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.
Based on Technology:
Amongst these three, Advanced Metering Infrastructure (AMI) is projected to dominate the Europe Smart Water Meter Market with the largest share during 2022-27. It attributes primarily to its benefits like process optimization, real-time data management, minimized labor costs, accurate consumption insights, & extensive battery life, among others.
AMI is the most recent meter reading technology being progressively adopted by water utilities across Europe. It promotes 2-way communication between smart meters & users and continuously monitors usage & performance, which enables enhanced load balancing among different countries and makes it more convenient for users to manage their water consumption & detect leaks.
As a result of these advantages, utilities across the region are increasingly adopting AMI-based smart water meters and have observed reduced water leakage & non-revenue water. Moreover, easy integration with water meter data and simple billing for industrial & commercial users are other benefits associated with AMI contributing to their burgeoning requirement across several European countries.
Geographically, the Europe Smart Water Meter Market expands across:
Of all countries in Europe, the UK is the most prominent smart water meter market projected to witness an abundance of growth opportunities through 2027. Various government initiatives for minimizing meter tampering activities & non-revenue water are positively influencing the market growth in the UK. Furthermore, rigorous R&D activities by leading market players in the country to enhance the user-interface abilities like consumer apps, leakages alerts, and hour-wise consumption readings are further likely to boost the adoption of smart meters in the UK over the forecast years.
On the other hand, France is observing a stable market growth rate due to various ongoing projects toward digitalizing water services. In Germany, the government is making several efforts toward encouraging the utilization of smart water meters across the country. Nevertheless, the rise in government focus toward subsidizing water meters, coupled with the soaring industrial reliance on water resources, are other crucial aspects projected to drive the smart water meter market in these countries over the forecast years.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Europe Smart Water Meter Market is projected to grow at a CAGR of around 9% during 2022-27.
A. Favorable government mandates & incentives to reduce non-revenue water losses and the surging need for sustainable water management solutions are the key factors projected to drive the Europe Smart Water Meter Market during 2022-27.
A. The various ongoing & upcoming initiatives for smart city developments taken by governments of major countries in Europe is the key trend projected to boost the Smart Water Meter Market in the coming years.
A. Advanced Metering Infrastructure (AMI) is projected to emerge as an area of remunerative opportunities for the leading players in the Europe Smart Water Meter Market through 2027.