Press Release Description
Increasing Concerns for Non-Revenue Water Anticipated to Augment India Smart Water Metering Market
The India Smart Water Metering Market is projected to grow at a CAGR of 15% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The market has witnessed notable growth in recent years, backed by various government initiatives toward water conservation and reducing NRW (non-revenue water), owing to rising water scarcity in the country caused by surging population levels and rising water consumption.
The Ministry of Jal Shakti is dedicated to ensuring the availability of water resources and fighting India's water woes. According to a report by NITI Aayog, the projected water requirement in a high-use scenario in India is estimated to be 1,180 billion cubic metrics (BCM) by 2050, while the current availability stands at 695 BCM. In response to this water scarcity challenge, there is a heightened awareness of the need for effective water management practices across the country.
Additionally, the prevalence of aging water infrastructures, leakage, theft, mismanagement, and other factors have also led to the rise in non-revenue water. Smart water metering solutions are thus gaining traction as they have been effective in reducing NRW & water losses. As a result, government initiatives like the Jal Jeevan Mission and Smart Cities Mission for smart water management are contributing to the growing demand for smart water metering solutions.
Moreover, the burgeoning construction activities in the country owing to the rising population and massive government investments in infrastructural development are also projected to surge the adoption of smart water meters in the coming years, further states the research report, "India Smart Water Metering Market Analysis, 2024."
Meters & Accessories Segment Expected to Hold Major Market Share
Based on components, the market is divided into meters & accessories, IT solutions, and communication. Among them, the meters and accessories segment is expected to dominate the India Smart Water Metering Market, primarily driven by their essential role in continuously monitoring and measuring water consumption. The increasing adoption of smart meters, equipped with sensors and communication technology, is evident among both industrial and residential users.
These smart meters transmit real-time data on water consumption to a centralized monitoring system, facilitating analysis for optimizing water usage and minimizing wastage. Furthermore, government support for smart water meter manufacturers has been instrumental in promoting sustainability and encouraging greater adoption of smart water metering technologies, which is further anticipated to enhance the market growth during 2024-2030.
Commercial & Industrial Sectors Anticipated to Lead the India Smart Water Metering Market
With the increasing construction activities in the commercial & industrial sectors, including offices, shopping malls, hotels, & other non-residential buildings, there is a growing requirement for accurate & efficient water usage monitoring. Smart water metering systems can effectively manage water resources, identify wastage, optimize water usage, and, in turn, achieve cost savings & environmental sustainability.
The industrial sector, which comprises manufacturing plants, factories, & industries, requires efficient water management to meet production needs and comply with environmental regulations. Hence, growing investments in commercial & industrial sectors, backed by increasing FDI inflows, would further propel the demand for smart water meters in the coming years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Peltek India, Schneider Electric, ABB Limited, Honeywell Elster, Siemens AG, Landis Gyr, Badger Meter Inc., Itron Inc., Arad Group, Tata Communications, and others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the industry across the country?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across the country, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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