The Europe smart water meter market is set to witness substantial growth by 2027 owing to increasing adoption of sustainable water management solutions worldwide. Moreover, rising integration of IoT-enabled devices to manage water consumption, distribution, and data, is likely to foster market expansion in the forthcoming years.
Smart water meters consist of sensors and gateways that monitor water flow and collect data to reflect any water leakages or supply restrictions to ensure a seamless water supply mechanism. Favorable government initiatives to improve public service facilities and ensure optimal resource utilization has augmented industry expansion in recent years.
Notably, prominent industry players are implementing strategic initiatives to tap into emerging market trends, which has positively impacted the overall business landscape. For instance, in November 2020, Badger Meter, a leading water technology solutions provider, announced the acquisition of s::scan GmbH, a privately held water quality monitoring systems provider. The acquisition enhanced Badger’s water monitoring portfolio by incorporating the real-time IoT-enabled water quality monitoring systems pioneered by s::scan.
The Europe smart water meter market has been segmented on the basis of product, application, technology, and country. In terms of country, the market has been categorized into Norway, Sweden, Italy, Estonia, Poland, UK, Finland, Germany, Russia, Denmark, Lithuania, Latvia, Czech Republic, Spain, Austria, and Switzerland.
The Sweden smart water meter market was valued more than USD 18 million in 2020 and is expected to showcase steady growth over the assessment period. The Denmark smart water meter market is calculated to reach a notable valuation of over USD 100 million by the end of 2027.
The Finland smart water meter market held a valuation of around USD 7 million in 2020 and is estimated to gain significant traction over the review period. The Russia smart water meter market is speculated to be worth more than USD 260 million by 2027.
The Italy smart water meter market is slated to amass notable gains by 2027, progressing at a CAGR of nearly 30% through the forecast timeline. Meanwhile, the Norway smart water meter market held a valuation of over USD 4.5 million in 2020 and is projected to grow at a considerable pace over 2021-2027.
The Czech Republic smart water meter market is anticipated to surpass a valuation of USD 9 million by the end of 2027. The Estonia smart water meter market is expected to register sturdy growth at about 25% CAGR over the estimated period.
In 2020, the Latvia smart water meter market exceeded USD 1 million in value and is projected to garner notable gains through the study timeframe. The Lithuania smart water meter market is set to attain a revenue of more than USD 5 million by 2027.
The Switzerland smart water meter market is likely to expand at a CAGR of approximately 24% over the analysis period. The Austria smart water meter market is anticipated to be valued at more than USD 50 million by the end of 2027.