The global smart water meters market is expected to witness significant growth over the forecast period owing to growing demand for energy conservation, and increasing government initiatives towards sustainable development. Such smart meters serve as water leak detectors and facilitate significantly in monitoring and minimizing leakages. Growing need for water conservation and minimizing water wastage is presumed to impel industry growth.
Smart water meters are primarily aimed to track accurately and monitor water usage in industries, homes, and other avenues. Increasing water scarcity, climate volatility, quality issues, and energy risks are few dynamics expected to impact the smart water meters market growth favorably.
Increasing water usage in industries such as automotive, food & beverage, manufacturing, construction, and the chemical is supposed to contribute significantly to the trade growth.
Rising technological advancement and growing non-government body initiatives to save water are anticipated to drive the market growth over the forecast period. Growing population coupled with increasing demand in water application areas expected to fuel the demand for efficient and intelligent water management techniques.
Technological proliferation and integration of water point monitoring with mobile technology are anticipated to eliminate the water metering constraints thereby providing efficiency in water supply planning. Thus helping in the emergence of equipment through which water pump metering and malfunctioning can be adequately measured.
However, lack of acceptance owing to the high installation cost involved is expected to challenge the market growth over the forecast period. Factors such as infrequent meter reading and limited bandwidth, of the remote sensing water meter are further likely to hinder the industry growth. Sustainable water pricing initiatives and increased government spending are projected to drive the demand of smart water meter over the next seven years. Rising industry demand of using smart water meters with two-way communication is further expected to contribute to the industry growth. Benefits offered by these meters such as time bases synchronized meter readings and system monitoring & control are estimated to contribute remarkably to market expansion. Furthermore, such two-way systems enable users to maintain an infrastructure that helps in water metering and monitoring pressure and quality of the system.
The smart water meters industry is estimated to grow significantly in the North American region owing to the presence of numerous companies dedicated to providing solutions to water management techniques.
There exists a high demand for water metering equipment in the automobile, manufacturing, and construction sectors. Increasing campaigns and initiatives by non-governmental organizations to save water is fueling industry growth in countries such as the U.S. and Canada.
Growing R&D efforts to provide efficient remote sensing water metering technique, and increasing public initiatives for water leakage reduction has triggered industry growth in the European region. The region has been very responsive in adopting the advanced technologies such as automatic meter reading (AMR), pressure water meter (PWM), and district water meter (DWM).Large scale adoption of such techniques is instrumental in maintaining the industry prospects upbeat in the European region.
Germany, France, UK and Italy are expected to emerge as key markets owing to increased administrative focus and rising government initiatives for subsidizing water meters. Furthermore, growing end-use industrial dependence on water resource is projected to propel smart water meters market growth over the next seven years.
Increasing awareness about the smart water management techniques coupled with rising investments for level production installation of water meters is projected to fuel growth in the Asia Pacific regional market. Increasing government regulation to control water wastage along with environmental protection initiatives is driving the demand in countries such as China and Japan. India, China, Japan and Singapore account for a dominant market share in the region owing to rising foreign investments, applications in end-use industries, and technological advancements.
The market is projected to gain momentum in the Middle East & African region due to high demand for smart water meters. Growing demand for smart water meters can be attributed to the rising need for combating water scarcity problems and monitoring water quality.
Furthermore, high economic development, increasing purchasing power and growing foreign investments for providing technologically advanced water meters are anticipated to drive demand over the forecast period.
The key players projected to propel the smart water meter market over the next seven years include Shenzhen Star Instrument Co. Ltd., FECOSAN S.L., DH Metering Europe, Ningbo Water Meter Co. Ltd., Powercom Ltd., Electronic Equipment Pvt. Ltd., Carlon Meter Co. Inc., Baylan Water Meters, MFB di Bonomi Eliseo & C. Snc, and Elster AMCO Water LLC.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.