Report : North America 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 10.3% CAGR, the North America Smart Water Metering Market is speculated to be worth US$ 2,528.28 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America smart water metering market was valued at US$ 1,400.59 million in 2022 and is expected to reach US$ 2,528.28 million by 2028, registering a CAGR of 10.3% 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 North America smart water metering market expansion.
Non-revenue water (NRW) is a major concern to the water distribution centers across the globe. The non-revenue water refers to the difference between the amount of water produced and quantity of water billed to the customers. The loss of water from the source to destination occurs due to various reasons such as leaks which are referred to as physical loss, and metering inaccuracies, tampering or theft which are apparent losses. In the current scenario, the NRW is alarming at an exponential rate leading to water scarcity and associated issues. On an average, water theft/ illegal tapping is responsible for 8% non-revenue water in North America year on year. The demand to troubleshoot the non-revenue water has led to innovated various technologies among which smart water meter is one of the most prominent technology prevailing in the industry and has been widely accepted by various governments. The smart water meter technologies record hourly data related to leakage or loss along with time and date of incidence. The technology also allows the operator to review the gathered data on-site or via any platform. Many of smart water meters are equipped with alarming systems to restrict the incidence of theft or tampering of pipelines. These alarming systems facilitate in driving additional revenue from the end users’ location. The surging demand to monitor, control and reduce non-revenue water is increasing the companies operating in the industry to innovate and design robust technologies, which is driving the market for smart water meters in the current scenario and is also foreseen to help the market to propel in the coming years.
On the contrary, high initial investment and lack of knowledge hurdles the growth of North America smart water metering market.
On the basis of type, the North America smart water metering market has been segmented into advanced metering infrastructure and automatic meter reader. The automatic meter reader segment held 71.7% market share in 2022, amassing US$ 1,004.88 million. It is projected to garner US$ 1,716.68 million by 2028 to expand at 9.3% 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 40.1% market share in 2022, amassing US$ 561.74 million. It is projected to garner US$ 1,044.24 million by 2028 to expand at 10.9% CAGR during 2022–2028.
On the basis of application, the North America smart water metering market has been segmented into residential and industrial. The residential segment held 75.0% market share in 2022, amassing US$ 1,050.88 million. It is projected to garner US$ 1,825.06 million by 2028 to expand at 9.6% CAGR during 2022–2028.
On the basis of meter type, the North America smart water metering market has been segmented into ultrasonic meters, electromagnetic meters, and electromechanical meters. Ultrasonic meters segment held 49.6% market share in 2022, amassing US$ 35.73 million. It is projected to garner US$ 56.02 million by 2028 to expand at 7.8% CAGR during 2022–2028.
Based on country, the North America smart water metering market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 80.2% market share in 2022. It was assessed at US$ 1,123.63 million in 2022 and is likely to hit US$ 2,039.69 million by 2028, exhibiting a CAGR of 10.4% during the forecast period.
Key players dominating the North America 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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