The Water Meter Market is estimated to be valued at US$ 4,093.3 Mn in 2019 and is expected to exhibit a CAGR of 5.0% over the forecast period 2019-2027, as highlighted in a new report published by Coherent Market Insights.
Water meter is a device used to measure the volume of water consumed by residential, commercial, and industrial buildings. It helps in monitoring the water consumption, detecting leaks, and promoting water conservation. These meters are widely used in households, educational institutions, hospitals, and other commercial establishments. With the increasing emphasis on efficient water management and conservation, the demand for water meters is expected to grow significantly in the coming years.
The water meter market is driven by the growing need for water conservation amidst depleting water resources. Increasing awareness about water scarcity and the need for efficient water management practices are driving the adoption of water meters. Moreover, the rising investment in smart city infrastructure and the integration of advanced technologies such as IoT and artificial intelligence in water meters are further propelling market growth. These technologies enable real-time monitoring, accurate billing, and efficient management of water supply networks.
The water meter market can be segmented based on type and application. In terms of type, the market can be divided into mechanical water meter and smart water meter. The smart water meter segment is expected to dominate the market during the forecast period. This is due to the increasing adoption of smart technologies and the need for accurate and real-time water consumption data. Smart water meters offer benefits such as leak detection, remote monitoring, and data analytics, which make them highly desirable for both residential and commercial applications. Additionally, governments’ initiatives to promote water conservation and the implementation of advanced metering infrastructure (AMI) further contribute to the dominance of the smart water meter segment in the market.
Political: The water meter market is influenced by government regulations and policies regarding water conservation and metering. Governments across the globe are encouraging the installation of water meters to promote efficient water usage.
Economic: Economic factors such as increasing urbanization, water scarcity, and the need for efficient water management drive the demand for water meters. Rise in commercial and industrial activities also contribute to the growth of the market.
Social: Growing awareness among consumers regarding water conservation and the importance of accurate water billing drives the demand for water meters. Additionally, the COVID-19 pandemic has increased the focus on hygiene practices, leading to increased demand for water meters in healthcare facilities and public places.
Technological: Advancements in technology have led to the development of smart water meters that offer real-time monitoring, leak detection, and data analytics. Integration of IoT and cloud computing technologies further enhance the capabilities of water meters.
The global Water Meter Market Share is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period. This growth can be attributed to the increasing focus on water conservation, government mandates for water meter installations, and the need for accurate water billing.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the water meter market. This can be attributed to rapid urbanization, population growth, and increasing industrial activities in countries like China and India. Additionally, governments’ initiatives to improve water management and the implementation of smart city projects further drive the demand for water meters in the region.
Key players operating in the water meter market include Diehl Stiftung & Co. KG, Jiaxing Eastron Electronic Instruments Co., Ltd, Azbil Kimmon Co., Ltd., NINGBO WATER METER CO., LTD., Badger Meter, Inc., Elster Group GmbH, Plata Meter Co., Ltd, Master Meter, Inc., Mueller Systems, LLC, Neptune Technology Group Inc., ZENNER International GmbH & Co. KG, Gioanola S.R.L., Sensus (Xylem Inc.), Aichi Tokei Denki Co., Ltd, Kamstrup A/S, Apator SA, Maddalena Spa, Arad Group, Fedrel Meter, and Itron Inc. These key players are focusing on product innovation