Portland,OR, Oct. 14, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global smart water metering market was pegged at $4.91 billion in 2020, and is expected to reach $9.73 billion by 2030, growing at a CAGR of 7.5% from 2021 to 2030.
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Increase in need for accuracy in water billing solutions, surge in focus toward reducing non-revenue water, and demand for water metering to optimize water consumption drive the growth of the global smart water metering market. However, lack of government initiatives hinders the market growth. On the contrary, rise in the digitization of the water industry operations present lucrative opportunities for the market players in the future.
- The Covid-19 slowed down the adoption of smart water metering solutions due to lack of government regulations across the world.
- During the pandemic, the market was hit by several challenges in the construction sector due to lack of availability of raw materials, skilled workforce, deliverables, and project delays and cancellation.
- However, the rise in digital infrastructure solutions is expected to help the market growth post-pandemic.
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The report segments the global smart water metering market on the basis of meter type, technology, component, application, and region.
Based on meter type, the ultrasonic meter segment held the largest share in 2020, accounting for around two-fifths of the market. However, the electromagnetic meter segment is estimated to register the highest CAGR of 9.5% during the forecast period.
On the basis of technology, the advanced metering infrastructure segment dominated the market in 2020, contributing to around two-thirds of the market. However, the automatic meter reading segment is projected to manifest the highest CAGR of 8.9% during the forecast period.
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The global smart water metering market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for more than one-third of the market. However, the market across Asia-Pacific is expected to register the highest CAGR of 10.2% during the forecast period.
The global smart water metering market report includes an in-depth analysis of the prime market players such as Aclara Technologies LLC, Honeywell International, Badger Meter, Inc, Kamstrup A/S, ltron, Inc., Mueller Water Product, Inc., Landis+Gyr, Siemens AG, Neptune Technology Group Inc., and Sensus Inc.
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