At 8.7% CAGR, North America Smart Water Metering Market is Projected to be worth US$ 3,121.30 million by 2031, says Business Market Insights

According to Business Market Insights’ research, the North America smart water metering market was valued at US$ 1,598.16 million in 2023 and is expected to reach US$ 3,121.30 million by 2031, registering a CAGR of 8.7% from 2023 to 2031. Increase in demand for smart water meters with rise in smart city initiatives and integration with IoT and data analytics are among the critical factors attributed to drive the North America smart water metering market growth.

Water supply systems are one of the most crucial systems. With the increasing population, it is inevitably anticipated that the demand for water consumption will increase exponentially. A city's water distribution channel and management systems are required to be viable over a longer period to maintain consistent growth. They should be integrated with technologies that can monitor and check water loss issues. Various developed and developing nations across the world are witnessing a paradigm shift to smart cities. The governments of various countries are adopting the momentum of smart cities, thereby investing in the development of internet infrastructure in the countries with an aim to bring robust urbanization. The US is experiencing a huge growth in the number of cities transforming into smart cities, especially focused on energy, traffic, and transportation. The demand for smart water meters is anticipated to witness exponential growth in these smart cities as the smart city initiatives majorly focus on the energy sector. The water utilities in all countries cater to energy sectors as the energy generation sector is one of the prominent consumers of water. Thus, the rising number of smart city projects is expected to create new trends in the smart water metering market during the forecast period.

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

Based on type, the North America smart water metering market is bifurcated into AMI and AMR. The AMR segment held 71.4% market share in 2023, amassing US$ 1,140.50 million. It is projected to garner US$ 2,073.40 million by 2031 to register 7.8% CAGR during 2023–2031.

In terms of component, the North America smart water metering market is categorized into controlling unit, display storage & integrated software, and others. The display storage & integrated software segment held 40.4% share of North America smart water metering market in 2023, amassing US$ 645.38 million. It is anticipated to garner US$ 1,312.28 million by 2031 to expand at 9.3% CAGR during 2023–2031.

By end user, the North America smart water metering market is bifurcated into residential and industrial. The residential segment held 74.3% share of North America smart water metering market in 2023, amassing US$ 1,187.56 million. It is projected to garner US$ 2,196.98 million by 2031 to expand at 8.0% CAGR from 2023 to 2031.

Based on meter type, the North America smart water metering market is categorized into ultrasonic meters, electromagnetic meters, and electromechanical meter. The ultrasonic meters segment held 50.8% share of North America smart water metering market in 2023, amassing US$ 811.93 million. It is predicted to garner US$ 1,682.81 million by 2031 to expand at 9.5% CAGR between 2023 and 2031.

Based on country, the North America smart water metering market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 76.0% share of North America smart water metering market in 2023. It was assessed at US$ 1,214.03 million in 2023 and is likely to hit US$ 2,327.42 million by 2031, registering a CAGR of 8.5% during 2023–2031.

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

• In June 2020, Neptune Technology Group Inc. announced the launch of its MACH 10 ultrasonic water meters for commercial and industrial (C&I) applications in extension to its residential and intermediate MACH 10 meters operational across North America.
• In July 2022, The water utility across Mexico had already deployed Xylem's AMI solution in 2011; in addition to that, the utility 2022 deployed additional cloud-hosted Sensus analytics and residential water meters via the FlexNet communication network to collect water pressure data.

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