The global market for smart water meter is predicted to exhibit a CAGR of 7.14% in terms of revenue. In terms of volume, the market is set to record a CAGR of 8.41% during the estimated period, 2020-2028. The deciding factors estimated to propel the market growth are the increasing smart city projects, and the increasing need for sustainable management of the existing water supply, along with its operational ease.
Smart water meters aid water utilities in managing their water networks in an efficient manner. The smart water technologies are gaining traction as a result of the diminishing water resources across the globe, and the increasing wastewater disposal expenses. There is a growing need for sustainable management of water supply across various countries, due to the existing water scarcity. Hence, there are demands for smart water meter due to its operational benefits, and it also forms an integral part in preserving water supplies and ensuring equitable access for the consumers. These factors are set to impact market growth immensely.
The governments across various countries are providing financial grants and support to consumers in order to encourage the adoption of smart water meters, and this is set to result in huge market growth opportunities. However, the high installation costs hinder the growth of the market.
The global market for smart water meter is geographically studied through the regions of Europe, North America, Asia Pacific, and the Rest of the world. Although the smart water meter adoption in the Asia Pacific region is low, the growth prospects for the region with regard to smart water meter market is positive as a result of rapid urbanization, increasing population, increasing manufacturing industries, etc. The region of the United States leads in terms of smart water meter adoption. The market region of North America dominates the market in terms of revenue share.
Datamatic Inc., Diehl Stiftung & Co. Kg, Badger Meter, Inc., Aclara Technologies LLC (Acquired By Hubbell Incorporated), Arad Group, etc. are some of the companies operating in the market, and thereby benefiting the market.
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