A new report by technology research firm Technavio predicts that the global flow meter market will grow at a CAGR of 11.45% between 2016 and 2020.According to the study, the increase in the adoption of smart meters and the development of sustainable water management systems will drive the market.
For instance, following the installation of some 1 million smart meters in the UK, the government has budgeted another US$3,5 billion in investment to replace existing analog meters with the new smart meters to take advantage of the benefits offered by the metering system. [Smart meters UK: EDMI to supply 500,000 units in residential rollout].
Gas, water and electric utilities will accelerate their deployment of smart meters to optimise their operations through real time networks managements.
[quote] By achieving the management of networks in real time, utility companies are able to ensure accurate billing as well as curb non-revenues and improve customer satisfaction by doing away with customer churn.
Smart water meters
Gaurav Mohindru, a lead analyst at Technavio for research on test and measurement, said: “To meet the high water demand, many countries are implementing smart meters in the water management system and improving the efficiency of wastewater treatment plants, so that the processed water can be reused for alternate purposes."
In a press statement, the research firm highlights that the deployment of smart water meters and sustainable water management systems has helped US utilities to reduce water leakages and water consumption by 20%. In regard to energy, the smart meters have resulted in US consumers reducing their consumption by 30%. [US smart meters: Minnesota utility awaits approval for AMI rollout].
Regulatory impacts on smart meter adoption
The implementation of regulations and energy conservation policies will also positively contribute towards the growth of the global flow meter market. In 2011, the UK department of Energy and Climate Change mandated the installation of smart meters in the country’s gas supply system through the signing of the Energy Act 2008.
Technavio predicts that the smart meters installation will help consumers in the UK to reduce their gas consumption by 30% between 2015 and 2020.