The unit shipments of the Global Smart Water Meters were at 16.578 million units in 2020, with the market expected to register a CAGR of 9.7% during the forecast period 2021-2026. With increasing pressure on water utilities due to growing demand, increasing water stress, rising energy prices, and aging water systems, smart water network solutions have emerged with significant benefits, by combining advanced metering technology, software, and effective communications systems. The integration of the said components enables end users to account for every drop and turn water into revenue through enhanced leak detection and unparalleled data acquisition.
- The critical need for optimized consumption of water in water-scarce areas is driving the deployment of smart water meters. For instance, according to a report by the World Water Development Report, 480 million people in Asia alone are expected to face water scarcity in the future.
- Moreover, about 500 million people live in areas where water consumption exceeds locally renewable water resources by a factor of two. Owing to these concerns, there is an increasing necessity to monitor water usage, which is anticipated to subsequently result in increasing adoption of smart water meters.
- The lack of availability of capital funding remains a major challenge that hindering the adoption of smart water meters. The operating costs associated with smart water metering are also high. Thus, many water utilities are not flush with cash and spend much of their budgets on making network repairs just to maintain status quo.
Key Market Trends
Residential Segment is Anticipated to Hold a Major Market Share
Most housing complexes do not track the consumption or usage of water in apartments. The growing number of residential buildings and the consequent increase in water consumption are expected to have a positive impact on the integration of smart water meters.
The integration or incorporation of smart meters in the residential sector is likely to save or mitigate water consumption by about 35%, which will not only foster efficiency, but also help residents manage their bills.
The countries prone to droughts present an immense opportunity to the smart water meters market, which will help save water consumption, and effectively manage the water flow to residential areas.
The North American market is Anticipated to Hold a Major Market Share
Water scarcity in the West, along with ageing infrastructures in the regions of the Mid-West and East, has helped promote the requirement to tackle efficient remote meter readings that can help benefit revenue generation and improve consumer service.
Furthermore, the reduced leakage and efficient use of water are also major drivers for the smart water meters market. As North America is a more developed market, the utility base is in harmony with the smart meter technology, and is starting to implement advanced data solutions.
Various cities are also promoting the use of smart water meters. The City of Santa Fe, for instance, chose Badger Meter's BEACON smart water meter solution, for full installation across all their water meter endpoints, including both residential and commercial customers. The foundation for the outline is a cellular-enabled smart meter, which can be installed and immediately used for the utility's smart water network applications.
The smart water meter market is highly competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. However, companies are increasing their market presence by securing new contracts and by tapping new markets. For instance, in 2018, Diehl announced that the Diehl metering software solution is now available on Microsoft Azure. The company's IZAR software provides the central platform for all of the energy data, making all processes simpler and more cost-efficient, from meters and remote reading, through to data management and comprehensive data analysis.
Furthermore, in 2017, ZENNER took over Alfa Centauri SpA, further expanding its position in the international smart meter market. The new company is likely to be registered in the future as ZENNER Gas S.r.l., and may move its headquarters from Fara Filiorum Petri (Italy), to Pescara. With this, the company is setting another milestone in its global digitalization. ZENNER has already been providing smart water meters, heat meters, and heat cost allocators for several years.
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TABLE OF CONTENTS
2 RESEARCH METHODOLOGY
- 2.1 Study Deliverables
- 2.2 Study Assumptions
- 2.3 Analysis Methodology
- 2.4 Research Phases
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Industry Attractiveness Porter's Five Forces Analysis
- 4.2.1 Threat of New Entrants
- 4.2.2 Bargaining Power of Buyers/Consumers
- 4.2.3 Bargaining Power of Suppliers
- 4.2.4 Threat of Substitute Products
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Value Chain / Supply Chain Analysis
- 4.4 Introduction to Market Dynamics
- 4.5 Market Drivers
- 4.5.1 Demand for Sustainable Water Supply for all End-users
- 4.5.2 Billing Accuracy and Customer Convenience
- 4.5.3 Gaining a Better Control Over Non-revenue Water to Curb Theft and Leakage Challenges
- 4.6 Market Challenges
- 4.6.1 Lack of Capital Investments for Infrastructure Installation and Lack of ROI
5 MARKET SEGMENTATION
- 5.1 APPLICATION
- 5.1.1 Commercial
- 5.1.2 Industrial
- 5.1.3 Residential
- 5.2 Geography
- 5.2.1 North America
- 22.214.171.124 United States
- 126.96.36.199 Canada
- 5.2.2 Europe
- 188.8.131.52 United Kingdom
- 184.108.40.206 Spain
- 220.127.116.11 France
- 18.104.22.168 Rest of Europe
- 5.2.3 Asia-Pacific
- 22.214.171.124 China
- 126.96.36.199 Japan
- 188.8.131.52 India
- 184.108.40.206 Rest of Asia-Pacific
- 5.2.4 Latin America
- 5.2.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share Analysis
- 6.2 Company Profiles
- 6.2.1 Sensus USA Inc.
- 6.2.2 Aichi Tokei Denki Co. Ltd
- 6.2.3 Zenner International Gmbh & Co. KG
- 6.2.4 Mueller Systems LLC
- 6.2.5 Diehl Stiftung & Co. KG
- 6.2.6 Apator SA
- 6.2.7 Neptune Technology Group Inc
- 6.2.8 Badger Meter Inc.
- 6.2.9 Azbil Kimmon Co. Ltd
- 6.2.10 Kamstrup AS
- 6.2.11 Arad Group
7 MARKET OPPORTUNITIES AND FUTURE TRENDS