USD 20310.57 million
Report ID: SQMIG55D2004 | Region: Global | Published Date: February, 2023 | Pages: 227 | Tables: 87 | Figures: 76
Water Meter Market size was valued at USD 20310.57 million in 2021 and is poised to grow from USD 21143.3 million in 2022 to USD 29159.4 million by 2030, growing at a CAGR of 4.1% in the forecast period (2023-2030).
Over the years, the population of the world has been growing very quickly. Water is now used more frequently for various activities such as drinking, bathing, and construction as urbanization continues to grow. But due to heavy usage, the groundwater table has been dropping steadily, and many areas of the world lack access to adequate water resources, causing a water crisis. Furthermore, if water leaks through the water meter due to a pipeline failure any kind, it will cause an even larger water crisis, necessitating the need to stop such leak.
The wide development of smart cities all over the world, the ease of access of smart water meters, and the rising popularity of Internet of Things (IoT)-based devices are some of the additional factors driving market growth. Furthermore, it is anticipated that the market will grow more firmly in the coming years due to the development of LPWA (low power wide area) network technologies that offer improved coverage and connectivity for the meter.
Global Market Size
USD 20310.57 million
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Global Water Meter market is segmented on the basis of Product Type, Distribution channel, End User, and region. By Product Type, the market is segmented into Standard Water Meter, Smart Water Meter. By Distribution Channel, the market is segmented into Offline, and Online. By End User, the market is segmented into Residential, Commercial, Industrial. The market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America based on region.
Analysis by Product Type
Mechanical and smart water meters are multiple subsectors of the global market. In 2021, the mechanical meter readings segment had the largest market share. A piston or turbine is turned by the water flowing through a pipe as measured by a mechanical water meter. This device records how much water is used for domestic hook-ups in order to generate bills. However, during the projected period, the segment is expected to grow at the highest CAGR. Water waste is decreased as a result of remote location monitoring and leak detection facilitated by a smart water meter's wireless communication with a large area network. In a variety of contexts, including residential, commercial, and industrial ones, water meters are used.
Analysis by Distribution Channel
The water meter market is segmented into online and offline channels based on the distribution route. With the biggest revenue share in 2021, the offline segment led the market growth. Traditional brick and mortar businesses like retail stores, specialized stores, and others make up offline distribution channels. Many end consumers favor offline channels since they can get a hands-on demo and firsthand experience with products they require.
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Due to the presence of several companies dedicated to providing solutions to water management approaches, it is predicted that the market would expand greatly in the North American region. In the manufacturing, construction, and automotive industries, there is a considerable need for water metering equipment. The development of industries in countries like the U.S. and Canada has been driven by the rise in initiatives and efforts by non-governmental groups to save water.
The Asia Pacific market is anticipated to experience consistent revenue growth over the course of the forecast period. Market revenue growth is being driven by increased demand for smart water metering systems and an increase in the number of smart water meter installations in this region. Demand for smart meters is increasing in nations like China and Japan as a result of the implementation of strict government regulations and environmental protection initiatives. By 2020, there were 54.7 million smart meters installed in roughly 50 nations. The number of installed units is anticipated to reach 323.6 million over the next five years, with China and India accounting for the majority of new installations. Additionally, governments are taking steps to reduce wastewater.
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Increasing need for water metering system in both residential and commercial structures
Increased development of an infrastructure
High initial investment
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The water meter market has a compressed competitive landscape with a small number of major players operating on a global and regional level. To raise their individual product portfolios and establish a solid footing in the global market, key players are working on product development and strategic alliances.
Top Player’s Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global water meter market analysis, through combining trying to cut metering technology, software, and effective communications systems, smart water network solutions have emerged with significant benefits in response to the increasing pressure on water utilities brought on by rising demand, increasing water stress, rising energy prices, and ageing water systems. Through improved leak detection and unmatched data collecting, end users are able to account for every drop and turn water into money by integrating the aforementioned components. The introduction of water metres is being driven by the urgent demand for optimum water consumption in water-scarce places. For instance, 480 million people in Asia alone are anticipated to experience water scarcity in the future, according to a World Water Development Research report.
|Market size value in 2021||USD 20310.57 million|
|Market size value in 2030||USD 21143.3 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Water Meter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Water Meter Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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