Download Sample, Increasing Adoption of IoT-Based Applications is Impacting the Market Expansion
With the increase in urbanization, the need for water consumption increases by every day, pushing water distributors to strive more diligently to satisfy those demands. The most difficult task in the water business is supplying water to every part of the globe and estimating water use. However, the recent emergence of the Internet of Things (IoT) concept in everyday life has provided a chance to develop water-efficient smart devices, systems, and applications for buildings as well as cities. IoT-enabled water meter management solutions track water use and find leaks to save water and reduce operational costs for utilities and communities.
As a result, efforts are being carried out by major market participants in order to develop IoT-based solutions for water meter management. For example, in May 2023, Itron, Inc. (NASDAQ: ITRI), announced the introduction of AMI Essentials in Australia and New Zealand to help water utilities accelerate their digital transformation. The new Itron IntelisTM source NB-IoT water meter and TemetraTM NB-IoT digital platform for advanced metering infrastructure (AMI) are part of the whole solution. The solution provides a solid framework for the smooth deployment of value-added use cases to solve water losses, improve operations, and increase customer involvement.
As a result, efforts are being carried out by major market participants in order to develop IoT-based solutions for water meter management. For example, in May 2023, Itron, Inc. (NASDAQ: ITRI), announced the introduction of AMI Essentials in Australia and New Zealand to help water utilities accelerate their digital transformation. The new Itron IntelisTM source NB-IoT water meter and TemetraTM NB-IoT digital platform for advanced metering infrastructure (AMI) are part of the whole solution. The solution provides a solid framework for the smooth deployment of value-added use cases to solve water losses, improve operations, and increase customer involvement.
Rapid Urbanisation and Rising Inclination Towards Sustainability is Driving the Market Growth
Smart water meters are not only an efficient way to measure water, but they are also cost-effective for both water companies and customers. These meters are a one-time purchase that may be used for many years without additional maintenance. Customers are drawn in by precise billing since they have an account for the amount of water they have consumed and are charged accordingly. This eliminates the possibility of misunderstanding between the service provider and the end user. These installations serve industries that demand a large volume of water, such as the food and beverage sector, textile industry, and others.
Furthermore, governments in numerous nations are taking the necessary steps to encourage the sustainable use of water. These measures are being taken as water consumption has surged enormously in the previous decade, owing to a rapidly rising population and urbanization. As a result of growing energy consumption, new industries and employment have emerged. Sustainable usage has become an essential aspect in meeting present and future water demands. The use of smart meter technologies can track water use throughout a water utility's supply chain and provide the best possible solution. As a result, the number of water utilities installing these meters has expanded, accelerating the development of the smart water metering market.
Furthermore, governments in numerous nations are taking the necessary steps to encourage the sustainable use of water. These measures are being taken as water consumption has surged enormously in the previous decade, owing to a rapidly rising population and urbanization. As a result of growing energy consumption, new industries and employment have emerged. Sustainable usage has become an essential aspect in meeting present and future water demands. The use of smart meter technologies can track water use throughout a water utility's supply chain and provide the best possible solution. As a result, the number of water utilities installing these meters has expanded, accelerating the development of the smart water metering market.
Recent Trends in the District Drinkable Water Meter Industry
- Incorporated district drinkable water meters with advanced technologies such as wireless communication, Internet of Things, and real-time data analytics.
- Integration of district drinkable water meter with smart grid systems.
- Advanced district drinkable water meter with built-in leak detection capabilities.
- Integration of district drinkable water meter with utility management systems.
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Lack of Awareness and High Costs Pose Challenge to the Market Growth
Despite the numerous benefits of smart water meters, a large majority of the world's population is uninformed of their existence. Smart water metering is now being used at a low rate in rich economies and at a very low rate in developing nations. This problem could impede market growth over the forecast period. Water providers must also invest heavily to guarantee that smart water meters are installed for every consumer they serve. Customers' finances will almost probably suffer as a result of this. This is anticipated to have a detrimental influence on the market in the following years.
New Product Launches are Accelerating the District Drinkable Water Meter Market Development
Several major businesses dominate the industry, focusing on R&D activities in an effort to enhance performance by combining cutting-edge technology. Contracts, new product releases, corporate expansions, collaborations, and acquisitions are a few of the cutting-edge growth strategies being employed to expand global market share. Itron, Inc., a firm that is revolutionising the way utilities and communities manage energy and water, announced a new contract with Consolidated Utility District (CUD) in March 2022 to deploy Temetra, Itron's mobile metre data collection solution, in conjunction with Itron's fixed network solution, to upgrade its Advanced Metering Infrastructure (AMI) and provide advanced capabilities such as active water leak detection and consumer portals. CUD will be able to increase operational efficiency and customer service to its more than 160,000 subscribers in Rutherford County, Tennessee, with Itron's technology.
