Smart Water Metering Market Size By Application (Residential, Commercial, Utility), By Technology (AMI, AMR), By Product (Hot Water Meter, Cold Water Meter), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & For

Smart Water Metering Market Size By Application (Residential, Commercial, Utility), By Technology (AMI, AMR), By Product (Hot Water Meter, Cold Water Meter), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028

The global smart water metering market is poised to account for significant gains over the forecast period of 2022-2028, backed by the alarming concerns raised towards growing water shortage and dearth of natural water resources.

As per UNICEF statistics, 4 billion people worldwide experience severe water scarcity for at least one month every year. Moreover, as per a study by World Wildlife Fund, nearly 2/3rd of the global population may face water shortage by 2025 end.

Smart water metering offers utilities with the opportunity to streamline their water distribution processes via data-driven decisions. It also enables organization to automatically accumulate consumption data, eliminate manual meter reading, save costs, and enhance efficiency while facilitating the prospect to detect leaks and atypical consumption more competently than the manual methods.

Ongoing research and developments in the field are speculated to open new growth avenues for different industry players over the analysis time frame. For instance, in 2021, Tribe Property Technologies announced partnering with Eddy Solutions to introduce smart water metering systems to new construction buildings.

Overall, the smart water metering market is classified into product type, technology, applications, and regional landscape.

Considering the product segmentation, the industry is categorized as hot water and old water meters. These meters have held a significant market share in the global market over the years and are poised to account for major gains in the coming years.

Based on the technology, the smart water metering market is divided into AMI and AMR. Meanwhile, in terms of applications, the smart water meters industry landscape is largely bifurcated across residential, commercial, and utility sectors.

Speaking of the regional spectrum, the market is diversified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.

Out of these, Latin America and Middle East and Africa regions are earmarked to observe lucrative gains throughout 2022-2028.

The Latin America smart water metering market is foreseen to depict a CAGR of 16% through 2028.

On the other hand, the growth in Middle East and Africa smart water metering industry space would come from the introduction to government initiatives and norms to reduce Non-Revenue Water for optimal utility management and effective resource utilization. Various central governments are taking up strategic steps to prompt the use of smart water meters to reduce the water wastage.

For instance, the DEWA (Dubai Electricity and Water Authority) announced installing more than 2 million water smart meters in Dubai. This forms a significant part of the agency’s efforts to establish a cutting-edge digital infrastructure, in compliance with the highest international standards and support the Smart Dubai initiative to make the country the smartest and happiest city globally.