What trends in the Smart Water Meter Market?

The Residential Application Segment is Expected to Hold a Significant Market Share

• The demand for smart water meters in the residential segment is increasing as they can accurately and timely measure water consumption, allowing consumers to monitor and manage their water consumption effectively. Consumers can identify areas to reduce consumption and change their habits to save water by monitoring their consumption.
• Smart water meter technology has revolutionized the way water is billed. Traditional water meters bill customers based on estimated usage, which can lead to inaccurate billing and disputes. Smart water meters provide accurate readings, so homeowners only pay for their water, leading to fairer and more efficient billing practices.
• Smart water meters also solve another problem: charging all households in an apartment the same bill. This practice is unfair because some residents conserve water while others pay less attention. With separate meters, each family is billed separately based on usage.
• Moreover, in most countries, residential water consumption is increasing due to improvements in water infrastructure. With the increasing urbanization trend, residential consumption represents a great opportunity for the future growth of smart water meters. According to the UN-HABITAT, urbanization will increase to 89 percent by 2050. Across all major world regions, urbanization is projected to be rising in 2050.
• Additionally, several governments and authorities promote using smart water meters in their water conservation and sustainability efforts. In some regions, there are government regulations mandating the installation of smart water meters in new homes or renovations, further driving market growth.