Residential Smart Water Meter Market: Current Analysis and Forecast (2023-2030)
Emphasis on Technology (Automated meter reading (AMR), Advanced Metering Infrastructure (AMI)); Product Type (Hot water Meter, Cold Water Meter); and Region/Country
Global Residential Smart Water Meter Market is expected to grow at a significant rate of around 11.6% during the forecast period. The residential smart water meter market is growing at a significant rate owing the factors such as smart water meters help households to conserve water by providing real-time usage data, enabling them to identify and address leaks or other issues. This can lead to significant water savings, particularly in regions where water is scarce or expensive. Further, smart water meters can improve billing accuracy by automatically reading water usage data and transmitting it to the utility company. This can help to reduce errors and disputes, and can also enable more accurate billing based on actual usage. Moreover, the increasing installation of residential smart water meters in developing economies is further accelerating its market demand. For instance: In 2021, U.S. electric utilities had about 111 million advanced (smart) metering infrastructure (AMI) installations, equal to about 69% of total electric meter installations.
Diehl Stiftung & Co. KG, Apator S.A., Badger Meter, Inc., Landis+Gyr, Honeywell International Inc., kamstrup, Itron Inc., Sensus, Arad Group, ZENNER International GmbH & Co. KG. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst technology, advanced metering infrastructure category to witness higher CAGR during the forecast period.”
Based on the technology, the market is segmented into automated reading meters and advanced metering infrastructure. The advanced metering infrastructure segment registered a significant market share in the year 2022. Advanced metering infrastructure (AMI) solutions aimed at addressing the shortcomings of AMR by instead leveraging a fixed communications network infrastructure have evolved. By enabling high-frequency readings of detailed meter data while also allowing for direct two-way communications with the utility back office, AMI solutions open up entirely new possibilities for water utilities to make substantial enhancements of operational efficiency, reduce non-revenue water (NRW), and greatly improve water conservation schemes.
“Amongst Product Type, the hot-water meter segment to hold a significant share in the market in 2020.”
Based on product type, the market is classified into hot water meters, and cold water meters. Hot water meters acquired a considerable share of the residential smart water meter market. Hot water meters are traditionally used in residential settings and are more widely adopted in regions where hot water usage is more common. Additionally, hot water meters are often integrated with other smart home devices, such as thermostats and boilers, which can further increase their adoption. However, the demand for cold water meters is growing as awareness of the benefits of energy efficiency and conservation increases.
Residential Smart Water Meter Market Report Coverage
“Asia Pacific to hold a significant share in the market.”
The residential smart water also acquired a significant presence in the Asia Pacific region. Factors such as increased adoption of smart technologies to reduce water shortages and utility non-revenues coupled with favorable government regulations on the adoption of efficient smart water metering devices and the maintenance of effective supply is accelerating the market size of the residential smart water meter market. Further, the countries in the region are installing smart water meters under the Smart Water Meter Program, which aims to conserve water in households. For instance: In Nov 2022, Singapore’s national water agency collaborated with Itron industrial IoT network canopy for smart water metering from SP Group, a utility group in the Asia Pacific, to connect some 300,000 residential and C&I smart water meters and drive water conservation goals.
Q1: What is the current market size and growth potential of the global Residential Smart Water Meter market?
Ans: The global residential smart water meter market was valued at USD 2.16 Billion in 2022 and is expected to grow a CAGR of 11.6% during the forecast period (2023-2030).
Q2: What are the driving factors for the growth of the global Residential Smart Water Meter Market?
Ans: Increasing Water Leakage and Growing awareness for water conservation
Q3: Which segment has the largest share of the global Residential Smart Water Meter market by Technology?
Ans: The advanced metering infrastructure (AMI) segment registered a significant market share in the year 2022.
Q4: What are the emerging technologies and trends in the global Residential Smart Water Meter market?
Ans: Increasing adoption of smart home technologies
Q5: Which region will dominate the global Residential Smart Water Meter market?
Ans: North America is expected to dominate the market during the forecast period.
Q6: Who are the key players operating in the global Residential Smart Water Meter market?
Ans: Diehl Stiftung & Co. KG, Apator S.A., Badger Meter, Inc., Landis+Gyr, Honeywell International Inc., kamstrup, Itron Inc., Sensus, Arad Group, ZENNER International GmbH & Co. KG
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Residential Smart Water Meter market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Residential Smart Water Meter Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Residential Smart Water Meter market were the three major steps undertaken to create and analyze the adoption of Residential Smart Water Meter in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Residential Smart Water Meter market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Residential Smart Water Meter market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Residential Smart Water Meter market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as technology and product type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Residential Smart Water Meter market. Further, we conducted factor analysis using dependent and independent variables such as various technology and product type of Residential Smart Water Meter. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Residential Smart Water Meter market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Residential Smart Water Meter market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Residential Smart Water Meter market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Residential Smart Water Meter market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Residential Smart Water Meter market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology and product type in the global Residential Smart Water Meter market.
The main objective of the Global Residential Smart Water Meter Market Study
The current & future market trends of the global Residential Smart Water Meter market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Residential Smart Water Meter market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of technology and product type.
- Define and analysis of the regulatory framework for the Residential Smart Water Meter
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Residential Smart Water Meter market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Residential Smart Water Meter market and the growth strategies adopted by the market players to sustain in the fast-growing market.
Deep dive regional level analysis of the industry
Related Reports
Customers who bought this item also bought
Ammonia (NH3) Gas Sensor Market: Current Analysis and Forecast (2024-2032)
Emphasis on By Type (Floor-Mounted Type, and Portable Type); By Application (Agriculture, Commercial Building, Chemical, and Automotive), and Regions (North America (The US, Canada, Rest of North America), Europe (Germany, The UK, France, Italy, Spain, Rest of the Europe), Asia-pacific (China, Japan, India, Rest of the Asia-pacific), Rest of the World)
February 11, 2025
