Report : Europe 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 12.1% CAGR, the Europe Smart Water Metering Market is speculated to be worth US$ 2,294.23 Million by 2028, says Business Market Insights
According to The Business Market Insights’ research, the Europe smart water metering market was valued at US$ 1,157.22 million in 2022 and is expected to reach US$ 2,294.23 million by 2028, registering a CAGR of 12.1% from 2022 to 2028. Increasing water scarcity and misuse of water and non-revenue water monitoring and control generating the demand for smart water meters are the critical factors attributed to the Europe smart water metering market expansion.
The world is facing a huge scarcity of water owing to practices such as illegal tapping, tampering of pipelines, and leakage among others. Owing to this, water scarcity is rapidly increasing in the current scenario and the issue is anticipated to increase in the near future. According to WWF (World Wildlife Fund), approximately 1.1 billion people globally lack access to water, totaling to 2.7 billion find water scarce. In addition to this, another major problem faced by various regions is the misuse of water which has significantly raised the demand for advanced solutions to maintain the consumption pattern from the source to destination. The substantial demand for an advanced solution has led to development and implementation of smart water meters, which are capable of monitoring the consumption pattern along with supervising and recording the leakage, theft and illegal tampering. The smart water meters are wired or wireless mechanisms, integrated with data management programs through which the user or operators are able to review/check the consumption pattern. The technological advancements in the field of water conservation are a major progress to fight water scarcity. Various governments of developed and developing countries across the region are constantly increasing their interest in adopting these robust technologies to provide an adequate quantity of water to the mass. In addition, various private organizations are also striving hard to implement technologically enriched smart water management systems to cope up with water scarcity problems across the region. Thus, water scarcity and demand for proper maintenance of water consumption pattern is increasing the adoption of smart water meters thereby bolstering the market for smart water meter and this trend is to foresee to continue in the future.
On the contrary, high initial investment and lack of knowledge hurdles the growth of Europe smart water metering market.
On the basis of type, the Europe smart water metering market has been segmented into advanced metering infrastructure and automatic meter reader. The automatic meter reader segment held 74.2% market share in 2022, amassing US$ 859.23 million. It is projected to garner US$ 1,606.09 million by 2028 to expand at 11.0% 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 41.5% market share in 2022, amassing US$ 479.84 million. It is projected to garner US$ 980.76 million by 2028 to expand at 10.9% CAGR during 2022–2028.
On the basis of application, the Europe smart water metering market has been segmented into residential and industrial. The residential segment held 72.6% market share in 2022, amassing US$ 840.19 million. It is projected to garner US$ 1,703.85 million by 2028 to expand at 12.5% CAGR during 2022–2028.
On the basis of meter type, the smart water metering market has been segmented into ultrasonic meters, electromagnetic meters, and electromechanical meters. Ultrasonic meters segment held 51.7% market share in 2022, amassing US$ 598.40 million. It is projected to garner US$ 1,240.06 million by 2028 to expand at 12.9% CAGR during 2022–2028.
Based on country, the Europe smart water metering market is segmented into Germany, France, Italy, UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 27.0% market share in 2022. It was assessed at US$ 312.29 million in 2022 and is likely to hit US$ 627.76 million by 2028, exhibiting a CAGR of 12.3% during the forecast period.
Key players dominating the Europe smart water metering market are Arad Ltd; Badger Meter Inc; Bmeters SRL; Diehl Stiftung & Co KG; Itron Inc; Kamstrup AS; Mueller Water Products Inc; Neptune Technology Group Inc; Sensus USA Inc; WAVIoT Integrated Systems LLC, among others.
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