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Water Meter Market: Growth Opportunities, Trends, Industry Analysis, And Forecast To 2019 - 2027

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Chaitu Gavande
Global Water Meter Market: Overview
 
Some of the prominent players operating in the water meter market are Arad Group, Badger Meter, Itron, and Kamstrup. These players are increasing focus towards the adopting various strategies in order to strengthen foot hold in the smart water metering market.
 
Contracts, agreements, business expansion and mergers and collaboration are some of the widely adopted strategies by the players.
 
For instance, in 2018, Kamstrup, leading water metering solution manufacturer announced the opening of its new manufacturing plant in United States.
 
Moreover, in 2018, Diehl, a key service provider has announced their products are available on Microsoft Azure. The company deals in several software associated with water meter. The cloud technology will help them offer a central platform for all of the energy data. Thus helping them make software access simpler and more cost-efficient for a range of manufacturers.
 
According to a report by Transparency Market Research (TMR), the global water meter market is projected to attain a valuation of US$6.1 bn by the end of 2027. The analysts recorded a valuation of US$4.0 bn in 2018. The water meter market is projected to showcase a steady CAGR of 4.7% during the forecast period.
 
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On the basis of geography, Asia Pacific is expected to hold a majority of share in the global market during 2019 to 2027.  This is mainly due to the improving infrastructure and rapidly increasing industrialization and urbanization in the region. Based on application, the water meter market is segmented into residential, commercial and industrial segment. Among these, residential sector is anticipated to continue to lead throughout the forecast period. This is because, household residents are the key consumers of water meter market. 
 
Need to Reduce Cost of Operation to Fuel Market’s Growth
 
The water meter market is projected to attain rise at a healthy CAGR during the coming few years. Growing concern toward water management, need to reduce cost of operation and rise in number of consumers are some of the prominent factor expected to boost the global water meter market in the coming few years.
In addition to this, rising integration of advanced technologies such as Internet of Things and automation in the water meters are some other factors which are expected offer several lucrative prospects to the growth of the water meter market. The accuracy of this equipment and controlled, monitored and transparent billing methods offered by these meters are boosting the consumer’s demands.
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