Asia Pacific smart water meter market has been observing a commendable growth spectrum lately on account of the intense involvement of governments in socio-economic development for the betterment of society. Over the last few years, aided by rapid industrialization, most of the people in rural areas have been migrating to urban areas that has raised concern about the need of water supply and sanitation infrastructure among the regional governments. In this regard, the regulatory bodies have been taking initiatives to increase water sustainability and ensure balanced water consumption.
In addition, financial institutions like Asian Development Bank (ADB) has been providing funding to several countries to expand economic opportunities via infrastructural development. The involvement of regulatory bodies for energy conservation and economic development is thus likely to propel the Asia Pacific smart water meter industry trends.
Apart from governments, numerous non-profit organizations and technology companies have also been implementing programs to generate awareness about the use of smart meters. For instance, a well-known hub for smart water and wastewater sectors, the Smart Water Networks Forum (SWAN) has launched the SWAN Asia-Pacific Alliance to deploy smart utilities related to water and wastewater solutions across rapidly developing regions. This non-profit organization brings together noteworthy industry players to speed up the awareness and adoption of smarter water and wastewater utilities. The newly commenced SWAN APAC alliance will work to increase the adoption of smart water practices by encouraging municipal, and other local governments to maximize their water conservation. The successful implementation of such projects has reflected positively, leading to a water conservation and accurate billing and a subsequent rise in the installation of smart water meters across residential establishments. For the record, in 2017, APAC smart water meter market size stood at USD 34 million from residential applications.
China Smart Water Metering Market Size, By Application, 2017 & 2024 (USD Million)
Currently, most of the countries in the Asian continent have been involved in smart city projects in order to encounter the basic needs of the growing populace in the urban areas. Say for instance, in India, the union government has planned to develop dozens of smart cities, considering the future consequences of robust urbanization. Citing the smart city strategy across India, the U.N. agency that deals with cities, UN-Habitat estimates that by the end of 2025, India will have approximately 300 million urban residents. In line with the increasing population, it would indeed become mandatory to provide clean and sufficient water at affordable rates for better livelihood. On the grounds of the same, for sustainable water distribution, the Indian government is encouraging the masses to install smart water meters at new construction sites and replace old metering systems at old residential and commercial buildings.
Focusing on the changing inclination of the public toward the use of smart meters of better energy and money savings, key players in the APAC smart water meter market have been implementing various business tactics to obtain heavy ROI. In Australia, local authorities have been deploying smart metering technologies on a large scale that have generated numerous opportunities for energy companies based in Australia. Recently, in Australia, Pacific Equity Partners, and smart metering giant, Landis+Gyr have collaborated to acquire well-known energy retailer in Australia, Acumen. With this acquisition, the JV of this duo will deploy nearly 8 million smart meters Queensland, NSW, Australian Capital Territory, and South Australia in the coming years. The growing installation of smart metering services in industrial, residential, and commercial sectors across Australia is poised to enhance the overall share of APAC smart water meter industry.
It is expected that increasing investments in infrastructure development projects to manage tap water requirement in water deficient regions will fuel the product demand in the future. That said, the protocol deployed by the regional governments to conserve water resources and decrease wastage of water will also have a significant influence on the industry outlook. Driven by the increasing popularity of smart city projects, Asia Pacific smart metering market share is likely to escalate over the years ahead.