Smart water meters are electronic devices used mainly by water utilities to measure water inflow & consumption from remote locations using wireless communication & IoT-enabled platforms. They provide more advantages than traditional meters, like better precision & accuracy in data, to customers & service providers. Moreover, they also help detect leaks & heavy water usage. Various advancements are undergoing toward enhancing the performance of these meters & making them an economical source for estimating water consumption. These benefits of smart water meters are driving the attention of many end-user industries across Europe and, in turn, projecting a significant expansion of the overall market in the coming years.
The Europe Smart Water Meter Market is projected to grow at a CAGR of around 9% during the forecast period, i.e., 2022-27. The growth of the market is driven principally by various measures taken to minimize non-revenue water, the mounting need for efficient utilization of resources, and rapid technological advancements to integrate advanced metering infrastructure with IoT-enabled platforms.
Europe has been profoundly active in embracing advanced technologies, including Advanced Metering Infrastructure (AMI), District Water Meter (DWM), Pressure Water Meter (PWM), and Automatic Meter Reading (AMR). As a result, people across the region are highly aware of the various benefits of smart meters, viz., secured online payments, inline consumer apps & command control systems, & integrated billing, among others.
|Study Period (2022-2027)||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Key Companies Profiled||Arad Group, Diehl Metering Group, Honeywell Elster, Kamstrup, Axioma, Itron, Sensus, Apator, Aquametro, Badger, Others|
|Unit Denominations||USD Million/Billion|
In addition, favorable government policies for the adoption of smart water meters, massive investments in developing smart city infrastructure, and stringent government norms to minimize residential, commercial, & utility water waste are other prominent aspects anticipated to boost the Smart Water Meter Market across Europe through 2027.
Impact of Covid-19 on the Europe Smart Water Meter Market
The Covid-19 pandemic in 2020 drastically impacted most industries across Europe, where the Europe Smart Water Meter Market witnessed a moderate effect of the crisis. In the initial months, there was a slim slump in the installation & deployment of smart water meters across Europe owing to stringent movement restrictions & lockdowns imposed by governments of different European countries to curb the spread of the disease.
However, in the second quarter, governments came up with numerous initiatives to deploy smart water meter systems across the region in line with their mounting focus on smart city developments. As a result, the coming years are full of significant growth opportunities for the Europe Smart Water Meter Market, owing to several innovations in the advanced metering infrastructure, coupled with the growing digitalization across the region.