aclara Technologies LLC (Acquired by Hubbell Incorporated), Master Meter Inc (Acquired by Arad Ltd), Datamatic Inc, ICSA (India) Limited, and Zenner International GmbH & Co KG.
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The global pH sensors & analyzers market is likely to propel at a CAGR of 8.15% during the forecasted period from 2019 to 2028 while garnering $1939.50 million by 2028.
The pH sensors or meters are profoundly used in power plants or water treatment plants, pharmaceuticals, mining, oil & gas, chemical processing, and food & beverage industries. For instance, a desired amount of pH in food & beverage production will impart accuracy.
The pH sensors & analyzers market is driven by several factors such as the growth of water and wastewater treatment, automation to support the adoption of pH sensors & analyzers, and government support for water incentive industries. However, the lack of established standards and cost constraints hinders the studied market’s growth.
Nevertheless, the oil & gas industry is expected to offer lucrative growth opportunities for the pH sensors market owing to its application in crude oil extraction.
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