Water Meter Market to Grow by USD 3.48 Billion from 2024-2028

The Global Smart Water Meter Market size is estimated to grow by USD 3.48 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 11.07%  during the forecast period. Increasing support from government for smart water meter installations is driving market growth, with a trend towards rapid urbanization growth.

The global smart water meter market is experiencing significant growth due to urbanization and the resulting increase in water demand. Cities are expanding rapidly, putting pressure on existing water infrastructure and resources. Smart water meters provide a solution by offering real-time consumption data, enabling utilities to optimize distribution, identify leaks, and implement demand-based pricing. In fast-growing urban centers, particularly in developing countries, these meters are essential tools for managing limited water resources and planning for future needs. New residential and commercial developments present opportunities to integrate smart water metering systems from the ground up, further driving market growth. The sustainability benefits of smart meters make them attractive to city planners and utilities facing urbanization and population expansion challenges. These factors will fuel the growth of the smart water meter market during the forecast period.

The Smart Water Meter market is experiencing significant growth due to increasing trends in real-time monitoring, flexible billing, and data alerts. Water distributors in commercial, residential, and industrial areas are adopting these advanced metering technologies to reduce non-revenue water, detect leaks, and improve water supply management. Urbanization and water shortages have heightened the need for water management technologies, including ultrasonic and electromagnetic meters, advanced metering infrastructure, and data analytics. IoT and wireless connectivity enable automatic meter reading, remote tracking, and two-way communication. Utilities can use data collection, cellular connectivity, and AI to identify usage patterns, anomalies, and water wastage for accurate billing and resource management. Climate change and water scarcity have further emphasized the importance of water conservation and sustainable infrastructure. Hardware components like pressure sensors and wireless connectivity ensure continuous monitoring and efficient water usage.