Key players in the global water meter market are focusing on developing new products and integrating advanced technologies in these products so as to sustain the competition, states a new report published by Transparency Market Research (TMR).. Players are striving to achieve accuracy in meter reading and simplicity in design. Some of the leading companies operating in the market are Diehl Stiftung & Co. Kg, Sensus, Badger Meter, Inc., and Elster Group GmbH. The market is led by regional players in developing nations. Many vendors are thus entering into partnerships and joint ventures. Several companies have also started acquiring other companies, in an attempt to expand their market share and gain competitive edge.
According to the TMR, the global opportunity in water meter market will rise from US$3.5 bn in 2015 US$5.2 bn by the end of 2024, expanding at a CAGR of 4.5% between 2016 and 2024. Regionally, Asia Pacific is likely to lead in this market on account of improvements in infrastructure and the presence of many water meter manufacturers. A CAGR of 5.7% between 2016 and 2024 is estimated for Asia Pacific by expert analysts. By application, the market is led by the residential segment and will continue to do so even in the future as a large number of households will extensively make use water meters. Significant revenues are also estimated to come from the commercial and industrial segments as water meters are installed for measuring high volume water flows. By type, the market is anticipated to be led by the rotary piston segment as manufacturers are embracing ultrasonic and electromagnetic technologies. The rotary segment is likely to exhibit a 3.4% CAGR from 2016 to 2024.
High Accuracy Rates and Simplified Billing Pushes Adoption of Water Meter Market
Water utilities are keen to adopt water meters as these devices are evolving and helping consumers and service providers the amount of water consumed. The adoption rate of these meters is increasing on account of the high accuracy rates and simplified billing methods, thus boosting the market. Across the globe, the importance of water conservation has been realized and thus, water meters have gained traction as they help monitor water consumption.
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One of the factors boosting the growth of the market is the introduction of smart water meters with enhanced accuracy, thus enabling better analysis of water usage. Smart water meters have helped reduce the excessive usage of water and in turn reduce water bills. “In addition to this, the implementation of wireless connectivity, including mesh networks and cellular connectivity are helping to bring down cost by eliminating the use of wiring, thus boosting the growth of the market”, says a TMR analyst. Moreover, government initiatives to bring improvements to the water metering infrastructure and growing awareness among consumers to preserve water are other factors pushing the adoption of water meters and driving the market.
High Initial Cost to Pose a Challenge
One of the greatest challenges facing the global water meter market is the high cost of connected water metering infrastructure. Water metering infrastructure includes the use of technologically advanced components, which are expensive, thus a lot of consumers refrain from using water meters. Apart from the high initial cost being the reason for limited use of water meters, increasing concerns regarding data security will also deter consumers from using these devices. Thus, market players will have to overcome the challenges of high cost and security so as to make progress in the industry.