Market driven by technological advances, rising demand for water conservation, and regulation
BOULDER, Colo., June 26, 2024 /PRNewswire/ — A new report from Guidehouse Insights examines the market for residential smart water meters.
The market is expected to experience global growth, which will directly benefit utilities, customers, and smart meter manufacturers. According to a new report from Guidehouse Insights, the global value of the smart water meter market is expected to be $3.1 billion in 2024, and is poised to grow at a compound annual growth rate (CAGR) of 6.6% to $5.5 billion in 2033.
“Smart water meter technology has increasingly appealed to water utilities looking to reduce costs and manage water usage as the demand for water conservation rises,” says Bitania Yemane, research analyst with Guidehouse Insights. “The AI-powered platforms are reshaping how meter technology is quickly and effectively processing data collection for billing, while identifying potential issues.”
A rising demand in water conservation is driving the market for smart water meters as shifting climate patterns result in water scarcity and severe droughts in arid regions. While barriers to smart water meters remain—including privacy and security issues and high initial investment costs—urbanization and emerging automatic meter reading (AMR) and advanced metering infrastructure (AMI) solutions will drive the market over the next decade. Industry players wanting to increase adoption must implement strong security measures while investing in high end communication networks, according to the report.
The report, Residential Smart Water Meters, analyzes the global market for smart water meters, segmented by two product types: AMR and AMI. It provides an analysis of the market issues, including business cases, opportunities, and implementation challenges, associated with smart water meters. Global market analyses for revenue, broken out by segment and region, extend through 2033. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse InsightsGuidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at guidehouse insights.
About GuidehouseGuidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has more than 16,000 professionals in over 55 locations globally. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.
* The information contained in this press release concerning the report, Residential Smart Water Meters, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
For more information, contact:
Cecile Fradkin for Guidehouse Insights
+1.646.941.9139
[email protected]
SOURCE Guidehouse Insights