The Business Research Company’s Smart Water Metering Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Smart Water Metering Global Market Report 2023 evaluates smart water metering market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global smart water metering market size is expected to grow from $3.44 billion in 2022 to $3.91 billion in 2023 at a compound annual growth rate (CAGR) of 13.85%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The smart water metering market size is expected to grow to $6.24 billion in 2027 at a CAGR of 12.04%.
Utilities’ focus on reducing non-revenue water is expected to propel the smart water metering market going forward. Non-revenue water (NRW) is essentially produced, cleansed water that is misplaced throughout the water delivery system and never makes it to its intended location. The management of non-revenue water (NRW) enables utilities to increase and improve service, improve financial performance, make cities more appealing, boost climate resilience, and use less energy. For instance, in June 2021, according to the Indiana Finance Authority, a US-based government organization to oversee Indiana state-related debt issuance and provide efficient and effective financing solutions, in 2020, 91% of metered drinking water utilities, or 473 out of 519 utilities, submitted a validated water audit using information from the calendar year 2019. According to this study, the state’s non-revenue water usage was over 46.7 billion gallons, costing these utilities over $58.4 million in lost income. Therefore, utilities’ focus on reducing non-revenue water is driving the growth of smart water metering.
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The smart water metering market segments in the report are:
1) By Meter Type: Ultrasonic Meter, Electromagnetic Meter, Mechanical Meter
2) By Component: Information Technology (IT) Solutions, Communications, Meters And Accessories
3) By Technology: Automatic Meter Reading, Advanced Meter Infrastructure
4) By Application: Residential, Water Utilities, Industrial, Agricultural
The table of contents in TBRC’s smart water metering market report includes:
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