Later, in May 2022, Badger Metre revealed that their ModMAG® M2000 Electromagnetic flow metre now supports the BACnet MS/TP communication protocol. The M2000 metre additionally passed the rigorous testing for the BACnet Testing Laboratories (BTL) Certification Programme, ensuring a smooth connection with building management systems (BMS). The M2000 metre is the first BTL-certified full-bore inline electromagnetic metre.
Later, in May 2022, Badger Metre revealed that their ModMAG® M2000 Electromagnetic flow metre now supports the BACnet MS/TP communication protocol. The M2000 metre additionally passed the rigorous testing for the BACnet Testing Laboratories (BTL) Certification Programme, ensuring a smooth connection with building management systems (BMS). The M2000 metre is the first BTL-certified full-bore inline electromagnetic metre.
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Increasing Government Initiatives, R&D Activities and Incorporation of Advanced Technologies is Propelling the Market Expansion
Asia Pacific region is anticipated to experience a significant growth in the water meter market owing to the increased investments in level production and installation of water metres, together with increased awareness of smart water management procedures. Increasing government legislation to minimize water waste, as well as environmental preservation activities, are increasing demand in nations such as China and Japan. Owing to increased foreign investments, applications in end-use industries, and technical improvements, India, China, Japan, and Singapore have a major market share in the region. Furthermore, owing to the presence of various firms committed to offering solutions to water management strategies, the smart water meters market is expected to develop rapidly in the North American region. Besides, water metering equipment is in great demand in the automotive, industrial, and construction industries. Increased water-saving efforts and activities by non-governmental organizations are supporting industry expansion in nations such as the United States and Canada.
As a result, North America is anticipated to witness substantial growth in the water meter market during the forecast period. On the other hand, Europe is expected to hold a sizeable share in the water meter market. This can be attributed to the increasing R&D efforts to create effective remote sensing water metering techniques, as well as increased public attempts to reduce water leakage. Additionally, the rapid adoption of novel technologies such as automated meter reading (AMR), pressure water meter (PWM), and district water meter (DWM) is providing lucrative growth opportunities for the market.
As a result, North America is anticipated to witness substantial growth in the water meter market during the forecast period. On the other hand, Europe is expected to hold a sizeable share in the water meter market. This can be attributed to the increasing R&D efforts to create effective remote sensing water metering techniques, as well as increased public attempts to reduce water leakage. Additionally, the rapid adoption of novel technologies such as automated meter reading (AMR), pressure water meter (PWM), and district water meter (DWM) is providing lucrative growth opportunities for the market.
The report provides a detailed overview of the district drinkable water meter market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, the Middle East, and Africa. The country-specific assessment for the district drinkable water meter market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the district drinkable water meter market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which is anticipated to have a substantial impact on the growth of the district drinkable water meter market. Some key countries and regions included in the district drinkable water meter market report are as follows:
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, Switzerland, Poland, Belgium, Sweden, Austria, Norway, Denmark, Finland, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Thailand, Vietnam, Philippines, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Ethiopia, Algeria, Israel, Iran, Kenya, Rest of MEA |
District Drinkable Water Meter Market Research Report Covers In-depth Analysis on:
- District drinkable water meter market detailed segments and segment-wise market breakdown
- District drinkable water meter market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in district drinkable water meter industry)
- Current, historical, and forthcoming 10 years market valuation in terms of district drinkable water meter market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- District drinkable water meter market demand analysis
- District drinkable water meter market pricing analysis over the forecast period (by key segment and by region)
- District drinkable water meter market regional insights with a region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in the district drinkable water meter market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in the district drinkable water meter market
- District drinkable water meter market sales and distribution strategies
- A comprehensive overview of the parent market
- A detailed viewpoint on district drinkable water meter market forecast by countries
- Mergers and acquisitions in the district drinkable water meter market
- Essential information to enhance market position
- Robust research methodology
- Essential information to enhance market position
- Frequently Asked Questions -
What are the key drivers influencing the District Drinkable Water Meter market growth?
The key drivers include increasing urbanization, growing water conservation awareness, government regulations on water usage monitoring, and technological advancements in smart water metering systems.
What are the latest technological trends in the District Drinkable Water Meter market?
Technological trends include smart water meters with IoT connectivity, advanced data analytics integration, remote monitoring capabilities, and eco-friendly designs that reduce maintenance requirements.
What challenges do manufacturers face in the District Drinkable Water Meter market?
Manufacturers face challenges such as high initial costs, lack of standardized regulations across regions, and resistance to technology adoption among end-users in developing markets.
