According to a new study, the global market for smart water metering is expected to grow by 7.23% between 2016 and 2021.The growth in the adoption of the smart water metering infrastructure and technologies is a result of an increased focus on reducing non-revenue water, replacing of aging water infrastructure and accurate water billing.
In the report analysing the global market from 2016 through to 2021, RnRMarket Research findings include insight into investments by water utilities covering residential, commercial and agricultural applications occupying a large share of the market growth.
[quote] The smart meters and accessories segment will lead the market in terms of growth, followed by investments in the IT and communication solutions sector.
The US followed by Europe are the two regions predicted to continue their domination in the market, as utilities will increasingly adopt automated water metering infrastructure to monitor their networks and reduce water leakages and operational costs. [Data analytics: Tata Consulting unveils new solution for water utilities]
RnRMarket Research notes that key players in the smart water metering market include Itron Inc. (US), Elster Group GmbH (Germany), Sensus (US), Landis+Gyr (Switzerland), and Kamstrup A/S (Denmark), among others.
Smart water meters
The release of the report follows an announcement by Kamstrup in March that it boosted its market share with sales of smart water meters.
The global smart gas, electric and water metering company in its financial year end report for the year ended February 2016 recorded a turnover of EUR204m (US$231.7m) with a pre-tax profit of EUR27m (US$30.6m).
In the previous year, the Danish metering solutions provider had recorded an annual turnover of EUR186m (US$211.4m). [EIB ups financial backing for smart water projects]
In a press statement, Kamstrup pointed out that growth in turnover was a result of its increased investments in product developments and selection of its smart metering solutions by global utilities.
The firm reportedly grew by 13% in the last year and plans to employ an additional 100 staff.
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