The global water metering industry will be characterised by extensive product rollouts, according to market research firm Global Market Insights.
Given the soaring concerns over water scarcity, reliability, and security, smart water metering market is emerging as the next opportunistic growth ground for potential stakeholders.
It has been observed that in the recent years, growing number of communities are facing water management challenges that are compounded by metering inaccuracy, aging infrastructure, water loss, population growth and more.
Evidence bearing testimony to the aforesaid is of the International Energy Agency that claims more than 34% of pumped water to be lost as non-revenue water because of tampering, theft, meter errors, and faulty distribution networks.
Clearly, the water infrastructure challenges of today will only continue to grow more severe if not addressed with technologically advanced digital solutions such as the smart metering technology to improve operations and efficiencies.
Smart water metering market in this regard has been witnessing immense popularity as these meters are assuring improved connectivity and advanced features over their conventional counterparts. The global smart water metering industry is in fact in the midst of huge smart meter rollouts, as they provide real-time data, better operation efficiency, and reduce water bills, which in turn is supporting conservation of water.
A recent instance validating their significance is that of water management solution firms Itron signing a deal with Burundi water company, REGIDESO, to modernise water distribution networks, reduce non-revenue expenses, and help the utility with successful rollouts of 110,000 Itron units. The company claims that installing smart water meters will ensure that consumers are billed accurately and provided with access to real-time water usage data, which in turn will improve efficiency and help customers monitor their monthly bills.
AMI technologies to emerge as lucrative growth avenue for global smart water metering industry
Advanced Meter Infrastructure (AMI) technology has been gaining immense traction in the smart water meters market given the fact that it is providing the utilities with timely information about water consumption.
AMI systems are also helping end-users with communication networks and data management systems that enable two-way communication between customers and utilities.
Integrated with state-of-the-art digital/electronic hardware and software, smart water meters have garnered immense popularity in an era where energy efficiency and conservation trends are at the pinnacle. Enumerated below are some of the high-tech features of the AMI systems that have led to its extensive product demand:
- Advanced meter accuracy that has fortified replacement of aging and inaccurate meters.
- Efficient & precise meter reading and re-reads.
- Assessment in self-service – AMI are designed to provide end-users with near-real-time alerts that can improve understanding on consumption patterns and manage their water use.
- Real-time tamper/theft alerts.
These features have in turn helped the end-users analyze and mange water usage to save on resources as well as energy management bills. Recently for instance, a UK-based distribution corporation, Southern Water, claimed that its AMI venture is able to save around 27 million liters of treated water on a daily basis in South and South East England.
Analysing the industry’s growing shift toward AMI deployment, analysts depict a rather lucrative growth path for this segment in the years ahead. Statistics in fact claim that the AMI smart water metering market is projected to witness a striking CAGR of 28% over 2017-2024.
US to witness robust product demand over 2017-2024
Growing consumer interest toward transparent billing systems and rising awareness toward water conservation has in turned lifted US smart water metering market to be the lucrative growth ground for potential investors.
The stringent regulatory norms and governmental initiatives toward installation of smart meters have favored the industry landscape of the US., which according to IBNET observes an average of 24% of non-revenue water loss per year. Increasing governmental efforts in mapping water leakage coupled with other schemes such as economic merits on installation of smart metering systems will further fortify US smart water metering industry growth.
It is imperative to mention that in 2013, the American Recovery and Reinvestment Act (ARRA) efficiently carried out AMI installations in the region and also facilitated the development of water resource management across the U.S.
The regional landscape of smart water metering industry is not just replete with the U.S., though it is undeniable that this region is a profitable growth avenue for the entire business sphere.
Apart from the US, however, smart water metering market share stands to gain much from the growing product installation in the Asia Pacific.
Combined efforts undertaken by the private and governmental bodies toward deploying smart meter technology for energy efficiency is certain to bring forth immense growth opportunities for smart water metering market companies in the coming years.
The latest smart water metering trial network in Norwich with the deployment of 11,000 new smart water meters conducted by Arqiva in partnership with Sensus is an instance shedding light on the efforts of industry giants to exploit the potentialities of smart meter technologies.
This business space is further likely to tread along a lucrative growth path with rising water conservation efforts and a strong legislative framework. Validating the presumption is a statement by Global Market Insights, Inc., that forecasts the global smart water metering market share to surpass an annual installation of more than 35 million units and transcend $3 billion in terms of revenue by 2024.