The booming population numbers and the rising prevalence of urbanization have led to an increase in the water consumption percentage to a considerable extent. The expanding focus on reducing water wastage, assurance of optimized distribution, water conservation initiatives, and others are escalating the demand for water meters substantially. Thus, these factors will assure good growth prospects for the smart water meter market through the assessment period of 2022-2031.
Water meters are the devices used for measuring water flow. They are generally used by a city or rural corporation, private water company, etc. Smart water meters are technologically advanced versions of water meters. They use connected technologies like the Internet-of-Things (IoT) and others to track and prevent water wastage. The magnifying usage of smart water meters in the commercial, industrial, and residential sectors may prove to be a great growth generator during the tenure of 2022-2031. The creation of sustainable water infrastructure, reduced wastage, and enhanced resource efficiency will propel growth opportunities across the smart water meter market to a considerable extent.
The need for optimized water consumption in areas having grave water scarcity is of utmost importance. According to the United Nations International Children’s Emergency Fund (UNICEF), 4 Bn individuals worldwide experience severe water scarcity levels for at least one month every year. Furthermore, more than 2 Bn people live in areas or countries where the water supply is inadequate. These statistics highlight the growing prevalence of water scarcity around the globe.
The research team at Transparency Market Research has performed extensive analysis on a plethora of factors such as recent developments, latest trends, competitive scenario, COVID-19 impact, and others. According to the projections estimated by Transparency Market Research, the global smart water meter market is estimated to expand at a CAGR of 11.6% during the forecast period of 2022-2031. In terms of valuation, the smart water meter market is anticipated to reach US$ 6.29 Bn by 2031. The global smart water meter market was valued at US$ 2.12 Bn in 2021.
Increase in Practices to Encourage Sustainable Water Use to Bring Immense Growth Opportunities
The government bodies of numerous countries are promoting sustainability on a large scale. Maintaining a balance between the ever-growing population and water consumption has become a difficult task. With the use of smart water meters, the consumption of water can be tracked efficiently, which can decrease water wastage levels. The overwhelming increase in urbanization and industrialization levels will invite immense growth for the smart water meter market.
Rising Awareness about Smart Water Meters to Attract Considerable Growth Prospects
The growing influence of technology across the smart water meter market will turn the tables of growth. Technologies like the Internet of Things (IoT) and others have penetrated the smart water meter market expansively. The players in the smart water meter market are focusing on research and development activities to integrate these technologies smoothly. Therefore, the growing popularity of smart water meters will bring exponential growth.
In addition, smart cities are being developed across various regions and countries. These cities will need optimum water distribution on a large scale. Hence, the swelling demand for water meters across smart cities will help in increasing the growth rate.
High Investment Opportunities to Invite Profitable Growth Avenues
Many firms and conglomerates are involved in investing large amounts across the smart water meter market. The growing influence of such investments will bring expansive growth to the smart water meter market. Furthermore, the awareness about the importance of water meters is being spread across a considerable chunk of the populace, which will sow the seeds of growth across the smart water meter market.
Some leading players in the smart water meter market are Electronet Equipments Private Limited, Ltd, Aclara Technologies LLC., Neptune Technology Group Inc., Diehl Stiftung & Co. KG, Arad Group, and Sensus USA Inc.
Reference link: https://www.transparencymarketresearch.com/smart-water-meter-market.html
