There has been an exponential rise in demand for flowmeters in recent years, including for use in smart water systems in both domestic and commercial use. Water consumption is on the rise worldwide, which means both flow meters and collection system meters will be on the rise to meet the high demand. Smart meters are crucial in managing the demand – they are better able to monitor consumption and mitigate overall water conservation and waste management.
Simple methods to measure water intake are especially important for kitchen and bathroom appliances and product manufacturers. They can help provide data to back solutions that will help monitor intake and control reliable flow.
The overall global smart water meter market is expected to see growth upwards of a CAGR of 14.03%, which would mean a market size increase of USD2,105.229 million by 2025 (up significantly from USD916.663 million in 2019). An increase in government initiatives to conserve water is also driving the market growth. Higher demand for smart city infrastructure makes way for a thriving market. For municipalities and families alike, measuring flow with smart technology that utilizes wireless communication to track use can cut costs and reduce consumption.
North America will have the highest market share of this period of anticipated growth, followed by the Asia Pacific region. Growing industrial initiatives and urbanization are also driving the growth and demand for smart water meters.
60% of the world’s population is expected to live in urban areas by the end of 2030, so the rise in demand will continue to increase heavily. 90% of urban expansion is happening in emerging economies across the globe. Big investments in smart water meter companies will likely come sooner rather than later.