Smart water meter market size is forecasted to reach $2,400.6 million by 2025, according to P&S Intelligence.
The surging water crisis furthermore lifts the interest for a sensible plan towards water administration. Water utilities are the genuine consumers of these water meters and it is predicted to lead the market in the midst of the gauge time frame. This is a result of their necessity of channelizing the conveyance methods of considerable measure of water.
Growing demand for AMI meters driving smart water meters demand
The interest for advanced metering infrastructure (AMI) has been developing at a steady pace and is expected to encourage further growth opportunities to the smart water meter industry. Most of this demand is expected to originate from water utilities as they have larger budgets as compared to the industrial and residential consumers. The application of these meters incorporates water utilities, industrial and residential buyers. The improved data quality, two-way communication benefits and high frequency of information related to leak detection as compared to AMR metering is further bolstering the demand for AMI meters.
IoT and MEA providing growth opportunity
The smart water meter industry is, all things considered, subject to communication technology. The new time of internet of things (IoT) has been displaying growth opportunity for this industry. The IoT can be generally valuable in the locales having vulnerability about rain as it helps the advantageous utilization of rain water. The water establishment IoT helps water utilities by upgrading water quality, supply, treatment, transportation and storerooms. IoT can be to a great extent helpful in drought influenced places, for example, California in the U.S.
Water utilities in the U.K. and the U.S. installing more smart water meters
The water companies in the U.K. have been experiencing losses of around 27% of the treated water due to inaccurate water network. This is driving them to replace their traditional water meters with the smart water meters. Thames Water Utilities in the U.K. has been aggressively investing in these meters. Rogers Water Utilities (RWU) in the U.S. is planning to completely replace its existing water meters with smart water meters by 2021. The Keystone Utility Systems, through a contract with Sammamish Plateau Water in the U.S., was supposed to install around 18,000 smart water meters in the country by late 2016. Based on information from Smart Water Summit, around 80% of water utilities in the U.S. have included the up-gradation and repairs of their water infrastructure in their capital plans.
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Intensity of rivalry is moderate
Owing to an average number of smart water meter manufacturers, the intensity of rivalry is medium. Since, the worldwide smart water meter market opens growth opportunities in future, it is expected that manufacturers will make new investments and launch advanced smart water meters, thus creating high intensity of rivalry. Most of these meter companies operate globally, which further increases the level of rivalry in the market.
