Global Smart Water Meter Market | 12% CAGR Projection Over the Next Five Years | Technavio
The global smart water meter market is expected to post a CAGR of more than 12% during the period forecast period
Non-revenue water management has been gaining prominence in recent years, owing to limited resources. The use of technologies, such as smart water meter for non-revenue water management, allows water utilities to expand and improve services, make cities more attractive, enhance financial performance, increase climate resilience, and reduce energy consumption. Such benefits of using smart water heaters are expected to increase their demand, thereby, fueling the market growth during the forecast period.
Global Smart Water Meter Market: Development of Smart Cities
The development of smart cities is being carried out at a high pace across the world. Smart cities are equipped to tackle issues such as climate change, growth in population, and economic stress, effectively. This is possible through various tools of communication and IT, such as IoT, smartphones, and cloud-based services. Thus, initiatives undertaken by governments across the world to boost the development of smart cities will stimulate the demand for smart water heater during the forecast period.
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"Apart from the development of smart cities, other factors such as the rise in adoption of digital technologies, and the development of pay-as-you-go services will have a significant impact on the growth of the smart water meter market value during the forecast period,".
Global Smart water meter Market: Segmentation Analysis
This market research report segments the global smart water meter market worth by technology (AMI, and AMR), end-user (commercial and industrial, and residential)
The Americas led the smart water meter market in 2018, followed by EMEA, and APAC, respectively. The smart water meter market analysis report identifies factors such as the high adoption of water management solutions and regulatory policies mandating compliance with water-usage and discharge-related norms to account for the market dominance of the Americas during the forecast period.
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