Global smart water meter market analysis and insights

The global Smart Water Meter market estimated at US$4.93 billion in the year 2024 is now projected to grow at a CAGR of 14.58% and reach US$11.16 billion by 2030. This substantial growth is driven by a convergence of factors that address the pressing challenges posed by water scarcity, inefficiencies in water management, and the need for more sustainable and accurate billing practices. As cities expand, the strain on water resources intensifies, necessitating more efficient monitoring and management. Smart water meters offer a solution by providing real-time data on water consumption, enabling both consumers and authorities to track usage patterns, detect leaks, and conserve water more effectively.

Looking ahead, the growth potential in the smart water meters market remains robust. Governments worldwide are actively promoting the adoption of smart meters, with initiatives aimed at ensuring every household and business has access to these devices. This push aligns with broader efforts to improve water infrastructure and promote water conservation. Furthermore, the growing popularity of Internet of Things (IoT) technologies plays a pivotal role in expanding the smart water meter market. These devices can seamlessly integrate into IoT-based water management systems, enabling remote monitoring, data analytics, and smart decision-making.

Additionally, the development of low-power wide area (LPWA) network technologies is poised to further accelerate market growth. LPWA networks offer enhanced coverage and connectivity, making it feasible to deploy smart water meters even in remote areas. As the world moves towards a more interconnected and data-driven future, the smart water meters market stands to benefit significantly from these technological advancements. Overall, the future growth opportunities for smart water meters are closely tied to the imperative of efficient water resource management, sustainability, and the relentless pursuit of accurate and equitable water billing practices in an increasingly water-stressed world.

Smart water meter market regional insights

North American smart water meter market is expected to grow significantly over the forecast period 2024-2030. This growth can be attributed to the stringent regulatory norms and government initiatives towards adoption of smart water meters in the region. United States contributed around 78% of the total North American smart water meter market. It is estimated to have a market value of US$1.32 billion in the year 2024. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 13.68% and 11.29% respectively over the 2024-2030 period.

Asia Pacific smart water meter market is anticipated to witness an upsurge owing to the rapid industrialization and urbanization in developing countries like China and India. Moreover, the market is being driven by high R&D expenditure by major players, combined with efforts to commercialize smart water meters at affordable prices. China is expected to dominate the Asia-Pacific market and reach a market size of US$1.46 billion by 2030.

Within Europe, Germany, France, Italy and the U.K. are the key countries responsible for the significant growth of the regional market. Germany is expected to grow at a fastest CAGR of 14.38% over the forecast period.

Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet technology standards. However, any growth that the region experiences is expected to come from developing Middle Eastern nations such as Qatar, U.A.E, and Oman due to a similar growth pattern as the Asia Pacific.

Key players

Key players profiled in the report include Aclara Technologies LLC; Ameresco; Apator; Arad Group; Axioma; B METERS s.r.l.; Badger Meter, Inc.; Birdz (Nova Veolia); Diehl Stiftung & Co. KG; DropByDrop; Honeywell (Elster); Itron; Jiangxi Sanchuan Water Meter Co., Ltd.; Johnson Valves; Kamstrup; Landis + Gyr; Maddalena; Mueller Systems LLC; Neptune Technology Group; Nereus; Ningbo Water Meter Co., Ltd.; Siemens AG; Suez – Smart Metering Services; Thames Water Utilities Ltd.; WEGoT Utility Solutions Pvt. Ltd. and Xylem-Sensus, among others.

Competitive landscape

June 06, 2023 – The largest water users in a utility’s customer base typically hail from commercial and industrial (C&I) businesses that depend on reliable water access to function. This specialized customer group requires precise tracking that helps them avoid water loss and ensure that costs are affordable.

April 12, 2023 – Landis+Gyr has signed a contract with EPCOR Water to provide AMI technology and related services for water meters in the City of Edmonton. The agreement includes RF Mesh Series 5 water modules for water meters, software upgrades and implementation of advanced network security. A component of the Gridstream® Connect platform, the water modules will operate on the utility’s existing RF mesh network, which currently supports about 435,000 advanced electric meters. The project is expected to be complete by the end of 2025.

January 05, 2023 – Badger Meter, Inc. announced the acquisition of Syrinix, Ltd., a privately held provider of intelligent water monitoring solutions, for £15 million, funded with available cash. Founded in 2010 and headquartered in the U.K., Syrinix specializes in high-frequency pressure monitoring and leak detection within water distribution and collection networks. Its remote network monitoring equipment and cloud-based software platform deliver data, customized alerts and insights that empower customers with real-time asset monitoring to reduce water loss and improve asset life.

Global smart water meter market scope

• By component
  • Hardware
  • Software
  • Services

• By type
  • Ultrasonic water meter
  • Electromagnetic water meter
  • Mechanical water meter
  • Others

• By technology
  • Advanced meter infrastructure (AMI)
  • Automatic meter reading (AMR)
  • Communication technologies
  • Sensing technologies
  • Others

• By application
  • Residential
  • Non-residential
    • Commercial
    • Industrial
    • Institutional
    • Others

• By sales channel
  • Direct sale
  • Indirect sale

• By region
  • North America
  • South America
  • Europe
  • Asia Pacific
  • Middle East and Africa

The research report  provides a comprehensive review of market trends, market growth drivers, PEST Analysis, Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market.

The report provides market estimates and forecast for geographic markets such as the North America (US, Canada, Mexico and Rest of North America), South America (Brazil, Argentina and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Norway, Switzerland, Denmark and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel and Rest of Middle East) & Africa.