smart water meter market
The demand within the global smart water meter market is rising on account of growing focus on water conservation across regional territories. The scanty levels of freshwater reserves across the world has generated a sense of alarm amongst the masses. Several international conferences and conventions have taken water conservation as an important agenda. Furthermore, global leaders have engaged in pragmatic discussion and debate to resolve the water crisis that surrounds the world. Several countries in Africa are feared of running out of ample water resources over the course of the next few decades. Therefore, the global smart water meter market is growing as the need for optimization of water resources gains swing.
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Climate experts and environmentalists have predicted unfavourable patterns of rainfall over the next few years. Moreover, the growing dangers of acid rain have led conservationists to preserve the existing fresh water reserves. In this scenario, judicious usage of water across commercial, industrial, and residential domains has become a necessity. Smart water meters have emerged as an important technology that can change the way people consume water for their needs. These meters can help in measuring the requirements and usage of water across a particular locality during a given period of time. Smart water meters have been hailed as a central force that can foster sustainability across the planet.
The development of smart cities across leading countries and territories has given an impetus to the sale of smart water meters. These meters are a part of the robust, succinct, and globally accepted ecosystem that surrounds a smart city. Smart water meters can function in sync with several other technologies such as smart electric meters. The ability of municipal bodies to gather insights about water usage across a locality shall play a vital role in driving demand within the market.
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Ultrasonic meter and electromagnetic meter technology segments estimated to be highly lucrative
Based on technology, the global smart water meter market has been divided into ultrasonic meter, electromagnetic meter, and mechanical meter. The mechanical meter segment has been sub-classified into rotary piston, single-jet, multi-jet, combination, nutating disk, and woltman. Ultrasonic meter and electromagnetic meter segments are expected to expand at CAGRs of 15.02% and 14.54%, respectively, during the forecast period. The water meter technology is changing rapidly and utility companies as well as individuals are giving preference to ultrasonic and electromagnetic smart water meters. This is because these meters do not have any moving part, which makes the device maintenance easy. Furthermore, smart water meters allow significant precision in meter reading, due to their superior mechanism. Additionally, these meters are low at production cost and they use the existing cellular networks efficiently for communication with users.
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