The smart meter market is expected to reach 14 billion U.S. dollars by 2024
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According to a new research report from market research firm Global Market Insights, the smart water meter market is expected to reach US$14 billion by 2024. The ever-increasing metering accuracy and increasing billing savings will drive the development of the global smart meter market.
Optimisation of operating costs will further stimulate demand for these products and help save scarce resources at reasonable prices. The development of smart grid infrastructure, coupled with the expansion of the water pipe network, will increase the demand for the system.
Effective measures to control and monitor non-revenue water will stimulate market growth. According to estimates by the World Bank, about 3.2 billion cubic meters of physical water is lost each year due to defective distribution networks, inaccurate systems and theft.
The market for automatic metering infrastructure (AMI) smart meters will exceed 50 million units in 2024. The adoption rate of the AMI system is low due to high related installation costs. Over the past 20 years, automatic meter reading technology (AMR) has been widely used, and future demand will continue to grow. However, data security issues associated with consumer tracking coupled with customer reluctance may prevent market growth.
Strict regulations for water conservation, accurate billing, and increased consumer awareness will drive the growth of the US smart meter market. The American Recovery and Reinvestment Act (ARRA) and the Department of Energy (DOE) jointly fund the Smart Grid Investment Grant (SGIG) to encourage the adoption of smart systems. Glendale, the first city in the United States to adopt smart systems, aims to develop a smart grid network to better manage its utilities and effectively respond to unexpected challenges including drought.
By 2024, the business intelligence meter market share is expected to exceed 15% growth. Concerns over management fees (including water fees) are increasing, which may affect the profitability of commercial institutions and increase market prospects.
In 2016, China accounted for over 55% of the Asia-Pacific smart meter market share. In 2012, the Ministry of Industry and Information Technology of China announced the "Twelfth Five-Year Plan", focusing on the development of smart grids, homes and cities. According to the proposed blueprint, an investment of 294 billion U.S. dollars will be spent on water resources projects. According to the plan, most of the municipal public utilities will implement a cascade water price policy, which requires the deployment of smart water meters.
In Germany, favorable government measures will actively promote the growth of the smart meter market. More and more foreign cooperation and investment in the development of high-performance advanced systems will further stimulate product demand. As an active member of the Open Measurement Group, Germany has standardized the standardization of smart products for water, gas and electricity.
(Original headline: The smart meter market is expected to reach $14 billion by 2024)