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Smart Water Metering Global Market Report 2022: Sector to Reach $6.4 Billion in 2027 at a CAGR of 11.6%: Research and MarketsDUBLIN, March 21, 2023 /PRNewswire/ -- The "Smart Water Metering Market by Meter Type (Ultrasonic, Electromagnetic, Smart Mechanical), Application (Water Utilities, Industries), Technology (AMI, AMR), Component (Meter & Accessories, Communications) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering. The Smart Water Metering market is expected to grow at a CAGR of 11.6% during the forecast period, from an estimated USD 3.7 Billion in 2022 to USD 6.4 Billion in 2027. Industrialization and urbanization have led to an increase in water consumption, thus impacting the total availability of water supply. Such factors are driving the need for improving water metering infrastructure to reduce heavy water losses. Electromagnetic meters is expected to emerge as the largest segment based on meter type. The smart water metering market has been segmented into ultrasonic meters, electromagnetic meters, and smart mechanical meters based on meter type. Electromagnetic meters are cheaper than ultrasonic meters and offer benefits such as low-pressure loss, the capability of measuring bubbling water, and a longer lifespan. These factors are driving the growth of the electromagnetic smart water metering market. IT solutions: The fastest segment for the smart water metering market, by component. Based on the component, the smart water metering market has been split into meters and accessories, IT solutions, and communications. IoT sensors and data management software platforms help water utilities avoid such losses by analyzing the probable reasons. The fast adoption rate of digital technologies in the water industry is leading to the high growth rate of the IT solutions segment. Asia Pacific is expecte to be the second largest market during the forecast period. The Asia Pacific region is expected to be the second largest growing market due to Countries such as China, Australia, Singapore, and India developing smart infrastructure for water consumption and water supply. Such initiatives are offering lucrative opportunities for suppliers to expand their regional reach in the Asia Pacific and are likely to create growth opportunities in the Asia Pacific smart water metering market during the forecast period Market Dynamics Drivers
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Case Study Analysis
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/tbwej6 About ResearchAndMarkets.com
Research and Markets
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