Global Water Meter Market To Augur At 5.2% CAGR by 2028: Primarily Driven By Urgent Need For Identification Of Water Leakages
Pune, Maharashtra, July 30, 2019 (Wired Release) Prudour Pvt. Ltd. – The smart water system is one of the types of internet permitted device, which is usually coupled with Geographic Information System and GPS chips and that is useful for measuring and managing water distribution and consumption. A smart water meter system is a measuring device that stores and transmits consumption data frequently. The smart water system is useful for power line communications, supervisory control and data acquisition, wireless radio frequency, for constantly communicating with the centralized server.
The smart water meter systems’ market originated into importance and fame in 2000, which is a portion of the smart grid project, which was started and introduced for improving the services and products for the water supply system globally, followed by the smart grid projects. The smart water meter systems market is gaining popularity, as water services across the globe for starting its large-scale implementations. The worldwide market for water meter Market is expected to grow at a CAGR of roughly 5.2% over the next ten years and will reach USD 6,744. Mn in 2028, from USD 4,066.4 Mn in 2018.
The important factors that are responsible to increasing demand for smart water meter systems from water utilities to provide pre-emptive and active facilities for starting water consumption patterns by using various predictive analysis, also help in decreasing operational prices/cost, and rearrangement the water supply chain management especially in developing countries. In addition, increasing water usage in various industries including food and beverage, construction, chemical, automotive, manufacturing, and the coupled with technological production and a combination of water point observing with mobile technology. Increasing changes in outlook and more width in the human way of thinking.
Changing the lifestyle of people living in developing countries coupled with increasing usage of smart water meter systems in day to day life is driving the market growth. In addition, rising hi-tech technological advancements and growing non-government body initiatives for saving water coupled with growing population coupled with increasing demand in water application areas. The major factor that hampers the market growth is high initial set up investments and high cost for installation as well as high licensing fees.
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The global smart water meter systems market is segmented into technology, application, and region. The technology segment is sub-segmented into advanced metering infrastructure and automatic meter reading system. Advanced metering infrastructure segment is growing due to increasing features such as two-way communication between customers and water utilities, and real-time interfere and theft alerts offered by AMI. Application segment is sub-segmented into water utilities, agriculture, industrial, and residential. The water utilities segment is growing due to increasing demand for reducing water loss.
North America has the largest share for the smart water meter systems due to the increasing disposable income of the consumers especially in US and Canada coupled with early adoption of two-way smart water meter systems used in AMI and increasing government regulations standards and increasing government initiatives for the installation of smart meters in the country. Asia Pacific market registers significant share due to increasing government initiatives towards the conservation of water and growing agriculture sector. Europe also has a moderate growth share due to increasing support from the government in France, the UK, Germany, and Spain.