by Brianna Crandall — March 14, 2014—In line with the increasing global concern for both energy and water efficiency, the market for smart water metering is expected to witness solid expansion due to development in North American and European markets, both regions where water utilities are increasingly aligned with the potential uses of data and analytics, forecasts global growth consulting firm Frost & Sullivan. The firm reminds that market growth may not be even, due to varying regional patterns.
Frost & Sullivan’s new report, Analysis of the Global Smart Water Metering Market: Market Success Requires Finely-tuned Regional Strategies, finds that the market earned revenues of $3.48 billion in 2013, and estimates this will reach $5.18 billion in 2017. The study covers smart water meters, installation services, and meter data management services.
“Smart water metering is a global trend driven by key factors: reducing non-revenue water, increasing sustainable and reliable billing, improving water service reliability, and the need for higher optimization and control,” said Frost & Sullivan Energy and Environment Industry Analyst Seth Cutler. “The understanding that data is the lynchpin spurring these agendas forward will fuel investments in the market over the forecast period.”
Since smart water metering is a fundamentally different way of managing municipal water supply, the current state of product knowledge is still expanding and not authoritative enough to quell utility skepticism on its benefits, says Frost & Sullivan. Hence, the lack of in-depth knowledge on technology and vendor choices, project implementation best practice, and business case development is slowing down adoption, adds the firm.
Without strong government mandates, end users in this traditionally conservative industry are said to require time to reduce risks and gain confidence in decision-making. Each region is likely to follow a traditional technology advancement trajectory in smart water metering, according to Frost & Sullivan.
The new analysis is part of Frost & Sullivan’s Environmental Growth Partnership Service program. Related studies include: Global Waste to Energy Plant Market; Global Smart Water Metering Market; Water and Wastewater Treatment (WWWT) Market in Brunei, Hong Kong, Maldives, and Taiwan; and Produced Water Market Analysis in Gulf Cooperation Council (GCC) Countries. All studies included in subscriptions provide detailed market opportunities and industry trends.
