DUBLIN–(BUSINESS WIRE)–May 17, 2018–The “Global Smart Water Meter Market – Segmented by End User (Commercial, Industrial, and Residential), and Region – Growth, Trends and Forecasts (2018 – 2023)” report has been added to ResearchAndMarkets.com’s offering.
The smart water meter market witnessed 11.8 million unit shipments in 2017 and is expected to reach 22.1 million unit shipments by 2023, at a CAGR of 11.2% over the forecast period (2018-2023).
With increasing pressure on water utilities, owing to the growing demand, increasing water stress, rising energy prices, and aging water systems, the smart water network solutions have emerged with significant benefits, by combining advanced metering technology, software, and effective communications systems. The integration of the said components, enables end users to account for every drop and turn water into revenue through enhanced leak detection and unparalleled data acquisition.
Moreover, the critical need for optimized consumption of water in water-scarce areas is expected to drive the smart water meter market. For instance, according to the World Water Development Report, 480 million people in Asia alone will face water scarcity in the future.
Increase in Billing Revenue and Accuracy to Drive the Demand
Growing Demand from the Industrial Segment to Augment Growth
North America is the Largest Market
Key Developments in the Market
October 2017: Kamstrup’s MULTICAL 21 water meter was made available with integrated Sigfox communication that allows utilities to utilize an already-installed communication infrastructure, rather than investing in a new one.
June 2017: Mueller Systems collaborated with Senet to deliver metering infrastructure to water utilities across North America. Senet is the first and a growing North American provider of public, low-power, wide-area networks (LPWANS) for long-range Internet of Things (IoT).
January 2017: Badger Meter announced the introduction of two new vortex-flow meters: VN2000 Hot Tap and VN2000 Compact insertion vortex flow meters.