According to the research report, the global water meter market was worth US$3.5 bn in 2015 and is expected to reach a valuation of US$5.2 bn by the end of 2024. During the forecast years of 2016 and 2024, the global market is expected to rise at a CAGR of 4.5%.
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Asia Pacific to Lead Global Water Meter Market as it Paces Ahead at a CAGR of 3.4% 2016-2024
On the basis of type, the global water meter market is segmented into the rotary piston, multi jet, single jet, woltman, combination, electromagnetic, and ultrasonic. All of these are further sub-segmented into conventional and smart. The report indicates that the rotary piston segment is expected to lead the market as the adoption of new technologies such as ultrasonic and electromagnetic gains traction. The rotary piston meter segment is expected to expand at a CAGR of 3.4% during the forecast period.
Geographically, the global water meter market is segmented into Asia Pacific, Europe, North America, South America, and the Middle East and Africa. Out of all these geographical segments, Asia Pacific is expected to lead the global market in the coming years as the regional market is poised to expand at a CAGR of 5.7% between 2016 and 2024. The rapid infrastructural changes and governmental regulations are expected to boost the Asia Pacific water meter market in the coming years.
Accurate Measurement of Water Consumption and Fair Billing Analysis Improves Uptake
The introduction of smart water meters as compared to conventional ones has given the global water meter market a remarkable boost in recent years. The technological advancements seen in new meters have helped consumers gauge the water consumption much more accurately. Thus, these meters have allowed users to analyze water usage better, thereby helping them make changes to reduce excessive usage of water. Growing number of consumers are opting for smart water meters to reduce their expenditure on water bills is expected to play an important in shaping the trajectory of the global market in a positive way.
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Furthermore, incorporation of wireless connectivity technologies such as cellular connectivity and mesh networks are also bringing down the cost of wiring, thereby making these meter cheaper. The market also stands to benefit from government initiatives and programs to improve the water metering infrastructure during the forecast period. The increasing awareness amongst consumers to preserve and conserve water as it is a limited natural resource has also augmented the demand for water meters in recent years.
High Cost of Metering Poses as a Tough Challenge for Global Market
Despite the headstrong market drivers, the global water meter market is being tugged in the opposite direction due to the high cost of connected water metering infrastructure. The metering includes several technological components, which makes it an expensive affair. Thus, several consumers are being dissuaded by the initial high cost of water meters, a factor which is likely to hamper the overall market. The growing concerns pertaining to data security amongst water utilities is also anticipated to restrain the growth of the global market.
This review is based on Transparency Market Research's report, titled "Water Meter Market (Type - Rotary Piston, Single Jet, Multi Jet, Woltman, Combination, Electromagnetic, and Ultrasonic; Application - Residential, Commercial, and Industrial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016-2024."
Water Meter Market Segmentation
- Rotary Piston
- Single Jet
- Multi Jet
- By Application
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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