Water Meter Market to Reach $29.1 Billion, Globally, by 2030 at 4.1% CAGR: Allied Market Research

PORTLAND, Ore., Dec. 7, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Water Meter Market by Product Type (Standard Water Meter, and Smart Water Meter), Distribution Channel (Online, and Offline), and End user (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global water meter industry generated $19.7 billion in 2020, and is anticipated to generate $29.1 billion by 2030, witnessing a CAGR of 4.1% from 2021 to 2030.

Prime determinants of growth

Increasing demand for water across the globe, need for efficient water management system, and rise in industrial sectors drive the growth of the global water meter market. However, High cost associated with water meters and large number of service provider hinder the market growth. On the other hand, technical advancements in water meter technology present new opportunities in the coming years.

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Covid-19 Scenario

• The outbreak of the Covid-19 pandemic led to global lockdown and temporary closure of manufacturing facilities, which hampered the growth of the global water meter market.
• Nevertheless, the market is going to recover at a slow and steady pace.

The offline segment to maintain its leadership status throughout the forecast period

Based on distribution channel, the offline segment held the highest market share in 2020, accounting for more than two-thirds of the global water meter market, and is estimated to maintain its leadership status throughout the forecast period. The increasing water scarcity due to changing climatic conditions has highlighted the need for efficient usage of water and is boosting the offline water meter distribution platform. Moreover, the online segment is projected to manifest the highest CAGR of 4.3% from 2021 to 2030. The growing internet penetration has significantly increased the number of e-commerce platforms. Thus, more and more companies are now offering their water meters through online distribution channels.

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The residential segment to maintain its lead position during the forecast period

Based on end user, the residential segment accounted for the largest share in 2020, contributing to more than two-fifths of the global water meter market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 4.5% from 2021 to 2030. The increasing purchasing power of middle-class population in developing countries has heightened the demand for residential spaces, thereby inflating the number of water utilities. Furthermore, the water scarcity caused due to changing climatic conditions has highlighted the necessity for optimal usage of available water in residential areas. These factors are expected to drive the water meter market.

Europe, followed by North America to maintain its dominance by 2030

Based on region, Europe, followed by North America held the highest market share in terms of revenue in 2020, accounting for more than one-third of the global water meter market. This is due to high employment opportunities and educational standards. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 5.0% from 2021 to 2030, owing to availability of workforce and low-cost manufacturing.

Leading Market Players:-

• Apator SA
• Arad Group
• Badger Meter, Inc.
• Elster Group GmbH
• Gioanola S.R.L.
• Kamstrup A/S
• Maddalena Spa
• Master Meter, Inc.
• Mueller Systems, LLC
• Sensus (Xylem Inc.)

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