The global smart water meter market was valued at US$ 21.8 Mn in 2017 and is projected to register a compounded annual growth rate (CAGR) of over 13.42% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Smart Water Meter Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’
The report suggests that rising adoption of smart water meters to reduce the non-water revenue, enhancing focus on development of the smart water meter infrastructure across the globe, and increasing development of LPWA (low power wide area) technologies that offer better coverage and network connectivity for smart water meters are likely to augment the demand for smart water meters from 2018 to 2026.
Since key market players are introducing new smart water meters in developed markets such as North America, Europe, and Asia Pacific, these regions are likely to account for a leading share of the global smart water meter market during the forecast period. Rising government focus on developing smart cities and increasing government investments in deployment of smart water meters across emerging markets such as China, Japan, South Korea, Australia, and India are likely to boost the smart water meter market in Asia Pacific from 2018 to 2026.
Key players such as Kamstrup A/S, Diehl Stiftung & Co. KG, Badger Meter, Inc., Itron Inc., and Sensus USA Inc. to lead the global smart water meter market
The report includes profiles of well-established players such as Kamstrup A/S, Diehl Stiftung & Co. KG, Badger Meter, Inc., Itron Inc., and Sensus USA Inc. These players are focusing on comprehensive organic growth. For instance, in 2018, Kamstrup A/S opened an innovative manufacturing plant in the U.S. for production of smart water meters. According to the company, the new manufacturing facility would help increase the production and meet the continuously increasing demand.