Smart meters and evolving water systems expected to drive global flowmeter market
The global flowmeter market is projected to grow at a comfortable CAGR of 11.45% between 2016 and 2020, according to a new market report.
Heavy industry analysts from the market researcher Technavio highlight the emergence of smart meters and evolving sustainable water management systems as contributing to the growth of the market.
Smart meters are replacing analogue and other old technology meters, as these intelligent meters offer characteristics like real-time data management and remote access.
Smart meters are being promoted in the residential, commercial, and industrial sectors to record the real-time consumption of the utility services.
The meters also help end-users in analysing their consumption pattern and cost, thus enabling them to optimise the daily consumption of these services and reduce cost.
Smart meters, as opposed to traditional “dumb” models, offer better utility management, personalised reports, reduction of cost incurred by human error, real time monitoring, and accurate billing due to increased measurement accuracy.
Improved water systems
Countries across the world are facing the problem of water scarcity, partly because of the increasing losses associated with the water pipeline systems, such as leakages and illegal tapping.
For instance, the aged water supply and storage system in the US has resulted in the wastage of billions of gallons of water every year, according to Technavio.
The installation of smart meters can help vendors detect leakages in pipelines and thereby take appropriate measures to reduce water losses, which has in the US led to 20% reduced water consumption and 30 % lower energy consumption, the company says.
“To meet the high water demand, many countries are implementing smart meters in the water management system and improving the efficiency of wastewater treatment plants, so that the processed water can be reused for alternate purposes,” said Gaurav Mohindru, a lead analyst at Technavio for research on test and measurement.