A 30% growth is anticipated in the smart water metering market in the Asia Pacific region between 2018 and 2024.
Global Market Insights forecasts revenue generation within the market to exceed $300 million by 2024.
Ongoing technological advancement towards the development of accurate metering technologies is expected to drive the market growth.
Other factors driving the market include:
- Increased adoption of smart technologies to reduce water shortages and utility non-revenues
- Favorable government regulations on the adoption of efficient smart water metering devices and the maintenance of effective supply
- The need to reduce operational costs, to ensure accurate billing and to detect leakages through real-time monitoring
For instance, in Japan where the market is expected to generate $44 million by 2024, the Measurement Act stipulates on smart meter accuracy standards and timeframes for replacing existing meters.
In 2015, Malaysia lost 31% of treated water to non-revenue according to the Ministry of Energy, Green Technology and Water. This has pushed active adoption of smart technologies fostered by a partnership between government and the private sector.
In Australia, a number of smart meter projects have been initiated including that of Coliban Water, which resulted from a March 2018 announced six-year rollout plan to commercial and residential consumers.
