Water Meter Market Analysis and Forecast 2020: BY Keyplayers 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, Maste
A water meter is a device used for measuring the amount of water passed through a pipe. The water meter is connected over or joined between pipes for the measurement of the flow. In many developed countries, water meters are used to measure the volume of water in residential and commercial buildings. These buildings are supplied with water by public water supply system. Water meters also find applications at the water source, or throughout the water system to determine flow through a particular region of the system. Conventional water meters do not have communication capabilities, hence manual readings are required to be taken. On contrary, smart meters possess communication capabilities where they can send water consumption readings directly to the supplier through a secure communication network.
The global water meter market was valued for US$ 4,093.3 Mn in 2019 is expected to exhibit a CAGR of 5.0 % during the forecast period.
Key players operating in the global water mater market are 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.
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Market Dynamics- Drivers
1. High efficiency offered by smart water meters is expected to drive growth of the global water meter market during the forecast period
Smart water meters provide significant advantages over standard water meters. Consumers can get better insights regarding their water consumption with the help of smart water meters. Furthermore, using smart water meters can improve analysis of water usage, which helps to make necessary adjustments to reduce water usage and save money. Accurate billing functionality would reduce the estimation of water usage and increase the satisfaction of customers. Advanced technologies such as data collection, wireless connectivity, and cellular connectivity can offer integrated infrastructure for water utilities by reducing cost required for wiring. Moreover, remote identification and clarification tools add to the increased efficiency of smart water metering infrastructure. Thus, these factors are expected to drive growth of the global water meter market during the forecast period.
2. Proactive government programs and supplementary initiatives by key players are expected to propel the global smart water meter market growth over the forecast period
Encouraging government programs and supplementary initiatives by major market players to improve water metering infrastructure are expected to support the market growth in the near future. According to bill AB 2572, passed in 2004 by the Legislative Council of the State of California in the U.S., all the water suppliers are required to install water meters for all customer connections by January 1, 2025. Since the government mandates that water utilities are required to follow guidelines described, the water meters are expected to witness significant demand in the near future. Furthermore, under the Metering Programme started by Southern Water, Worthing, the U.K., around 450,000 water meters were installed within the Kent, Sussex, Hampshire, and Isle of Wight regions of the U.K. Installation of these water meters was concluded in the late.
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1. Rapid urbanization is expected to provide major growth opportunities
Growing urbanization around the globe is expected to increase the demand for water utilities to supply sufficient water for an increased population. According to the United Nations’ 2014 Revision of the World Urbanization Prospects white paper, 54% of world’s population was urban in 2014 and is expected to grow further at a healthy rate so that in 2050, 66% (i.e., two-third) of the global population would be urban. Furthermore, a vast percentage of population is located in urban areas where essential utilities such as electricity and water must be utilized efficiently. Water meters present a perfect solution, in order to maintain and monitor water distribution infrastructure for highly populated urban areas. This, in turn, is expected to present major growth opportunities over the forecast period.
2. Growing demand for replacement due to aging infrastructure is expected to offer lucrative growth opportunities in the near future
Developed regions such as North America and Europe have been using water meters for over 15 years. However, the old metering infrastructure is not sufficient to fulfill current requirements. There is an increasing need to replace old meters with new and advanced meters, in order to enhance the efficiency and integrate state-of-the-art technologies. For instance, in 2014, the City of Wheaton, Illinois, the U.S., started a water meter replacement program and is expected to end in 2019. Under this program most of the 16,500 water meters installed in the city would be replaced with advanced meters with wireless connectivity. Similar programs have been commenced by cities including Ontario, Canada, Massachusetts, U.S., etc.
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1. Growing adoption of plastic-based water meters and components
The global water meter market is witnessing increasing adoption of plastic materials such as high quality polymers. Plastic meters offer several advantages over metal-based meters such as flexibility and low cost. Moreover, plastic is not a good conductor of electricity, which reduces the complexities of deployment. Many leading market players are focused on offering plastic water meters and components. For instance, Aichi Tokei Denki has developed disposable electromagnetic flow sensors product series DSV with the help of plastic molding components. As magnetic field easily passes through plastic, such components are gaining popularity in the market, particularly for electromagnetic meters.
2. Growing awareness among residential consumers regarding reduced water wastage
Residential segment accounts for the largest share in the global water meter market, where majority of revenue is generated from residential water meters. As the water used by these consumers is paid water, they are trying to reduce their expenses by reducing their consumption rate and also reducing water. Advanced water meter solutions can monitor real-time data from the consumer end thereby providing critical information to consumers about daily usage.
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