Market Trends of Smart Water Meter Industry
Residential Application Segment is Expected Hold Significant Market Share
- The demand for smart water meters in the residential segment is increasing as they can accurately and timely measure water consumption, allowing consumers to monitor and manage their water consumption effectively. Consumers can identify areas to reduce consumption and change their habits to save water by monitoring their consumption.
- Smart water meter technology has revolutionized the way water is billed. Traditional water meters bill customers based on estimated usage, which can lead to inaccurate billing and disputes. Smart water meters provide accurate readings, so homeowners only pay for their water, leading to fairer and more efficient billing practices.
- Smart water meters also solve another problem: charging all households in an apartment the same bill. This practice is unfair because some residents conserve water while others pay less attention. With separate meters, each family is billed separately based on usage.
- Moreover, in most countries, residential water consumption is increasing due to improvements in water infrastructure. With the increasing urbanization trend, residential consumption represents a great opportunity for the future growth of smart water meters. According to the UN-HABITAT, urbanization will increase to 89 percent by 2050. Across all major world regions, urbanization is projected to be rising in 2050.
- Additionally, several governments and authorities promote using smart water meters in their water conservation and sustainability efforts. In some regions, there are government regulations mandating the installation of smart water meters in new homes or renovations, further driving market growth.
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Europe is Expected to Witness Significant Growth
- The increasing government initiatives for better water management are creating a demand for smart water meters over the forecast period. Moreover, many European countries need better water management solutions due to water scarcity issues, which is expected to drive market growth.
- Vendors in the United Kingdom are launching various programs for faster deployment of smart water meters. For instance, in February 2023, Anglian Water, a water company in the United Kingdom, announced that it started to explore an ‘end to end’ smart metering delivery solution to continue the rollout of its installation program. The collaboration would deliver the installation of a smart meter installation. This would allow customers to use less water by using smart meters.
- In January 2023, Yorkshire Water announced its significant venture in smart meter technology, a part of the company’s strategic commitment throughout its network. The partnership is anticipated to help with its advanced customer metering program to improve services and reduce leakage, in addition to helping customers save some money on their bills. Furthermore, in March 2023, Oxford passed legislation stating that smart water meters are set to be fitted throughout Oxford, and the change is compulsory; residents can not refuse the fitting or modification of the existing meters.
- The hefty water bills drive the demand for smart water meters. Households in England and Wales are facing a rapid increase in water bills in almost two decades since April 2022, putting further pressure on budgets already weathering the cost-of-living crisis. According to Water UK, the typical water bill will increase to an average of GBP 448 (USD 565.56) a year from April, an upsurge of 7.5%.
- One of the developed economies of the European region is France, where the management of drinking water supply is facing critical challenges partly related to a traditional water meter, such as handling operational costs, water loss or non-revenue water due to leaks and other system failures, and water conservation. Smart water meters are increasingly being installed by French water utility companies and made available to users free of charge.
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