Hefty Water Bills and Awareness to Reduce Use of Water Fuels the Market Growth
According to Washington State Department of Health, an average person wastes up to 30 gallons of water every day in activities such as showering and brushing teeth. Less than 1% of earth’s water is considered fir for the human consumption, the increased population in recent years has surged the demand for water which has led to water shortage and therefore the water utilities are taking required steps to reduce water wastage. Additionally, there is excessive loss of water due to leaks and other media. Extreme use of water is associated with elevated costs. According to International water association, in 2021, tariff increased for 200 cubic meters of water and sanitation exceeded inflation in 45% (64 of 143) of cities and the tariff increased for 200 cubic meters of water and sanitation exceeded the increases to the minimum wage in 47% (67 of 143) of cities. Households in countries such as England, Wales, France and more are facing a rapid increase in water bills in last decade. New disruptive technologies like intelligent metering and IoT based smart water networks will lead to beneficial effects and will allow, for example, more correct sizing of the water assets or to lower the non-revenue water by detecting leakages leading to increase in the demand for smart water meters.
Privatization of Water Supply Drive the Smart Water Meter Market
There is an increase in privatization in every sector in many countries in response of growing population across the world. In countries like the United Kingdom, France, Chile, and South Africa, water supply systems are fully privatized, with private entities managing operations and infrastructure. Conversely, Argentina and Bolivia initially privatized their water services but subsequently undertook renationalization processes. Additionally, there are countries that have privatized the water systems partially by various means such as public-private partnerships. They are Germany, Italy, Spain, Australia, Portugal, Canada and more. Most of these countries have implemented metered billing or volumetric pricing where people are charged based on the amount of water used. Hence, the precise measurement of water consumption facilitated by smart water systems enables companies to accurately determine and manage their revenue.
Recent Trends in the Smart Water Meter Industry:
- Integration of IoT for real-time data collection.
- Incorporating AI algorithms to predict usage and detect anomalies.
- Utilization of advanced data analytics tools.
- Upcoming government policies and regulations.
- Increasing use for better resource management and conservation efforts.
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Lack of Government Initiatives Hamper the Growth of the Market
Despite the growing investment in smart grids, smart water meters lag behind in adoption compared to electricity and gas meters. This disparity is primarily due to the lack of stringent regulations or mandates from governments regarding smart water meter installation and usage. If governments were to support and promote these devices, the demand for smart water meters could increase substantially. Smart water meters have the potential to cut water consumption by an average of 35%. Given the rising demand for clean drinking water and the need to reduce water usage, there is a notable absence of government initiatives focused on water metering. By enacting legislation to support smart water metering infrastructure, governments could significantly reduce non-revenue water and curb water wastage.
Developments and Key Players in the Smart Water Meter Market
Most of the leading players in the highly competitive global market of smart water meter are putting an emphasis on strategic initiatives, such as partnerships and mergers and acquisitions in order to develop a more established global position. For instance, in October 2023, KAIFA1 and UnaBiz2, announced strategic partnership to accelerate the global deployment of smart water metering solutions empowered by Sigfox 0G technology, including collaboration to bring Sigfox 0G and LoRa dual-mode hybrid solution to market. Many governments are now implementing initiatives to deploy smart water meters for enhanced monitoring and management of water consumption. For instance, in July 2024, Dubai Electricity and Water Authority (DEWA) had announced 100% installation of smart water meters with over one million units in place in Dubai. The rollout was undertaken as part of DEWA’s efforts to develop its smart grid and state-of-the-art smart meter infrastructure to enhance operational efficiency, manage facilities and services through smart and integrated systems using disruptive technologies of the fourth industrial revolution and achieve more savings for DEWA and its customers.
In addition, in August 2024, Southern Down Regional Council announced that they had installed more than 4,500 smart water meters across the Southern Downs, with 620 meters installed in Warwick since the beginning of 2024 in a significant step towards modernising water infrastructure and improving water management practices. This US$ 5 million drought resilience project realised promised water savings by identifying and addressing 471 leaks through smart meter data technology, an impressive 365,376 kilolitres of water had been saved until August 2024, valued at US$ 1,037,669.
