Albany, NY -- (SBWIRE) -- 08/16/2017 -- Water utilities have shown keen interest in adopting water meters as these devices have evolved over the years to help consumers and service providers to understand the amount of water consumption. The accuracy of this equipment has simplified billing methods and allowed utilities to analyze water consumption and its wastage. Over the years, several types of water meters have gained a market share in the global market owing to their importance in conserving water, energy, and reducing the expenditure on water bills. Citing these reasons, the research report states that the global water meter market will be worth US$5.2 bn by the end of 2024 as compared to US$3.5 bn in 2015. The market promises to expand at a CAGR of 4.5% between 2016 and 2024.
The obvious fact about depleting water resources have raised concerns about measures to reduce water consumption and wastage across the globe. Governments are thus taking initiatives for the same through raising awareness and installing water meters to analyze the required amount of water for various purposes, its wastage if any, and methods of preserve it. Several consumers across the globe are also opting for water meters as they help in optimizing the bill, thereby saving energy and resources. The seamless integration of advanced technologies has led to the introduction of smart water meters, which has increased the uptake of these products over the past few years.
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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.
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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On the basis of application, the global water meter market is segmented into residential, commercial, and industrial segments. Of these, the residential segment held the dominant share in the global market in 2015. The report suggests that the residential segment will continue to lead as households will continue to be key users of water meters during the forecast period. The commercial and industrial segments are also estimated to bring in significant revenues as both the segments are expected to install water meters for measuring high volume water flows.
In terms of geography, the global water meter market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Of these, Asia Pacific is expected to lead the global market throughout 2016 and 2024. The improving infrastructure in the region and a strong presence of several water meter manufacturers are expected to keep Asia Pacific regional market at the forefront.
The research report points out that the important players operating in the global water meter market are Diehl Stiftung & Co. KG, Azbil Kimmon Co., Ltd., Badger Meter, Inc., Elster Group GmbH, Neptune Technology Group Inc., G. Gioanola S.R.L., Aichi Tokei Denki Co., Ltd, Apator SA, Arad Group, Fedrel Meter, B Meter, Itron Inc., Master Meter, Inc., Maddalena Spa, Kamstrup A/S, Sensus (Xylem Inc.), ZENNER International GmbH & Co. KG, Mueller Systems, LLC., Plata Meter Co., Ltd, NINGBO WATER METER CO.,LTD. and Jiaxing Eastron Electronic Instruments Co., Ltd. The competitive landscape in the global water meter market is quite fragmented due to presence of several players. The lack of product differentiation has further intensified the competition. To gain an edge, players are expected to focus on the integration of advanced technologies in their upcoming products, states the exhaustive report.