Water Meter Market Poised for Growth, Anticipated to Hit $7.16 Billion by 2028 with a 6.5% Growth Rate
The Business Research Company presents an extensive market research report on the Water Meter Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
The water meter market size has grown strongly in recent years. It will grow from $5.27 billion in 2023 to $5.57 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rising deployment of smart water meters, and supportive government initiatives. .
The water meter market size is expected to see strong growth in the next few years. It will grow to $7.16 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to rising urbanization, increasing water usage, growing demand for replacement of old water meters, and rise in global population. Major trends in the forecast period include focus on launching ultrasonic smart water meters, partnerships and collaborations, installing wireless water meters, investing in 5g water meters, and mergers and acquisitions to improve their financial strength and product portfolio..
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Key Market Players:
Major companies operating in the water meter market report are Badger Meter Inc, Ningbo Water Meter Co Ltd, Roper Technologies Inc, Aichi Tokei Denki Co, Xylem Inc, Itron Inc, Diehl Stiftung & Co. KG, Mueller water products inc, Arad Group, Azbil Kimmon Co Ltd, Diehl Metering, Peltek, Apator, Schneider Electric, Siemens, Honeywell Elster, Aclara Technologies, Landis+Gyr, Sensus, Kamstrup, Jiangxi Sanchuan, Chongqing Smart Water Meter Group Co. Ltd, Hebei Yuanjiang Meters Co. Ltd, Ressam Hardware International Limited, Ningbo LongKang Intelligent Instrument Co. Ltd, Kaifeng flowmeter Instrument Co. Ltd, Tangshan Huizhong Instrumentation Co. Ltd, Hangzhou Powerkey Industries And Trade Co. Ltd, Landustrie Sneek BV, Royal Eijkelkamp, Delta-T Devices Ltd, Aerzener Maschinenfabrik, Fecosan S. QED Environmental Systems, iSAtech Wate, ZENNER International GmbH & Co, Sontex SA, B Meters Metering Solutions, Neptune Technology Group Inc, Agua y Saneamientos Argentinos, Star Measure, Accell Solutions - Unidade Americana, Bin Moosa & Daly Limited, Kamstrup Middle East FZC, DMC International, Alderley FZE, Halawa Tax Meter, Newterra Ltd, Spire Metering Technology, Idrica, Munters, Esli Water Treatment Company, Water Utility Solutions, Deelin Projects, Precision Meters (Pty) Ltd, Willz Plumbing, JCP Plumbing, Indecx Instrumentation, Flotron, Free Rain, Dayliff water meter, Maji Milele, Danco
The increasing water consumption is expected to propel the growth of the water meter market in the forecast period. With the rise in population, water consumption is increasing day by day. Water consumption is defined as the amount of water that is not returned to the source after usage. Water meter affects the consumption of water as it charges the user as per the volume of water used and also provides easier detection of leakage in the water pipe which helps in less wastage of water. According to the Nature Partner journal, the global water demand is expected to increase to 20-30% more by the year 2050, which means that people are consuming groundwater without even knowing when it will run out. Therefore, increasing water consumption will drive the growth of the water meters market.
Learn More About The Market Report -
The water meter market covered in this report is segmented -
1) By Product Type: Mechanical Water Meter, Smart Water Meter
2) By Application: Residential, Commercial, Industrial
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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