Water Meter Market (Type - Rotary Piston, Single Jet, Multi Jet, Woltman, Combination, Electromagnetic, and Ultrasonic; Application - Residential, Commercial, and Industrial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024

Albany, NY -- (SBWire) -- 08/08/2018 --The global water meter market is foreseen to bank on the rising need to understand and track water consumption in both residential and commercial sites. With the development of water meters in the recent years, there has been significant adoption observed in the water utilities sector as water service providers and also consumers have shown great interest. Wastage of water is a telling concern that is increasing day by day. However, water meters could help reduce the wastage by analyzing water consumption. The utilities sector is also quite impressed with the level of accuracy offered by water meters, which reflects on the simplification of billing methods.

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Transparency Market Research (TMR) envisions the global water meter market to rise at a 4.5% CAGR during the forecast period 2016-2024 to be worth a US$5.2 bn by 2024. Introduction of new water meter capabilities through strategic partnership could help vendors to make their presence known in the market. This can be evidenced by Capstone Metering's partnership with KnowThings to equip its IntelliH2O water meter DevOps platform with simulation capabilities of the latter company.

Households as Key Users of Water Meters Propel Demand in Residential Sector

Depletion of water resources has raised a sense of urgency to reduce water wastage and optimize water consumption. As a result, several economies are installation water meter systems to stay ahead of the issue. Increasing awareness about water meter supported by government initiatives is predicted to set the tone for valuable growth in the market. Energy saving is another benefit offered by water meter that has attracted a whole lot of consumers to the market lately. The uptake of smart water meter is foretold to increase on the back of seamless integration of forward-thinking technologies.

Water meter finds application in industrial, commercial, and residential sectors.
In the coming years, the global water meter market is projected to gain larger growth from the residential application.
This growth will continue to take shape for the next few years as households increase the demand for water meter.However, industrial and commercial applications could also contribute to the market by securing decent revenue growth while riding on the need to measure high-volume water flows.

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Asia Pacific Takes Advantage of Strong Presence of Water Meter Manufacturers

The global water meter market is prophesied to gain massive impetus in Asia Pacific due to the ongoing issue of water shortage in some states of India and other economies. The regional market for water meter could also be strengthened with the strong presence of manufacturers and improving infrastructure.

The nature of the competitive landscape of the global water meter market could be fragmented as scores of players are operating therein. With a view to gain competitive advantage, players may take to the integration of sophisticated technologies. Lack of product differentiation could be an opportunity for players to highlight themselves in the market.