Major players in the water meter market are Aclara Technologies LLC, Badger Meter Inc, Diehl Stiftung GmbH & Co. KG, Honeywell International Inc. , Itron Inc. , Kamstrup AS, Landis+Gyr Corporation, Zenner International GmbH & Co.
New York, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Water Meter Global Market Report 2021: COVID-19 Growth And Change" - https://www.reportlinker.com/p06130520/?utm_source=GNW
KG, Arad Group, BMETER, Datamatics Global Services Limited, Elster Group GmbH, Maddalena Spa, Mueller Water Products, Roper Industries, Sanchuan Wisdom Technology Co. Ltd., Neptune Technology Group, and Aquiba Pty Ltd.
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 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 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.
The main types of water meters are mechanical water meters and smart water meters.A mechanical water meter performs flow measurement by measuring the speed of water flowing through the pipe that causes a piston or turbine to rotate.
This device records the amount of water being used in the domestic connection for billing purposes.Smart water meter wirelessly communicates with a wide area network, enabling remote location monitoring and leak detection, which results in minimal water wastage.
Water meters are applied to residential, commercial, and industrial.
Asia Pacific was the largest region in the water meter market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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.
In January 2021, Badger Meter Inc., a US-based manufacturer of metering products using flow measurement and control technologies has acquired Analytical Technology Inc. for a deal amount of $44 million. The acquisition would enable Badger Meter Inc. with a robust, comprehensive, and scalable water quality monitoring offering that delivers real-time data on demand to industrial users and municipal water utilities. Analytical Technology Inc. is a US-based company that focuses on the manufacturing and distribution of water quality instruments based on electrochemical and optical sensors.
The increasing water consumption is expected to propel the growth of the water meter market in the forecast period.With the rise in population water consumption is increasing day-by-day.
Water consumption is defined as the amount of water that is not returned to the source after usage.Water meter affects the consumption of water as it charges the user as per the volume of water used and also provides easier detection of leakage in the water pipe which helps in less wastage of water.
According to the Nature partner journal, the global water demand is expected to increase to 20-30% more by the year 2050, which means that people are consuming groundwater without even knowing when it will run out. Therefore, increasing water consumption will drive the growth of water meters market.
The countries covered in the water meter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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