Water Meter Market: Trends and Forecast by 2024

Water utilities have shown keen interest in adopting water meters as these devices have evolved over the years to help consumers and service providers to understand the amount of water consumption. The accuracy of this equipment has simplified billing methods and allowed utilities to analyze water consumption and its wastage.

Over the years, several types of water meters have gained a market share in the global market owing to their importance in conserving water, energy, and reducing the expenditure on water bills. Citing these reasons, the research report states that the global water meter market will be worth US$5.2 bn by the end of 2024 as compared to US$3.5 bn in 2015. The market promises to expand at a CAGR of 4.5% between 2016 and 2024.

The obvious fact about depleting water resources have raised concerns about measures to reduce water consumption and wastage across the globe. Governments are thus taking initiatives for the same through raising awareness and installing water meters to analyze the required amount of water for various purposes, its wastage if any, and methods of preserve it.

Several consumers across the globe are also opting for water meters as they help in optimizing the bill, thereby saving energy and resources. The seamless integration of advanced technologies has led to the introduction of smart water meters, which has increased the uptake of these products over the past few years.

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The report segments the global water meter market on the basis of type into rotary piston, single jet, multi jet, woltman, combination, electromagnetic and ultrasonic. By application, the market has been classified into residential, commercial and industrial segments. Thus, the report provides in-depth cross-segment analysis of the water meter market and classifies it into various levels, thereby providing valuable insights at the macro as well as micro levels.

The report also highlights the competitive landscape of the water meter market, thereby positioning all the major players according to their geographic presence and recent key developments. The comprehensive water meter market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the water meter market’s growth.

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On the basis of application, the global water meter market is segmented into residential, commercial, and industrial segments. Of these, the residential segment held the dominant share in the global market in 2015. The report suggests that the residential segment will continue to lead as households will continue to be key users of water meters during the forecast period. The commercial and industrial segments are also estimated to bring in significant revenues as both the segments are expected to install water meters for measuring high volume water flows.

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