NEW YORK, July 12, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “Global Smart Water Meter Market Size, Share, Development, Growth and Demand Forecast to 2025 - Industry Insights by Type (Positive Displacement, Electromagnetic, Single-Jet, Multi-Jet, Velocity Flow, Fluidic Oscillator), by Application (Water Utilities, Industrial, Residential)” published by P&S Market Research, the global smart water meter market was valued at $839.6 million in 2015 and is expected to witness a CAGR of 11.1% during 2016 – 2025. Positive displacement smart water meters contributed the largest share to the global market in 2015.
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The global smart water meter market is growing with double digit CAGR owing to increasing demand for optimal use of water. The non-revenue water is one of the major challenges for the water utilities as well as governments. The surging water crisis further elevates the demand for a sustainable solution towards water management.
Smart metering enables a consumer to effectively utilize their meter as it increases their accessibility in several ways. The consumers can read their meter on demand. This facilitates the consumer to get the reading on effective date of change in premises. Smart metering has quick response for a given command as compared to traditional dumb meters, which also facilitates easy billing. Such advantages facilitate improved service incentive mechanism (SIM) score for a given water provider. The smart water meters also save the cost of water utilities associated with manual checking of meter by the personnel visiting the consumer premises. These benefits associated with smart meters have been driving its market.
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The key opportunity areas in the smart water meters market include prospects laid by IoT infrastructural development and emergence of Middle-East & Africa as a high-growth market. The smart water meter industry is largely dependent on communication technology. The new era of internet of things (IoT) has been presenting growth opportunity for the smart water meters market. The informed consumers are one of the key reflections of the connected places, including connected cities and connected buildings.
Some of the key players operating in the global smart water meter market include Badger Meter, Itron, Landis+Gyr, Elster Group, Kamstrup, Aclara Technologies, Sensus, Neptune, Diehl and Acquiba.
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