Knowledge Sourcing Intelligence announces the publication of a new report on “Smart Water Meter Market - Forecasts from2019 to 2024" to their offering.
Smart water meter is a metering device that helps the users to measure the inflow of water and helps them to monitor the water flow rates on a real-time basis and also helps them to compare the usage on the basis of the historical data.
According to the report, the Smart Water Meter Market is projected to increase at a CAGR of 9.50% in the coming years.
Growing global scarcity of water
The major factors driving the smart water meter market growth include the rising focus of the governments of various countries towards sustainable development. The rising scarcity of water in both developed and developing economies has led to an upsurge in the demand for numerous solutions that further helps to conserve waters is also a key factor supplementing the demand for smart water meters, thereby playing a significant role in driving the growth over the course of next five years. These meters also have the ability to detect leakages and also facilitate the monitoring of the inflow of water, which is also a prime factor driving its growth in those countries that have a high scarcity of water. Furthermore, the booming initiatives by the governments of developing economies towards the development of smart cities has led to the growth in the investments for the development of necessary infrastructure. This, in turn, is widening the opportunities for the key market players to invest more and launch new products to cater to the growing demands from smart cities and gain a competitive edge over other players operating the market.
The smart water meter market has been segmented into application and geography. On the basis of application, the segmentation of the market has been done into residential and commercial. Geographically, the market has been classified into North America, South America, Europe, Middle East and Africa, and Asia Pacific. The North American region is projected to hold a substantial share throughout the forecast period on account of the early adoption of technology coupled with the rising focus of the governments of various countries towards non-revenue water management. The market in the Asia Pacific region is projected to witness a healthy growth on account of inclination towards sustainable development in countries like India, Japan, and China among others. Furthermore, investments in smart cities like India and China is also a key factor bolstering the market growth in the APAC region during the next five years.
The major players covered as part of the report are aster Meters, Badger Meters, Aclara Technologies LLC, Diehl Metering Group, Itron, Kamstrup A/S, and Neptune Technology among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/smart-water-meter-market
This report has segmented the smart water meter marketon the basis following terms: