What is the global market size of Water Meter Market?

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).

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

Report ID: SQMIG55D2004 | Region: Global | Published Date: February, 2024
Pages: 227 | Tables: 87 | Figures: 76

Water Meter Market Dynamics

Water Meter Market Drivers

Increasing need for water metering system in both residential and commercial structures

Industrialization's explosive growth has resulted in the establishment of numerous production facilities, warehouses, and other commercial structures including offices and hotels. These businesses are operated on a regular basis and are spread over a sizable area.

Increased development of an infrastructure

For most of the developing economies, infrastructure has been a top priority, and significant expenditures are being made to speed up development. There are several residential developments, schools, workplaces, sewage systems, offices, and other construction projects. Recent technological development has increased the use of cutting-edge tools, such as smart water meters to find water leaks in structures.

Water Meter Market Restraints

High initial investment

Water meters have a series of benefits, such as the ability to track wastewater, pay for every usage fairly, and cost saving on water tankers, among many others. However, most people are reluctant to install a new meter due to the initial cost of the entire infrastructure, plumbing cost, and the future inconvenience.

Water Meter Market Report Snapshots

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Water Meter Market size was valued at USD 20310.57 million in 2019 and is poised to grow from USD 21143.3 million in 2023 to USD 29159.4 million by 2031, growing at a CAGR of 4.1% in the forecast period (2024-2031).

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. 'Badger Meter, Inc.', 'Diehl Stiftung & Co. KG', 'Itron Inc.', 'Kamstrup A/S', 'Elster Group GmbH (a subsidiary of Honeywell International Inc.)', 'Sensus (a subsidiary of Xylem Inc.)', 'Master Meter, Inc.', 'Neptune Technology Group Inc.', 'Arad Group', 'Aclara Technologies LLC', 'Apator S.A.', 'Zenner International GmbH & Co. KG', 'Iskraemeco d.d.', 'Honeywell International Inc.', 'Jiangxi Sanchuan Water Meter Co., Ltd.', 'ABB Ltd.', 'Chongqing Smart Water Meter Group Co., Ltd.', 'Landis+Gyr Group AG', 'Siemens AG', 'KROHNE Messtechnik GmbH'

Industrialization's explosive growth has resulted in the establishment of numerous production facilities, warehouses, and other commercial structures including offices and hotels. These businesses are operated on a regular basis and are spread over a sizable area.

High quality polymers are being used more frequently in the production of plastic materials for water meters. In comparison to metal-based meters, plastic meters have a variety of benefits, such as flexibility and affordability. Additionally, because plastic is a poor conductor of electricity, deployment is simpler. Offering plastic water meter and components is the main focus of many top market players. About 97% of properties already have traditional meter installed, which are read every two months. The Japanese government is searching for a smart water meter solution that will allow it to accomplish this goal as a result of the growing emphasis on intelligent and efficient water supply. Additionally, there is less need for water due to the region's dwindling population. The tendency is expected to intensify with the widespread use of water-saving equipment, which could lead to a decrease in the revenue received from water fees. Eventually, this can put a strain on the resources associated with water utility companies.

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.

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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

Water Meter Market Dynamics

Water Meter Market Report Snapshots

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