April 20, 2024
Smart Water Meter Market

Europe Smart Water Meter Market Is Expected To Be Flourished By Rapid Adoption Of Smart Water Monitoring Solutions

Smart water meters are sophisticated device utilised in monitoring and measuring of water usage by residential and commercial properties. They digitally collect consumption, diagnostic, and location data and transmit it back to the utility for monitoring and analysis purposes. This facilitates water utilities to gain better insights on water usage, detect leaks, and improve conservation efforts. Smart water meters also allow utilities and end-users to reduce waste and optimize water usage through remote meter reading and disconnection functionalities. Additionally, advanced smart water metering infrastructure enables real-time feedback to customers regarding their water usage through mobile apps and online portals.

The global Europe Smart Water Meter Market was valued at US$ 2.01 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.

Market Dynamics:

The Europe smart water meter market is primarily driven by the rapid adoption of smart water monitoring solutions by water utilities in the region. Smart water networks allow utilities to incorporate advanced analytics to gain insights from meter data in order to optimize operations, reduce losses due to leakages and drive higher efficiencies. They also enable utilities deploy targeted maintenance strategies to minimize interruptions. Water scarcity in certain parts of Europe is another major factor propelling the installation of smart water meters. Smart meters empower consumers to make more informed decisions regarding water usage and conservation through the provision of near real-time consumption data. Further, growing focus of regional governments towards digitalization of water infrastructure through smart metering programs is expected to boost market growth over the forecast period.

Segment Analysis:

The Europe smart water meter market is dominated by the residential segment which holds around 60% of the total market share. Residential segment has emerged as the largest segment as there is a growing need for real-time water management and monitoring of water usage at homes. Smart water meters provide better visibility and control over water usage on mobile phones which is highly beneficial for residential consumers. The commercial segment is the second largest segment and is expected to witness significant growth during the forecast period due to growing installation of smart water meters in offices, hotels, shops and other commercial establishments to improve operational efficiency.

Europe Smart Water Meter Market Segmentation:

  • By Technology
    • Automatic Meter Reading
    • Advanced Meter Infrastructure
    • Others 
  • By Type
    • One-way Water Meters
    • Two-way Water Meters
    • Smart Water Meters
    • Others
  • By Component
    • Meters & Accessories
    • IT Solutions
    • Communications
    • Others
  • By Application
    • Residential
    • Commercial
    • Industrial
    • Others

PEST Analysis:

Political: Smart metering rollout plans mandating installation of smart meters across Europe by governments of various countries such as UK, Italy, France etc. is driving market growth. Favorable regulatory policies providing subsidies for installation of smart meters is positively impacting adoption.
Economic: Rising fresh water scarcity coupled with growing population is increasing the need for optimal fresh water management. Smart meters help reduce non-revenue water losses incurred during transmission and distribution which is boosting their economic feasibility.
Social: Rising environmental concerns regarding conservation of water resources is triggering adoption of smart metering solutions. Growing awareness among citizens about monitoring of water usage is propelling market expansion.
Technological: Advancements in communication technologies like NB-IoT, LPWAN and 5G enabling two-way communication for remote data monitoring is facilitating market growth. Integration of AI and IoT is augmenting efficiency and functionality of smart water meters.

Key Takeaways:

The Europe Smart Water Meter Market Size is expected to witness high growth. The global Europe Smart Water Meter Market is estimated to be valued at US$ 2.01 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.

Regional Analysis :The market in UK holds the largest share in the Europe region primarily due to mandatory installation of smart meters across the country. Rapid infrastructure development and focus on conservation of water resources are fueling growth in the country.

Key players – Key players operating in the Europe smart water meter market are Itron, Diehl Metering, Zenner International, Elster Group, Kamstrup, Landis+Gyr, Sensus, Aclara Technologies, Badger Meter, Neptune Technology Group. Key players are focusing on product launches and partnerships to gain a competitive edge in the market.

*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it