Report : Asia Pacific Smart Water Metering Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Automatic Meter Reader and Advanced Metering Infrastructure), Component (Controlling Units, Display Storage & Integrated Software, and Others), Application (Residential and Industrial), and Meter Type (Ultrasonic Meters, Electromagnetic Meters, and Electromechanical Meters)
At 5.6% CAGR, the Asia Pacific Smart Water Metering Market is speculated to be worth US$ 737.62 Million by 2028, says Business Market Insights
According to The Business Market Insights’ research, the Asia Pacific smart water metering market was valued at US$ 532.95 million in 2022 and is expected to reach US$ 737.62 million by 2028, registering a CAGR of 5.6% from 2022 to 2028. Smart irrigation systems through smart water management are the critical factors attributed to the Asia Pacific smart water metering market expansion.
Smart irrigation or smart agriculture is a flourishing sector in the region. This is due to the fact that, the regions have sufficient agricultural land, however, lacks human labor and time for the conventional form of agriculture. The smart agriculture or smart irrigation systems involves usage of several sensors, data loggers, and communication systems along with data platforms with which the operator is easily able to review the procedures. Pertaining to the above-mentioned trends in agriculture industry, and the upsurge in prices of individual sensors, data loggers and other components, the farmers, or farming organizations are implementing smart water meters on the grounds. These smart water meters benefit the farmers or farming organizations by coupling all the individual components into one unit, which in turn reduces the upfront costs of the company. The smart water meters facilitate farmers or farming organizations enhanced energy management, water usage, conserving water and ultimately saving costs. The advantages of smart water meter in irrigation or agriculture are sensing the amount of water needed and spraying the required amount, reduction in time, minimizing human labor and enhanced accuracy, thereby resulting in high-quality crop yield. The high adoption of smart technologies in irrigation in the current scenario is foreseen to bolster the growth of the market for smart water meters in the coming years.
On the contrary, high initial investment and lack of knowledge hurdles the growth of Asia Pacific smart water metering market.
On the basis of type, the Asia Pacific smart water metering market has been segmented into advanced metering infrastructure and automatic meter reader. The automatic meter reader segment held 77.5% market share in 2022, amassing US$ 412.96 million. It is projected to garner US$ 541.28 million by 2028 to expand at 4.6% CAGR during 2022–2028.
On the basis of component, the smart water metering market has been segmented into controlling units, display/storage and integrated software, and others. The display/storage and integrated software segment held 39.5% market share in 2022, amassing US$ 210.60 million. It is projected to garner US$ 300.11 million by 2028 to expand at 6.1% CAGR during 2022–2028.
On the basis of application, the Asia Pacific smart water metering market has been segmented into residential and industrial. The residential segment held 76.4% market share in 2022, amassing US$ 407.36 million. It is projected to garner US$ 577.39 million by 2028 to expand at 6.0% CAGR during 2022–2028.
On the basis of meter type, the Asia Pacific smart water metering market has been segmented into ultrasonic meters, electromagnetic meters, and electromechanical meters. Ultrasonic meters segment held 50.8% market share in 2022, amassing US$ 270.99 million. It is projected to garner US$ 388.89 million by 2028 to expand at 6.2% CAGR during 2022–2028.
Based on country, the Asia Pacific smart water metering market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 31.4% market share in 2022. It was assessed at US$ 167.24 million in 2022 and is likely to hit US$ 235.45 million by 2028, exhibiting a CAGR of 5.9% during the forecast period.
Key players dominating the Asia Pacific smart water metering market are Arad Ltd; Badger Meter Inc; Bmeters SRL; Diehl Stiftung & Co KG; Itron Inc; Kamstrup AS; Mueller Water Products Inc; Sensus USA Inc; WAVIoT Integrated Systems LLC, among others.
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