Press release
Rising Water Consumption: A Key Driver Transforming the Water Meter Market 2024
Water Meter Market Outlook
Over the last few years, the water meter market has witnessed substantial growth. The market size is projected to escalate from $5.27 billion in 2023 to $5.57 billion in 2024, marking a compound annual growth rate CAGR of 5.8%. This growth in the historic period can be ascribed to strong economic growth in emerging markets, rising deployment of smart water meters, and supportive government initiatives. But what is the future of the water meter market?
Expected Growth and Market Size of the Global Water Meter Market
The water meter market size anticipates robust growth in the coming years. The market size is expected to soar to $7.16 billion in 2028, recording a compound annual growth rate CAGR of 6.5%. This growth in the forecast period can be credited to rising urbanization, increasing water usage, growing demand for replacement of old water meters, and an escalation in global population. Major trends expected in the forecasted period encompass the attention on launching ultrasonic smart water meters, focusing on partnerships and collaborations, installing wireless water meters, investing in 5g water meters, and mergers and acquisitions aimed at enhancing financial strength and product portfolios.
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What Will Drive the Water Meter Market in the Forecast Period?
The major factor anticipated to drive the water meter market in the forecast period is an increase in water consumption. With the growth in population, the consumption of water is rising every day. Water consumption refers to the amount of water that is not returned to the source after usage. A water meter influences the consumption of water as it charges the user for the volume of water consumed and facilitates easier detection of leakage in the water pipe, leading to minimal wastage of water. As per the Nature Partner Journal, the global water demand is projected to inflate by 20-30% more by the year 2050, indicating that people are utilizing groundwater without realizing its scarcity. Therefore, rising water consumption is anticipated to fuel the growth of the water meter market.
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Who Are the Major Players in the Water Meter Market?
The key players operating in the water meter market include 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 and many more. These organizations are constantly making efforts to strengthen their market position through innovation and collaborations.
What Are the Emerging Trends in the Water Meter Market?
One of the key evolving patterns gaining traction in the water meter market is the launch of IoT-enabled water meters. IoT or Internet of Things denotes a system of interrelated objects connected via the internet, collecting and transferring data over a wireless network with minimal human intervention. IoT-enabled water meters empower users with the precise water usage data and create a two-way communication channel between the provider and the user.
How Is the Water Meter Market Segmented?
The water meter market detailed in the report is segmented into -
1 By Product Type: Mechanical Water Meter, Smart Water Meter
2 By Application: Residential, Commercial, Industrial
What Are the Significant Regional Insights of the Water Meter Market?
Asia-Pacific was the largest region in the water meter market in 2023. The regions discussed in the water meter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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