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Smart Water Industry Projected to Experience a 7.7% Growth Within Five Years

A significant amount of growth is expected to come to the smart water industry within the next five years. By 2026, experts and economists expect to see an overall growth rate of 7.7%, a record number. Due to expanding technology by stakeholders and recovering economies following the pandemic, significant investments play a prominent role in the forecast.

 

The Global Industry Analysts expect that investment in smart water (even devices such as a flow meter) will hit a record number of $4.6 billion in 2026, a giant leap from the $2.9 billion in total investments during 2020. American, Chinese, Canadian, Japanese, and German markets are leading the change and will likely continue to do so.

 

Two-way communication-based systems seem to be at the forefront of collection system meters market growth because of the advanced level of metering infrastructure segments and should continue to receive a large number of investments. This is a change from previous years when automated meter reading segments received the most investments industry-wide.

 

Advanced metering infrastructures allow utility companies to access data surrounding water usage in real-time. Smart readers involved do so by communicating directly with utility companies. This is projected to cause a 10.6% growth – another record. Advanced metering infrastructures can alert companies of leaks if service has been broken and even possible theft and device tampering, making them one of the biggest reasons for the smart water industry’s success.

 

The United States is expected to generate approximately $467.8 million by the end of the year, keeping North America a large and robust market for the industry. As North America continues to increase technology, smart metering solutions will become more readily available, allowing for even more growth.

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