Smart Water Meter Market Size

Smart Water Meter Market Analysis

The Smart Water Meter Market size in terms of shipment volume is expected to grow from 46.81 Million units in 2024 to 78.91 Million units by 2029, at a CAGR of 11.01% during the forecast period (2024-2029).

Smart water meters are electronic devices that accurately monitor water usage. These smart meters can transmit usage data via cellular, radiofrequency electromagnetic radiation (RF), and power line communication, assisting the utility company in efficiently managing energy consumption. Smart meters provide many advantages, including lower meter reading costs, prevention of disconnection, elimination of billing inefficiencies, and lower reconnection costs for businesses and consumers.

• Over the years, water consumption has increased significantly due to population growth, rapid urbanization and industrialization rates, and growing per capita consumption. For instance, according to LawnStarter, an American lawn maintenance service provider, the United States was the leading country in per-capita water consumption (2,842 cubic meters) in 2022, followed by countries such as Canada, New Zealand, Costa Rica, etc.
• As a result of the growing consumption, several regions have started facing water shortage issues in recent years, giving rise to the need to minimize water wastage. The growing demand for water preservation is anticipated to be a key driver for the market studied during the forecast period. Moreover, technological advancements and rising efforts by governments, individual consumers, and businesses to save water also contribute to the market’s growth.
• Recent innovations have also enhanced the capabilities of smart water meters, enabling them to measure the characteristics of the water, such as the quantity used, its speed of flow, its pH balance, and quality, among others. Many smart water meters nowadays are also capable of calculating monthly water bills, giving consumers detailed information about consumption and billing patterns.
• However, factors such as the higher cost of smart water meters and a lower installation rate, owing to lower awareness, are among the major challenges to the growth of the market studied. Additionally, the lack of supporting infrastructure for smart water meters, such as high-speed connectivity, also hampers the market’s growth, especially across developing regions.
• The COVID-19 outbreak halted the production of many items in the smart water meter business. However, as fewer COVID-19 cases were reported in 2022, which resulted in a return of water meter companies operating at total capacity, the market is anticipated to grow as the supply chain regains momentum. Furthermore, a major impact of the COVID-19 pandemic has been on the general awareness of consumers about the environment and digital technologies, as during the pandemic, the reliance of people on digital technologies grew significantly. Hence, such trends are anticipated to have a long-term impact, creating a favorable outlook for the smart water meter market during the forecast period.