Market overview:
Smart Water Meter Market has been valued US$ 5.65 billion in the year 2021 and it is estimated to reach US$ 11.66 billion by the year 2027, with a CAGR of 8.6% from 2022 to 2027. Smart Water Meter are devices that measure and communicate water usage from consumer to provider to facilitate water management and proper billing. These meters are equipped with an electronic computing unit, or ECU, that facilitates communication between the meter and the supplier; these are the main factors that have considerably increased the demand for the Smart Water Meter in the market, thereby driving the huge growth of the Smart Water Meter market in the upcoming years
Market Drivers and Restrains:
The main factors that have considerably increased the demand for the Smart Water Meter in the market is mainly due to the is an enhanced electronic application designed to enable the utilities to automatically collect consumption data, improve efficiency, eliminate manual meter reading, and save costs. Moreover, the Smart water metering system relies on wired and wireless communications technology such as Wi-Fi water meter to connect LAN or wide area networks, enabling remote location monitoring and infrastructure maintenance through leak detection. Furthermore, the smart water metering system can be used for billing water, energy consumption, and natural gas in industrial, residential, and commercial sectors. In addition, smart electronic water meters are equipped with next-generation water mapping solutions throughout the supply chain of a water utility and offer reliable monitoring solutions.
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Report is segmented as:
Smart Water Meter Market is segmented on the basis of by:
By Technology (AMR and AMI),
By Application (residential, commercial, and utility)
Geographical Segmentation:
Smart Water Meter Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Smart Water Meter is due to the rise in utilities focus toward reducing nonrevenue water has driven the growth of the market these are the main factors that have considerably increased the demand for the Smart Water Meter in the North America, followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Smart Water Meter Market
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Impact of COVID-19 on Market
Covid-19 pandemic has impacted the growth of the Smart Water Meter market, The COVID-19 has started in the end of 2019 in Wuhan china; this has affected many industries from different sectors in various countries and also affected Smart Water Meter market. Covid-19 pandemic has impacted huge on the sales revenue of Smart Water Meter market. Due to the government restrictions like lockdown in many countries has stopped the production of products by the manufacturing companies, In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the Smart Water Meter market growth
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