Smart Water Meter Market Will Reach USD 15.63 Billion by 2030

According to a report by P&S Intelligence, the smart water meter market will reach USD 15.63 billion, propelling at a 9.4% compound annual growth rate, by 2030.

The growth in the industry is mainly because utility companies are concentrating on non-revenue water reduction, as well as the aging infrastructure resulting in its losses, and the increasing consumption of water because of the mounting population.

In the past few years, the advanced meter infrastructure category held a larger revenue share in the industry, and it will witness faster growth in the years to come. This is mainly attributed to the higher implementation of advanced meter infrastructure in the utility sector.

Based on application, in 2021, the residential category held the largest smart water meter market share, at over 40%. This is ascribed to the mounting population along with rapid urbanization, the incorporation of municipal water, and spurring customers in the sector.

Moreover, the industrial category held the second-largest share in the past few years. This is credited to the fact that water is an important coolant and raw material in the automobile, food & beverage, and pharmaceutical industries.

The smart water meter industry is led by North America, owing to the increasing emphasis of government organizations on the non-revenue water reduction and the development of infrastructure of smart cities in Canada and the U.S. Furthermore, rapid urbanization and industrial development are other factors boosting the growth in the region.

The U.S. held the dominant share in the North American industry, mainly because of strict regulatory rules and growing government initiatives toward advanced systems installation in the nation.

The APAC smart water meter industry will witness the fastest growth rate in the years to come. This is mainly credited to the mounting government initiatives toward liquid resource conservation. Additionally, due to the increasing agriculture sector in APAC, the requirement for these meters will rise in the years to come.

The steady development of advanced meter infrastructure is one of the key trends being observed in the smart water meter industry.

It is because of the increasing water consumption coupled with the mounting population and the rising systems installation driven by the government to lessen the wastage of water, the global smart water meter industry will grow significantly in the years to come.