Smart water meter is an internet-enabled device, typically coupled with GPS chips and GIS (Geographic Information System) that measures and manages water consumption and distribution. A smart water meter uses power line communications (PLC), wireless radio frequency, and SCADA (Supervisory Control and Data Acquisition) in order to constantly communicate with the central server.
The smart water meters market came into prominence in the 2000s, as a part of the Smart Grid project, which was initiated to improve services and efficiency of the water supply system. Following the smart grid project, the smart water meters market gained popularity, as water utilities across the world started its large-scale implementation.
Factors that are expected to drive the global smart water meters market include increasing demand from water utilities to provide proactive services by establishing water consumption patterns using predictive analysis, reducing operational costs, and streamlining the water supply management. Furthermore, urgent need for identification of water leakages, upgrade of aging, traditional water infrastructure, and accurate billing amidst increasing environmental stress and water scarcity is anticipated to drive the global smart water meters market. Besides this, growing adoption of smart IT solutions by water utilities across the world is expected to fuel the market.
However, factors including high initial investments and high installation and licensing fees coupled with software support services are expected to act as restraints for the global smart water meters market.
The global smart water meters market can be segmented on the basis of technologies, components, end-users, and regions. On the basis of technologies, the market can be segmented into AMR (automatic meter reading) and AMI (advanced metering infrastructure).
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On the basis of components, the global smart water meters market can be segmented into manufacturers, installers, and data & network management firms. Of these, the data & network management firms segment is expected to hold a major share in the global smart water meters market during the forecast period. This is owing to its sustainable value and long-term viability. Manufacturers and installers are expected to follow the data and network management firms, as timely replacement and upgrade of meters is likely to gain importance.
On the basis of end-users, the global smart water meters market can be segmented into water utilities and commercial users.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is anticipated to dominate the global smart water meters market. This is owing to widespread yet traditional infrastructure of water meters in the region. Europe is projected to follow North America.