With the increased adoption of smart meters for water metering worldwide, the market for two-way smart meters for water metering application is estimated by IHS to exceed US $ 1 Billion 2019. In 2013, the total market is estimated at US dollar 575 million by IHS.
IHS finds by year 2020, smart devices have a share of 29 percent of total revenue for water meters, compared to 18 percent last year.
Region wise North America and Europe leading the adoption. France, UK Ireland and Germany in Europe are installing smart water meters in big way. France is set to be the fastest-expanding market of all major countries worldwide, with smart meter penetration approaching the 50 percent mark.
However there are concerns in UK, where there are reports on the cost of smart meter replacement not that well recovered in saving the water usage.
Utilities service providers are the best beneficiaries in smart meter implementation, where they can administer and maintain the water supply with the lesser and less-expensive resources by using smart meters.
Automated meter reading, remote control of flow, leak detection, are some of the benefits by using smart meters to utility service providers. All this improve the efficiency of the present system.
There's not much difference between smart electricity meter reading and water meter reading except in the cost of meters.