In addition, in August 2024, Southern Down Regional Council announced that they had installed more than 4,500 smart water meters across the Southern Downs, with 620 meters installed in Warwick since the beginning of 2024 in a significant step towards modernising water infrastructure and improving water management practices. This US$ 5 million drought resilience project realised promised water savings by identifying and addressing 471 leaks through smart meter data technology, an impressive 365,376 kilolitres of water had been saved until August 2024, valued at US$ 1,037,669.
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Emphasis on Environmental Sustainability in North America Drives the Market
The North America is expected to dominate the smart water meter market in the upcoming years owing to the focus on the environment in the region. The governmental agencies supporting the installation of smart water meter systems increase the demand of meters in the region. For instance, in December 2023, the City of Deer Park, Texas, announced the launch of its Advanced Metering Infrastructure (AMI) project, aimed at providing enhanced customer service to water utility customers which started in late March/early April 2024 by replacing water meters throughout the community with advanced metering infrastructure.
The US Environmental Protection Agency (EPA) had declared plans to make all drinking water lines in the United States ‘smarter’ by replacing mechanical water meters to Advanced Metering Infrastructure. The EPA has also come up with different solutions for implementing smart water meter systems to monitor the usage of water. For instance, in July 2024, EPA announced the selections for the Innovative Water Workforce Development Grant Program, which supports expanding career opportunities in the drinking water and wastewater utility sector and elevating public awareness about jobs in the water workforce in which it provided over US$20 million to 13 organizations across the nation. These smart water meter devices are used in the region for various reasons including water, waste water, sewage and flood water management. Many companies are working on increasing software capabilities in order to increase revenue collection and optimize operations in response to increase in demand in North American region.
The US Environmental Protection Agency (EPA) had declared plans to make all drinking water lines in the United States ‘smarter’ by replacing mechanical water meters to Advanced Metering Infrastructure. The EPA has also come up with different solutions for implementing smart water meter systems to monitor the usage of water. For instance, in July 2024, EPA announced the selections for the Innovative Water Workforce Development Grant Program, which supports expanding career opportunities in the drinking water and wastewater utility sector and elevating public awareness about jobs in the water workforce in which it provided over US$20 million to 13 organizations across the nation. These smart water meter devices are used in the region for various reasons including water, waste water, sewage and flood water management. Many companies are working on increasing software capabilities in order to increase revenue collection and optimize operations in response to increase in demand in North American region.
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The report provides a detailed overview of the smart water meter market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for smart water meter market has been offered for all regional market share, 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 smart water meter market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the Smart water meter market. Some key country and region included in the smart water meter market report as follows:
| Regions | Countries |
|---|---|
| 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 |
Smart Water Meter Market Research Report Covers In-depth Analysis on:
- Smart water meter market detailed segments and segment-wise market breakdown
- Smart water meter market dynamics (recent industry trends, drivers, restraints, growth potential, opportunities in smart water meter industry)
- Current, historical and forthcoming 10 years market valuation in terms of smart water meter market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Smart water meter market demand analysis
- Smart water meter market pricing analysis over forecast period (by key segment and by region)
- Smart water meter market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in smart water meter market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in smart water meter market
- Smart water meter market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on smart water meter market forecast by countries
- Mergers and acquisitions in smart water meter market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What are the key trends driving the smart water meter market?
The smart water meter market is driven by increasing water scarcity, advancements in IoT technology, and the growing demand for efficient water management systems among utility companies.
What challenges does the smart water meter market face?
The smart water meter market faces challenges such as high initial installation costs, data security concerns, and the need for extensive infrastructure upgrades in existing water management systems.
Which regions are expected to see significant growth in the smart water meter market?
North America and Europe are projected to experience significant growth due to stringent regulations and increasing investments in smart city initiatives aimed at enhancing water management.
