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 Insights
Guidehouse 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
www.guidehouseinsights.com.
About Guidehouse
Guidehouse 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
cfradkin@scprgroup.com
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SOURCE Guidehouse Insights