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 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).

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.

US Water Meter Market is poised to grow at a sustainable CAGR for the next forecast year.