The Smart Water Meter Market is being driven by Increasing support from government for smart water meter installations
The Smart Water Meter Market is expected to grow at a CAGR of 13.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 4977.4 million. The global smart water meter market is experiencing significant growth due to urbanization and the resulting increase in water demand in urban areas. As cities expand and populations rise, existing water infrastructure and resources are being pushed to their limits. Smart water meters offer a viable solution by providing real-time data on water consumption patterns, enabling utilities to optimize distribution, identify leaks promptly, and implement demand-based pricing. In rapidly developing urban centers, particularly in emerging economies, smart water meters are indispensable tools for managing scarce water resources and planning for future needs. Urbanization's impact on water demand necessitates more advanced water management systems, making smart water meters a crucial investment for utilities and cities alike.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
210 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.6% |
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Market growth 2025-2029 |
USD 4977.4 million |
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Market structure |
fragmentation |
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YoY growth 2024-2025(%) |
11.7 |
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Key countries |
US, Canada, Germany, UK, China, France, Spain, Israel, Japan, Italy, Australia, UAE, Brazil, US, Canada, Germany, UK, China, France, Spain, Israel, Japan, Italy, and Australia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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In the Smart Water Meter Market, utility companies implement real-time monitoring systems to efficiently manage water supply in commercial, residential, and industrial areas. Flexible billing, data alerts, and accurate billing reduce water wastage and non-revenue water. Leak detection, usage patterns, and anomalies detection ensure resource management. AI, advanced data analytics, and unique identifiers facilitate sustainable infrastructure and demand management strategies. Water shortages are addressed through continuous monitoring, auto meter reading, and supply chain management. Sustainable water usage is promoted, and water utilities benefit from advanced technology for effective resource management.
The Smart Water Meter Market is a significant segment of the expansive Global Electrical Components and Equipment Market, which encompasses companies involved in the production of electric cables and wires, electrical components, and electrical equipment. According to Technavio, the market size for Global Electrical Components and Equipment is determined by the consolidated revenue generated from manufacturers of various sub-segments, including water meters and indicators, motors, and sensors. Key features of the Smart Water Meter Market include real-time monitoring, flexible billing, data alerts, and leak detection for commercial, residential, and industrial areas. Additionally, the market covers non-revenue water management, water supply optimization, and leak detection systems. The market's growth is driven by the increasing demand for water conservation and efficiency, as well as the integration of advanced technologies such as IoT and AI.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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