Factors driving the market growth include:
- The digitalisation of water distribution networks
- The need to address climate change
- The rise in water wastage
The Asia Pacific region accounted for 42% of market share in 2018, and will record a surge as utilities in China, India, Japan and South Korea move away from trials to large-scale deployments as from early-2020.
Europe is expected to be one of the fastest growing markets for smart water meters with a 33% share over the next 8 years. This is so owing to an increase in the rollout of LPWA networks.
The rising adoption of smart water meters will also increase the need for scalable meter data management as utilities seek to convert big data into useful and actionable insights.
Harriet Sumnall, research analyst at ABI Research, said: “As in the energy sector, MDM platforms play a crucial role in the efficient use of a smart meter.
“It is vital for water utilities to be able to extract the most useful data from the smart water meters, as this is what ensures the meters reduce water wastage from leakages and water classified as non-revenue water.”
To take advantage of the market expansion, ABI Research urges vendors of meter data management technologies to:
- Identify the water utility’s specific requirements for an MDM and provide them with tailored solutions
- Ensure that their platforms can support multi-vendor smart meter implementation
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