At 4.2% CAGR, Asia Pacific Smart Water Metering Market is Projected to be worth US$ 801.41 million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific smart water metering market was valued at US$ 575.06 million in 2023 and is expected to reach US$ 801.41 million by 2031, registering a CAGR of 4.2% from 2023 to 2031. Increasing number of smart water meter projects across different and nonrevenue water monitoring and control are among the critical factors attributed to drive the Asia Pacific smart water metering market growth.

Several initiatives related to water savings and a clean environment have been witnessed globally during 2011–2020. Different government initiatives and nonprofit organizations (NPOs) across the world have been raising awareness for water savings and usage monitoring. This is also leading to the launch of new upgrades to water distribution infrastructure projects by governments of different countries to improve the distribution infrastructure and boost the operational efficiency of the water resources along with better cost savings. The deployment of smart water meters across such old infrastructure is leading to new developments across different regions, which, in turn, is catalyzing the demand for smart water meters. Several local governments have been investing heavily in the modernization of water distribution infrastructure to improve the water savings and operational costs for distributing the water across their respective city's infrastructure. Governments of different countries have been collaboratively working with different smart water metering market vendors across the world to upgrade their respective water meter infrastructure. For instance, in November 2022, Itron Inc. announced that Singapore's national water agency (PUB) was leveraging SP Group's existing Itron industrial IoT network canopy for smart water metering. The smart water metering rollout will connect around 300,000 Itron residential and commercial/industrial (C&I) smart water meters to the existing network to achieve its water conservation goals. Such factors catalyze the smart water meter deployment, which drives the growth of the global smart water metering market.

On the contrary, the high initial investment and lack of knowledge hamper the growth of Asia Pacific smart water metering market.

Based on type, the Asia Pacific smart water metering market is bifurcated into AMI and AMR. The AMR segment held 76.7% market share in 2023, amassing US$ 441.25 million. It is projected to garner US$ 572.67 million by 2031 to register 3.3% CAGR during 2023–2031.

In terms of component, the Asia Pacific smart water metering market is categorized into controlling unit, display storage & integrated software, and others. The display storage & integrated software segment held 39.6% share of Asia Pacific smart water metering market in 2023, amassing US$ 227.64 million. It is anticipated to garner US$ 326.68 million by 2031 to expand at 4.6% CAGR during 2023–2031.

By end user, the Asia Pacific smart water metering market is bifurcated into residential and industrial. The residential segment held 76.7% share of Asia Pacific smart water metering market in 2023, amassing US$ 441.33 million. It is projected to garner US$ 633.79 million by 2031 to expand at 4.6% CAGR from 2023 to 2031.

Based on meter type, the Asia Pacific smart water metering market is categorized into ultrasonic meters, electromagnetic meters, and electromechanical meter. The ultrasonic meters segment held 51.2% share of Asia Pacific smart water metering market in 2023, amassing US$ 294.20 million. It is predicted to garner US$ 428.97 million by 2031 to expand at 4.8% CAGR between 2023 and 2031.

Based on country, the Asia Pacific smart water metering market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 31.2% share of Asia Pacific smart water metering market in 2023. It was assessed at US$ 179.22 million in 2023 and is likely to hit US$ 245.79 million by 2031, registering a CAGR of 4.0% during 2023–2031.

Key players operating in the Asia Pacific smart water metering market are Kamstrup AS, Mueller Water Products Inc, Badger Meter Inc, Itron Inc, Arad Ltd, Sensus USA Inc, WAVIoT Integrated Systems LLC, and Diehl Stiftung & Co KG., among others.

• In November 2022, Itron Inc announced that Singapore's National Water Agency has plans to install 300,000 Itron smart water meters to achieve water conservation goals.
• In February 2019, WAVIoT Integrated Systems LLC participated in the IoT India expo 2019 to enter the Indian market. The company showcased its products to many potential customers. This aided the company in gaining clients in the Indian market.

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