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Smart Water Metering Market in Residential sector to reach USD 1 billion by 2024, rising demand for accurate billing coupled with effective mapping

Author : Ronak Bora | Published Date : 2019-03-13 

Smart Water Metering Market growth will be driven by increasing efforts for effective resource utilization coupled with positive measures to meet water scarcity across different regions will boost the hot smart water metering market. Widespread utilization of these meters across residential establishments will further boost the product adoption. Smart water meters, in general, find massive applications across the commercial, residential, and utility sectors. Smart water metering industry size from residential applications has been projected to cross the billion-dollar frontier by 2024. This commendable accomplishment can be credited to the increasing demand for precise water bills and the accurate formulation of unregulated spending on water resources. Indeed, smart meters also possess the ability to reduce non-revenue water & secure remote monitoring, further expanding the scope of smart water metering industry from the residential arena.

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AMI smart water metering market is anticipated to witness gain over 10% by 2024. Growing adoption of automation systems across energy sector to ensure load management, customer service improvement and energy conservation will enhance the product penetration. The product enables the end users to provide real time information regarding the energy utilization and execute consumption decision.

Smart Metering Systems Market is predicted to exceed USD 21 billion by 2024. Introduction of several government plans and incentives to promote the adoption of energy efficient system will drive the industry growth. Several countries have introduced regulatory directives to promote the installation of AMI meters as a part of energy conservation initiatives. In 2016, Berea (Ohio) partnered with Badger Meter and NECO, a metering firm for the development of smart water meters project.

AMR smart water metering market is anticipated to witness growth owing to its ability to transfer energy consumption data from users to utilities and lower cost index. Shorter installation time, immediate fault detection and remote access are some of the prominent features which will enhance the product penetration. Increasing spending toward renewable energy and smart grid network coupled with growing deployment of IT enabled systems will further drive the business landscape.

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Australia smart metering systems market size is projected to grow over 16% by 2024. Favorable measures coupled with government policies toward energy conservation will stimulate the industry landscape. In 2017, Power of Choice reform introduced by the government of Australia to provide AMI to end users across the country.

Utilities smart water metering market is anticipated to witness an appreciable growth on account of intensifying water conservation measures in response to excessive NRW losses. Improved customer service, reduction in operational expenditure and workforce management are some of the distinguishing features validating the product’s supremacy across utilities. For instance, several utilities including the Alabama Decatur Utilities have accelerated the sturdy rollout of these meters throughout the U.S.

The United States is one of the most foremost growth grounds for smart water metering market. Incidentally, Glendale was the first city in the United States that set a benchmark for better utility management and responding to unexpected natural calamities such as droughts, by means of implementing smart meters to develop a smart grid network. The rising adoption of smart water meters will thus majorly drive U.S. smart water metering industry. Not to mention, the region has a strict regulatory frame of reference in place, which would serve to drive smart water metering industry.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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