Smart Water Metering Market Worth 5.51 Billion USD by 2021

PUNE, India, April 29, 2016 /PRNewswire/ --

The report "Smart Water Metering Market by Type (AMR and AMI), by Component (Meters & Accessories, Communication, and IT Solution), by Application (Water Utilities and Industries) and by Region - Global Trends & Forecast to 2021", published by MarketsandMarkets, The market is expected to grow from an estimated USD 3.88 Billion in 2016 to USD 5.51 Billion by 2021, at a CAGR of 7.23% from 2016 to 2021.

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Factors such as increasing focus towards reducing non-revenue water, retrofitting of aging water infrastructure, and the need for accurate billing are driving the market globally.

Meters & accessories to be the dominant component-based segment in the global Smart Water Metering Market 

The Smart Water Metering Market in this report has been classified based on components into three segments, namely, meters & accessories, communication, and IT solution. The meters & accessories segment accounted for the largest market size, in terms of value, in 2015. It was followed by the IT solution and communication segments, respectively.

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"The AMR segment would dominate the global Smart Water Metering Market" 

The Automatic Meter Reading (AMR) segment is estimated to be the largest market for smart water metering in 2016. It is a metering technology that collects consumption data from the water meters and transfers it to a central database (in the utility station) for billing and other purposes (one-way communication only). Popular in North America and Europe, other regions have also started to implement this metering infrastructure to reduce non-revenue water. It is less costly when compared to AMI, and hence has a higher market size. However, the AMI market is projected to grow at the highest rate because of its superiority.