The Water Meter Market is estimated to grow at a CAGR of 6.4% over the forecast period as the scope and its applications are rising enormously across the globe. Water Meters are termed as devices that measure the amount of water supplied. They measure the volume of water in cubic meters used by commercial and residential buildings, which are supplied with water by a public water supply system. It may be used at water source to regulate flow via a distinct portion of the system. Velocity meters and positive displacement meters are the major types of water system.
Government initiative for rising awareness among consumers regarding advantage of installing water meters and analyzing the required amount of water, saving energy and resources, and growing demand from customers are documented as major factors estimated to enhance the growth in the years to come. However, the presence of alternatives may restrain overall market growth in the years to come. Water Meter Market is segmented based on type, application, and region.
Ultrasonic, rotary piston, electromagnetic, single jet, combination, multi jet, and woltman are the types that could be explored in the forecast period. The market may be categorized based on applications like industrial, residential, commercial, and others. The residential sector accounted for the significant market share of Water Meter and is estimated to continue its dominance in the years to come. However, commercial and industrial sector are estimated to grow at the fastest pace in the years to come.
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Globally, Asia Pacific accounted for the substantial market share of Water Meter and is estimated to lead the overall market in future. The reason behind the overall market growth could be presence of key manufacturers in the region and developing infrastructure in this region. The developing countries like India and China are the major consumers of Water Meter in this region.
North America and Europe are also estimated to have a positive influence on the future growth. North America is the second largest region with significant market share. The United States is the major consumer of Water Meter in this region. However, Europe is estimated to grow at fastest pace with the highest CAGR in the foremost period.
The key players of Water Meter Market are Jiaxing Eastron Electronic Instruments Co., Ltd., Diehl Stiftung & Co. KG, NINGBO WATER METER CO., LTD., Azbil Kimmon Co., Ltd., Plata Meter Co., Ltd, Badger Meter, Inc., B Meter, Itron Inc., Elster Group GmbH, Gioanola S.R.L., Mueller Systems, and Aichi Tokei Denki Co., Ltd. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition.
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