Infrastructure Development and Technology Adoption Drive Growth of Water Meter Market
SkyQuest Technology Consulting Pvt. Ltd.
4 min read
SkyQuest Technology Consulting Pvt. Ltd.
SkyQuest projects that the water meter market will attain a value of USD 29159.4 million by 2030, with a CAGR of 4.1% in the forecast period (2023-2030). Increasing investments in advanced infrastructure and a growing focus on achieving the smart city goal is expected to drive demand for the product. Adopting technology in commercial settings will be fueled by remote monitoring, growing water scarcity and robust cybersecurity mechanisms to ensure reliable and secure end-user data consumption. In addition, the ongoing restructuring of water distribution infrastructure is expected to enhance the potential of the industry.
Westford, USA, June 19, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the water meter market offers various products from basic mechanical to advanced digital and smart meters. Mechanical water meters use a piston or turbine to measure water flow through a pipe, while digital and smart meters utilize sensors to measure consumption and transmit data wirelessly. Increasing emphasis on water conservation, infrastructure development investments, and advanced technology adoption in the water management sector are among the driving factors for market growth.
Smart meters are gaining popularity in cities and are being adopted as part of government programs such as the Smart Cities Mission (SCM). In addition, the government has launched several programs to promote water conservation and increase awareness. For example, the Ministry of Jal Shakti runs the Jal Jeevan Mission, which encourages water conservation in 256 of India's most water-stressed districts.
Prominent Players in Water Meter Market
Badger Meter, Inc.
Diehl Stiftung & Co. KG
Itron Inc.
Kamstrup A/S
Elster Group GmbH (a subsidiary of Honeywell International Inc.)
Offline Segment is Anticipated to Grow Due tothe Rising End Consumers
The offline segment held the largest revenue share which is driving the market growth. This segment includes traditional brick-and-mortar businesses such as retail stores and specialized stores. Many end consumers prefer offline channels as they can receive hands-on demonstrations and firsthand experience with the products they require.
The North America is poised for significant growth, driven in part by numerous businesses offering water management solutions. Water metering equipment is in high demand across various industrial, building and automobile sectors. Additionally, expanding non-governmental organization activities and efforts to promote water conservation has spurred industry growth in countries such as the United States and Canada.
Piston or Turbine Segment is Anticipated to Grow Due to the Remote Monitoring and Leak Detection Capabilities
Mechanical water meters use a piston or turbine segment to measure water flow through a pipe for billing purposes in domestic settings. However, the segment is expected to grow at the highest CAGR during the forecast period due to adoption of remote monitoring and leak detection devices through wireless communication with an extensive area network. Water meters are used in various residential, commercial, and industrial contexts to reduce water waste.
Asia Pacific is poised for consistent revenue growth during the forecast period, primarily due to the increased demand for smart water metering systems and a rise in smart water meter installations in the region. Environmental protection programs and strict government regulations have led to a surge in demand for smart meters in countries such as China and Japan. In 2020, 54.7 million smart meters were installed in approximately 50 countries, and it is anticipated that over the next five years, 323.6 million units will be installed, with China and India accounting for the majority of new installations. In addition, governments in the region are also taking steps to minimize wastewater.
A comprehensive analysis of the major players in the Water Meter market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
According to the announcement in 2022, Water meters with wireless technology can be retrofitted by E.ON and Vodafone to become "smart water meters”. Additionally, this collaboration emphasizes on the same technology used in gas and electricity meters.
Trilliant, a top provider of AMI solutions globally, announced the successful rollout of wireless water metering in Canada in 2022. This aims at enabling metering initiatives that need dependable and robust connectivity.
Key Questions Answered in Water Meter Market Report
What specific growth drivers are projected to impact the market during the forecast period?
List the top companies in the market and explain how they have achieved their positions of influence?
In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
