The global market for smart water meters will rise above $1 billion in 2019, according to a new report published by research company IHS Technology.
The company attributes the growth of the global industry to increased demand for managed services, analytics and smart water network adoption.
The report, entitled Smart Water Meter Intelligence Service, indicates that two-way smart meters are the fastest-growing segment of the global water meter industry. IHS analysts predict that by 2020 smart devices will make up 29 percent of total revenue for water meters, compared to 18% in 2013.
According to IHS, North America continues to be the leading adopter of two-way water meters used in advanced metering infrastructure (AMI) networks, although Europe is showing strong growth. The fastest expanding market among major countries worldwide is France, with smart meter penetration approaching 50%. Following France in Europe are the UK, Ireland and Germany.
The authors noted that smart meters are more accurate than traditional basic meters or one-way devices. Moreover, smart meters installed in homes or businesses can engage in two-way communications with electric utilities, allowing the smart meter to gather data and allowing for many emerging smart water network applications, from meter reading to leak detection.
“The benefits of installing smart water meters are growing, and installing this new technology is also becoming easier for utilities that previously haven’t been able to invest in smart meters,” said Michael Markides, associate director for smart utilities infrastructure at IHS.
“Utilities that have the capability to purchase smart water meters are now considering implementing smart water networks, which will deliver a whole host of new functionality that can be achieved thanks to integrating modern information technology into their daily operations.”