Smart Water Metering Market size is projected to expand at an exponential rate owing to increase in construction spending in both residential and commercial.
Smart water metering is internet capable measuring device used for water, energy and natural gas utilization for commercial and residential areas. These systems comprise of an electric meter, control unit, and water meter in one particular package. Traditional meters measure only water consumption whereas smart water meters record total resource consumption for daily use, including waste water used in industries and many others applications.
Mart meters gather and use information with the help of information and communications technology (ICT) and by real time data generation. The reason behind installation of smart meters is to manage efficiency and increase operations in commercial areas, industrial zone, and residential area to reduce overall expenditures and carbon foot print.
These meters also help to detect water loss both in customer end point and distribution networks, which helps to maximize the savings. The ability to prevent and detect leakages which is main sources of water loss can be prevented by strategic data generated by AMI, which may positively impact on smart water metering market size growth during the forecast period. Growing construction spending in both residential and commercial area will increase demand and drive the smart water metering market during the forecast period.
Government water utility body is adapting smarter technology to address the challenges rising in future to boost smart water metering system in future. Reducing operating cost, preserving water, and capturing non revenue water are the key segments driving smart water metering market.
Government utilities shift from traditional metering to smart metering faced challenges in terms of investment and financial assistance. As per the consulting groups in the U.S 90% of project cost associate with smart waster metering includes purchase of necessary equipment, sensors and radio modules, meters, including data analytics solution, and information technology to manage data generated by AMI which acts a restraint for the industry.
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