Smart Water Metering Market in AMR technology is slated to accomplish quite some valuation by 2024, driven by the easy availability, affordable maintenance, and low installation costs that this technology is endowed with. Indeed, AMR has been massively deployed in smart electric meters as well, gradually stimulating global smart electric meter industry share.
Smart meters help curb water losses and streamline billing processes. In this regard, water utilization data gathered by AMI-based smart meters help to identify problems in water distribution and manage water allocation in an efficient manner, which eventually serves to understand consumer requirements. On these grounds, it has been forecast that AMI-based smart water metering market size is slated to register a stupendous CAGR of 28% over 2017-2024. While AMI technology is relatively advanced, it is prudent to mention that its excessive cost may restrain its growth over the next few years.
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Rising demand for effective management, monitoring, and utilization of water will fuel the smart water metering market. Global initiatives toward water conservation and measures to address water scarcity will further propel the business landscape. In 2015, the U.S. average water consumption has witnessed significant drop owing to growing water conservation concerns across various states in the country.
Smart water metering market is stringently controlled by a regulatory framework, owing to the norms enforced with regards to the conservation of water. As per the EC Directive 2000/60/EC, it is mandatory for respective nations to prioritize the prevention of water wastage and water conservation, especially in drought-ridden areas of the region. Technologically, smart water meters can be deployed based on two key technologies – automatic meter reading (AMR) and automatic meter infrastructure (AMI).
U.S. smart water metering market is projected to expand over 6% by 2024. Ongoing water conservation reforms coupled with government funding toward installation of smart grid technologies will positively drive the product adoption. In 2013, the U.S. Department of Energy and the Smart Grid Investment Grant (SGIG) mutually sponsored the installation of smart grid infrastructure in the nation and provided a federal financial assistance of over USD 8 billion in 99 ventures.
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Growing measures toward effective mapping of water distribution coupled with regulatory regimes to limit non-revenue water loss will complement the Europe smart water metering market. Increasing administrative emphasis toward the development of high performance advanced systems will further embellish the industry growth.
As the world experiences a tremendous need to conserve natural resources such as water, smart water metering market will gain considerable traction, subject to the rising demand for efficient water consumption. The deployment of smart water meters will augment the rising efforts to save water and prevent its unnecessary wastage, thereby stimulating smart water metering industry. A report by Global Market Insights, Inc., states that smart water metering industry, worth more than USD 900 million in 2016, will register a revenue of more than USD 3 billion by 2024.
Chapter 4 Smart Water Metering Market, By Application
4.1 Smart water metering market share by application, 2016 & 2024
4.2.1 Global market from residential, 2013 – 2024
4.2.2 Global market from residential, by region, 2013 – 2024
4.3.1 Global market from commercial, 2013 – 2024
4.3.2 Global market from commercial, by region, 2013 – 2024
4.4.1 Global market from utility, 2013 – 2024
4.4.2 Global market from utility, by region, 2013 – 2024
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