The growth in the industry is mainly because utility companies are concentrating on non-revenue water reduction, as well as the aging infrastructure resulting in its losses, and the increasing consumption of water because of the mounting population.

In the past few years, the advanced meter infrastructure category held a larger revenue share in the industry, and it will witness faster growth in the years to come. This is mainly attributed to the higher implementation of advanced meter infrastructure in the utility sector.

Additionally, because of the easy leakage detection, the adoption of this technology is dominating its applications in the commercial, industrial, and residential sectors.

Based on application, in 2021, the residential category held the largest smart water meter market share, at over 40%. This is ascribed to the mounting population along with rapid urbanization, the incorporation of municipal water, and spurring customers in the sector.

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The European industry accounted for the second-largest share in recent years, owing to the rising launches of products in the region to improve the sustainable usage of liquid resources.

The APAC smart water meter industry will witness the fastest growth rate in the years to come. This is mainly credited to the mounting government initiatives toward liquid resource conservation. Additionally, due to the increasing agriculture sector in APAC, the requirement for these meters will rise in the years to come.

The steady development of advanced meter infrastructure is one of the key trends being observed in the smart water meter industry.

It is because of the increasing water consumption coupled with the mounting population and the rising systems installation driven by the government to lessen the wastage of water, the global smart water meter industry will grow significantly in the years to come.