Water Meter Market Size and Forecast 2024-2033|Badger Meter Inc., Ningbo Water Meter Co Ltd., Roper Technologies Inc., Aichi Tokei Denki Co, Xylem Inc

Row of water meters of cold and hot water on the wall background. 3d illustration

The Water Meter by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Water Meter, 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.

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.

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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 launch of IoT-enable water meters by the companies is a key trend gaining popularity in the water meter market. The Internet of Things (IoT) is a system of interrelated objects which are connected via the internet and collect and transfer the data over a wireless network without the need for another human. IoT-enabled water meter allows the user to know the exact of water used and creates two-way communication between the provider and the user to share information. It also helps in saving and reducing energy, forecasting the water demand, and identifying leaks. For instance, Exozen and WAVIoT are companies that use IoT-based smart water meters. In June 2021, Indian smart water meter developer WEGoT and French IoT solution provider Kerlink entered into a partnership to launch a LoRaWAN-based water meter in India. This water meter will help utility companies to efficiently collect data and streamline operations to manage costs. The device inputs can integrate with third-party billing and ERP systems through a wide range of APIs. The device ensures that every drop of water consumed is accounted for, ensuring better servicing for utility companies and the quality of services for consumers.

The water meter market report table of contents includes:

1. Executive Summary

2. Water Meter Market Characteristics

3. Water Meter Market Trends And Strategies

4. Water Meter Market – Macro Economic Scenario

5. Global Water Meter Market Size and Growth

26. South America Water Meter Market

27. Brazil Water Meter Market

28. Middle East Water Meter Market

29. Africa Water Meter Market

30. Water Meter Market Competitive Landscape And Company Profiles

Top Major Players: