Water Meter Market in residential sector is one of the prominent terrains that has benefited the most from the increasing proliferation of AMI based smart meters. In fact, smart water meter industry share from residential application is slated to cross billion-dollar frontier by 2024. The projected dominance of this particular business vertical can be majorly attributed to the increasing demand for accurate water bills and effective formulation of unregulated water spending. With the introduction of these meters, financial issues and pipeline leakages are better handled as they track real time water consumption and reduce water loss through NRW.
Water meter market growth is driven by increasing measures toward water security and monitoring of Non-Revenue Water (NRW). Increasing urbanization, ageing distribution mains and rising energy cost will further provide a stimulus to the industry outlook. According to the World Bank, 32 billion cubic meters of treated water is lost through leakages in distribution network worldwide. An additional 16 billion cubic meters is supplied annually but not charged due to poor metering, inappropriate billing and thefts.
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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 water meter market 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.
AMI water meter market is predicted to grow over 28% by 2024. The use of AMI systems is attributed to quick detection of water leakages, reduction in water wastage and improved water supply. These systems offer advanced capabilities in data analysis and operations.
Rising demand for effective management, monitoring, and utilization of water will fuel the water meter 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.
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Utilities water meter market is anticipated to witness an appreciable growth on account of intensifying water conservation measures in response to excessive NRW losses. Improved customer service, reduction in operational expenditure and workforce management are some of the distinguishing features validating the product’s supremacy across utilities. For instance, several utilities including the Alabama Decatur Utilities have accelerated the sturdy rollout of these meters throughout the U.S.
Growing measures toward effective mapping of water distribution coupled with regulatory regimes to limit non-revenue water loss will complement the Europe water meter market. Increasing administrative emphasis toward the development of high performance advanced systems will further embellish the industry growth.
The United States is one of the most foremost growth grounds for water meter market. Incidentally, Glendale was the first city in the United States that set a benchmark for better utility management and responding to unexpected natural calamities such as droughts, by means of implementing smart meters to develop a smart grid network. The rising adoption of smart water meters will thus majorly drive U.S. smart water metering industry. Not to mention, the region has a strict regulatory frame of reference in place, which would serve to drive smart water metering market.
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