Ocean View, DE -- (SBWire) -- 05/26/2020 --Alarming need to save natural resources such as water will help smart water metering market earn significant traction. The growth of smart water metering industry can be credited to the growing need for effective water consumption. Smart meters enable recording of real-time data and decrease water bills.
Besides, schemes introduced by the governments of multiple countries aimed at conserving water and increasing efficiency of water supply network are likely to drive smart water metering industry share. An in-depth smart water metering market forecast report has projected that the industry valuation will surpass $3 billion through 2024.
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Concrete measures undertaken by regulatory bodies towards strengthening water security and monitoring of Non-Revenue Water (NRW), along with the rollout of mandates pertaining to the installation of smart water metering solutions in various countries is also imperative to bolster smart water metering market prospects. In addition, fast-track urbanization, rapid aging of distribution mains, and rising incidence rate of inappropriate billing & theft are likely to further intensify market trends.
Asia Pacific smart water metering industry is likely to capture a CAGR of more than 20% over 2017-2024. APAC region houses robust industrial and manufacturing sectors, which are progressively adopting advanced technologies and digital systems to improve resource consumption. Additionally, intensifying efforts by producers to foster innovative solutions is likely to further enhance product installation in the region.
The U.S. smart water metering market share is predicted to expand over 6% during 2017-2024. Current water conservation reforms along with investments by the government for installing smart grid technologies is anticipated to progressively fuel the product adoption. For instance, in 2013, the Smart Grid Investment Grant (SGIG) and the U.S. Department of Energy conjointly backed the setting up of smart grid infrastructure in the country and offered a federal financial assistance of more than $8 billion in 99 ventures. Government funding and increasing product adoption are expected to impel U.S. smart water metering industry share by 2024.
Smart water metering market share from utilities application is projected to a CAGR of more than 17% over 2017-2024. Escalating investments towards the establishment of digital infrastructure to minimize monetary losses will help to drive smart water metering industry outlook. Government initiatives to streamline the water distribution system along with the introduction of numerous subsidy schemes and incentives will also enhance smart water metering industry trends.
Smart water metering market is anticipated to amass substantial revenue from residential application due to growing demand for billing process transparency in this vertical. amplifying water shortage in the residential sector and escalating demand or remote monitoring are few of the key underlying aspects favoring growth of smart water metering market share. The demand for accurate mapping of un-regulated water resource can also play a major role in industry growth.
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Some of the acknowledged players operating in smart water metering market include Badger Meter, Landis+GYR, Itron, Siemens, Schneider Electric, Honeywell International, Arad Group, Sensus Sentec, Kamstrup, Neptune, Elster Group, and Diehl Metering.
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Smart Water Metering Market Trends 2020 :Siemens, Schneider Electric, Honeywell International, Kamstrup, Neptune, Elster Group, and Diehl Metering
Alarming need to save natural resources such as water will help smart water metering market earn significant traction.