Smart Water Metering Market to observe exponential growth by 2019-2024 available in the latest report - WhaTech - 0 views
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Almira Coyne on 26 Aug 20the Smart Water Metering Market is projected to reach USD 9.6 billion by 2024 from an estimated USD 5.9 billion in 2019, at a CAGR of 10.3% during the forecast period. The growing concern toward managing the supply of water is a driving factor for the market. Moreover, the adoption of the Internet of Things in the water industry is bringing opportunities for the market. The ultrasonic meter segment is expected to be the fastest growing Smart Water Metering Market, by meter type, during the forecast period The ultrasonic meter segment of the Smart Water Metering Market, by meter type, is expected to grow at the fastest rate during the forecast period. This is mainly because ultrasonic meters deliver highly accurate data outputs than mechanical and electromagnetic meters. These meters are equipped with sensors that can measure the water velocity and then convert it into the water flow rate. Moreover, ultrasonic meters have a longer life span, and they are able to transmit real-time data using communication network connectivity; the data is analyzed by meter data management systems or central monitoring software platforms.