The global water metering market is expected to increase its annual revenue from $4.4 billion in 2019 to $6.7 billion in 2028, according to a new study conducted by Northeast Group.
As smart cities continue to grow in the hype, municipal leaders are seeking actionable investments that bring clear benefits to residents with a positive business case.
Smart water metering, long overshadowed by smart electricity metering, is proving to be a key component to any smart city plans. Unlike electric utilities, most water utilities are municipal-owned and can be addressed at the city level.
Meanwhile, increasing water scarcity in certain regions of the world makes the need for water efficiency starkly clear to residents. Smart water infrastructure will, therefore, help stimulate the global water metering market.
Chris Testa, research director at Northeast Group, said: “Smart water metering is at the nexus of several smart infrastructure trends.
“Increasingly, water utilities are using LPWAN communications such as NB-IoT, LTE-M, and LoRa for water metering. These communications options will increasingly be used for street lighting, traffic management, and a host of other smart city applications. Meanwhile, smart water metering offers a clear business case and addresses a number of challenges facing cities worldwide. Finally, water metering is often addressed at the city level and is an easy first step for smart city planners.”
A key challenge in water delivery is the high rate of “non-revenue water” (NRW) among utilities across the world. Globally, 28% of water is lost to undetected leaks in water infrastructure, failure to accurately meter usage and in some cases theft. In several countries, NRW rates exceed 50%. NRW can be reduced through smart metering, in particular through advanced metering infrastructure (AMI).
The largest smart water metering deployments are still in North America, but there are now extensive plans in Europe, ambitious plans for full smart metering rollouts in the Middle East, and even among several Sub-Saharan African countries that have set targets to reduce NRW levels. Market growth will be driven by this geographic expansion as well as moves to invest in higher-value AMI metering, leak and pressure monitoring, and solid-state meters.
For more information about the study, click here…