Water Meter Market Size, Share, Growth Analysis, By Product Type(Standard Water Meter, Smart Water Meter), By Distribution Channel(Offline and online), By End User(Residential, Commercial, Industrial), By Region - Industry Forecast 2024-2031

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.