The Water Meter Global Market Report 2023 by The Business Research Company, provides water meter market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Water Meter Global Market Report 2023, the market size grew from $4.91 billion in 2022 to $5.19 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of global water meter market size is expected to grow to $6.78 billion in 2027 at a CAGR of 6.9%.
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.
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The water meter market 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 of 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 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:
- Executive Summary
- Water Meter Market Characteristics
- Water Meter Market Trends And Strategies
- Water Meter Market – Macro Economic Scenario
- Water Meter Market Size And Growth
- Middle East Water Meter Market
- Africa Water Meter Market
- Water Meter Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Water Meter Market
- Water Meter Market Future Outlook and Potential Analysis
Top Major Players
- Aclara Technologies LLC
- Badger Meter Inc.
- Diehl Stiftung GmbH & Co. KG
- Honeywell International Inc.
- Itron Inc.
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