A smart water meter is a device that utilizes modern technologies such as the Internet of Things, big data, and sensors to monitor, record, and control water flow. It can not only measure and record water usage in real-time but also transmit data to the cloud or users' smart devices for users to view and manage at any time.

Overview of Market Development

In recent years, with the increasing scarcity of global water resources and the severity of water crises, smart water meters have received increasing attention and importance as an effective water resource management tool. In addition, the continuous innovation and application of technologies such as the Internet of Things, big data, and artificial intelligence have provided strong technical support and impetus for the development of the smart water meter market. According to our research data, the global smart water meter market size reached $3555 million in 2023, an increase of 8.41% compared to 2022. It is expected that the market size will continue to increase to $5302 million by 2028.

Segmented market analysis

From the perspective of product types, the mainstream products in the current market mainly include remote transmission water meters and pre-payment water meters. A remote transmission water meter utilizes wireless communication technologies such as LoRa and NB IoT to remotely transmit water usage data to the management center, enabling remote meter reading and monitoring; A pre-payment water meter refers to the user's need to purchase water quantity or water fee first, and the water meter is charged based on the user's water consumption. When the balance is insufficient, the water meter will automatically close the valve, reminding the user to recharge. Among them, remote transmission water meters dominate the market. According to our data, the global remote transmission smart water meter segment market size in 2023 was $3185 million, with a market share of 89.59%.

According to different usage scenarios, smart water meters can be further divided into three categories: residential water meters, commercial water meters, and industrial water meters. Among them, residential smart water meters account for the largest market share, reaching 38.45% in 2023.

Source: www.globalmarketmonitor.com

Analysis of Market Competition Pattern

From the perspective of market competition, the concentration of the global smart water meter market is relatively low. According to the data, the total output value of smart water meters by the top 3 enterprises was $875 million in 2023, with a total share of 24.61%. The top 3 companies were Badger Meter, Aichi Tokei Denki Co., Ltd., and Elster (Honeywell). In 2023, these three companies accounted for 9.09%, 8.03%, and 7.49% of the global smart water meter output value, respectively.

Smart Water Meter Output Value and Share of Main Companies in 2023

Companies	Output Value (Million USD)	Share
Badger Meter	323	9.09%
Aichi Tokei Denki Co.,Ltd.	285	8.03%
Elster (Honeywell)	266	7.49%
Top3	875	24.61%

Source: www.globalmarketmonitor.com