The water meter market is anticipated to experience growth opportunities in the upcoming years. This market growth is on the back of keen interest shown by water utilities to adopt water meters. These water measuring devices have been developed over the years to assist service providers and consumers to understand water consumption amounts.
These water meters are gaining popularity in the market due to the accuracy of this equipment. This accuracy provided by these devices has actually simplified the method of billing and helped utilities for the analysis of water consumption and wastage. This feature helps in reducing expenses on water bills and conserving energy and water. Owing to these factors, the water meter market is anticipated to experience innumerable demand opportunities in the upcoming years.
As per the research report by Transparency Market Research, the water meter market is estimated to reach a CAGR of 4.7% and gain a valuation of US$ 6.1 Bn. during the forecast period from 2019 to 2027.
Growing Depletion of Water Resources and Relative Consumer Awareness is Projected to Boost Demand Opportunities in Water Meter Market
The growing depletion rate of water resources has resulted into increased need to measure the consumption and wastage of water across the globe. Water meters help in the optimum utilization of water resources with minimal wastage. Governments from different countries are taking various initiatives to increase awareness about the depletion of water resources and promoting the installation of water meters. Water preservation is also a part of government initiatives. These initiatives are anticipated to fuel demand opportunities in the water meter market.
Various consumers are opting for the water meters to optimize their bills, and thus save resources and energy. Further, several market players are introducing smart water meters with the integration of advanced technologies. This factor is predicted to create numerous growth prospects in the water meter market.
Increasing Use of Water Meter in Households Anticipated to Boost Expansion Opportunities in Water Meter Market
The water meter market is bifurcated into industrial, commercial, and residential segments on the basis of application. In 2018, among these market segments, the residential segment held a significant share in the market. As per the research report by the analysts from TMR, the residential segment is anticipated to lead in the market in the upcoming years. This market growth can be attributed to the increasing application of water meters for household purposes.
The industrial as well as commercial segments in the water meters market are expected to contribute a significant share in the revenue. This market growth can be attributed to the growing number of installations of water meters to measure high volume water flows.
Some of the key players operating in the water meter market include Azbil Kimmon Co., Ltd., Maddalena Spa, Neptune Technology Group Inc., Master Meter, Inc., G. Gioanola S.R.L., Itron Inc., Fedrel Meter, and Arad Group.
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Asia Pacific Estimated to Maintain Prominent Market Position with Continuous Infrastructural Changes
The water meter market is spread across different geographical regions including North America, Asia Pacific, Europe, the Middle East & Africa, and South America. Among these, the Asia Pacific region is predicted to hold the leading position in the market during the forecast period. This market dominance of the region is on the back of improved infrastructure in Asia Pacific. Further, the presence of several manufacturers in the region is expected to boost growth of the Asia Pacific water meter market.
The competitive landscape of the water meter market is fragmented on the back of the presence of different players. The absence of product differentiation has also intensified the market competition. Several market players are concentrating on integration of advanced technologies while developing new products. This strategy is estimated to help them in gaining competitive edge over other players in the market.