The global water meter market is currently witnessing major
competition due to a strong presence of players and low product
differentiation. In its latest report, Transparency Market Research
states that Diehl Stiftung & Co. Kg, Badger Meter, Inc., Sensus,
and Elster Group GmbH are expected show dominance in the global
market. These companies are slated to focus on the integration of
advanced technologies in their new products to remain ahead of the
competition.
According to the research report, the global water meter market was
worth US$3.5 bn in 2015 and is expected to reach a valuation of
US$5.2 bn by the end of 2024. During the forecast years of 2016 and
2024, the global market is expected to rise at a CAGR of 4.5%.
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Asia Pacific to Lead Global Water Meter Market as it Paces Ahead
at a CAGR of 3.4% 2016-2024
On the basis of type, the global water meter market is segmented into
the rotary piston, multi jet, single jet, woltman, combination,
electromagnetic, and ultrasonic. All of these are further
sub-segmented into conventional and smart. The report indicates that
the rotary piston segment is expected to lead the market as the
adoption of new technologies such as ultrasonic and electromagnetic
gains traction. The rotary piston meter segment is expected to expand
at a CAGR of 3.4% during the forecast period.
Geographically, the global water meter market is segmented into Asia
Pacific, Europe, North America, South America, and the Middle East
and Africa. Out of all these geographical segments, Asia Pacific is
expected to lead the global market in the coming years as the
regional market is poised to expand at a CAGR of 5.7% between 2016
and 2024. The rapid infrastructural changes and governmental
regulations are expected to boost the Asia Pacific water meter market
in the coming years.
Accurate Measurement of Water Consumption and Fair Billing
Analysis Improves Uptake
The introduction of smart water meters as compared to conventional
ones has given the global water meter market a remarkable boost in
recent years. The technological advancements seen in new meters have
helped consumers gauge the water consumption much more accurately.
Thus, these meters have allowed users to analyze water usage better,
thereby helping them make changes to reduce excessive usage of water.
Growing number of consumers are opting for smart water meters to
reduce their expenditure on water bills is expected to play an
important in shaping the trajectory of the global market in a
positive way.
Furthermore, incorporation of wireless connectivity technologies such
as cellular connectivity and mesh networks are also bringing down the
cost of wiring, thereby making these meter cheaper. The market also
stands to benefit from government initiatives and programs to improve
the water metering infrastructure during the forecast period. The
increasing awareness amongst consumers to preserve and conserve water
as it is a limited natural resource has also augmented the demand for
water meters in recent years.
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High Cost of Metering Poses as a Tough Challenge for Global Market
Despite the headstrong market drivers, the global water meter market
is being tugged in the opposite direction due to the high cost of
connected water metering infrastructure. The metering includes
several technological components, which makes it an expensive affair.
Thus, several consumers are being dissuaded by the initial high cost
of water meters, a factor which is likely to hamper the overall
market. The growing concerns pertaining to data security amongst
water utilities is also anticipated to restrain the growth of the
global market.
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