NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, the global smart water meter market is expected to grow with double digit CAGR during 2016-2025. The market is being driven by several factors such as increased accessibility of consumers and water utilities, minimization of non-revenue water, growing interest of water utilizes towards installation of smart water meters and government support.
Smart metering enables a consumer to effectively utilize their meter as it increases their accessibility in several ways. The consumers can read their meter on demand. This facilitates the consumer to get the reading on effective date of change in premises. Smart metering has quick response for a given command as compared to traditional dumb meters, which also facilitates easy billing. These advantages also facilitate improved service incentive mechanism (SIM) score for a given water provider. The smart meters also save the cost of water utilities associated with manual checking of meter by personnel visiting the consumer premises. These benefits associated with smart meters have been driving the smart water meter market.
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The smart water meter industry is largely dependent on communication technology. The new era of internet of things (IoT) has been presenting growth opportunities for the smart water meter market. The informed consumers are one of the key reflections of the connected places including connected cities and connected buildings. The IoT technology has been developing with high magnitude and its impact is being felt in its every application industry. The IoT can be significantly helpful in the areas having uncertainty about rain as it maximizes the productive use of rain water. The water infrastructure IoT helps water utilities by improving water quality, supply, treatment, transportation and storage facilities.
Europe is projected to have the second largest market for smart water meters by 2025, with a market share of over 30% in the global market. The vendors in the European smart water meter market are evolving their solutions in the managed service model, which eliminates the initial capital requirement to improve the return on investment by hosting several utility operations by their own. The major smart water meter markets in Europe include Germany, France, Italy, the U.K. and Spain. The water meter manufacturers in the region have been updating the mobile applications for water management in order to utilize the advancement in information technology and remain competitive. In terms of revenue, the European market has witnessed fastest growth in France. The government in the Netherlands has also been actively promoting the adoption of smart water meters in the country.
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The major companies operating in the smart water meter market are Badger Meter Inc.Itron Inc.Landis+Gyr AGElster Group GmbHKamstrup A/SAclara Technologies LLCNeptune Technology Group Inc.Diehl Stiftung & Co. KGSensusquiba Pty Ltd
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