Global Water Meter Market Trends And Strategies Of Major Players In The Water Meter Market 2021-2030
28 Jul, 2021
The water meter market consists of sales of water meters by entities (organizations, sole traders, and partnerships) that manufacture water meters. A water meter is a device that provides a measurement of water flowing through a pipe system or other outlet. Water meters are placed in a box, which is fitted underground or over the ground on public land. They generally feature automated meter reading technology.
Global Water Meter Market Size And Drivers:
The global water meter market is expected to grow from $4.22 billion in 2020 to $4.65 billion in 2021 at a compound annual growth rate (CAGR) of 10.2%. The growth in the water meter market is mainly due to the increase in water consumption, growing need for water management, global industrial development, supportive government regulations, need for improvement in water utility usage and efficiency, and increasing demand to reduce non-revenue water losses. The market is expected to reach $5.53 billion in 2025 at a CAGR of 4.4%. The increasing water consumption is expected to propel the growth of the water meter market in the forecast period.
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Trends In The Global Water Meter Market
The launch of IoT-enable water meters by the companies is a key trend gaining popularity in the water meter market. The Internet of Things (IoT) is a system of interrelated objects which are connected via the internet and collect and transfer the data over a wireless network without the need of another human. IoT-enabled water meter allows the user to know the exact of water used and creates two-way communication between the provider and the user to share information. It also helps in saving and reducing energy, forecasting the water demand, and identifying leaks. For instance, Exozen and WAVIoT are companies that use IoT-based smart water meters. In June 2021, Indian smart water meter developer WEGoT and French IoT solution provider Kerlink entered into a partnership to launch LoRaWAN-based water meter in India. This water meter will help utility companies to efficiently collect data and streamline operations to manage costs. The device inputs can integrate with third-party billing and ERP systems through a wide range of APIs. The device ensures that every drop of water consumed is accounted for, ensuring better servicing for utility companies and the quality of services for consumers.
Global Water Meter Market Segments:
The global water meter market is further segmented based on product type, application and geography.
By Product Type: Mechanical Water Meter, Smart Water Meter
By Application: Residential, Commercial, Industrial
By Geography: The global water meter market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the water meter market in 2020.
Read More On The Report For The Global Water Meter Market At:https://www.thebusinessresearchcompany.com/report/water-meter-global-market-report
Water Meter Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides water meter market overviews, analyzes and forecasts market size and growth for the global water meter market, water meter market share, water meter market players, water meter market segments and geographies, water meter market’s leading competitors’ revenues, profiles and market shares. The water meter market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.