by The water meter is an important device that measures the quantity of water consumption in various residential, commercial, and industrial applications. Water meters play a vital role in tracking water use and are deployed by municipalities and local water utilities to record water usage by consumers on periodic basis. This helps the utilities to bill customers accurately for the amount of water consumed and also identify leakages, if any. Rising pressure on water resources due to rapid urbanization and industrialization has fueled the need for effective water management through deployment of advanced water meters.
The global Water Meter Market is estimated to be valued at US$ 25.16 Mn in 2024 and is expected to exhibit a CAGR of 3.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends gaining traction in the water meter market is the shift towards adoption of smart water meters. Traditional water meters require manual readings by utility staff which increases operational costs and also makes it difficult to detect leakage in real-time. On the other hand, smart water meters transmit digital meter readings remotely through radio frequencies or other wireless communication technologies. This enables two-way communication between the utility and meter, facilitates automatic meter readings, and helps utilities reduce non-revenue water leakage. Advanced sensors in smart water meters can detect unusual water usage patterns indicative of leaks and send instant alerts to utility managers as well as customers. This is driving many municipalities across regions to replace outdated water meters with smart variants to optimize water usage and management.
Porter’s Analysis
Threat of new entrants: The water meter market requires high initial investments in R&D, manufacturing facilities, distribution networks and customer acquisition which poses significant entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternative products. However, compliance with regulations and established customer base increase customer reluctance to switch.
Bargaining power of suppliers: A few large players globally dominate the supply of raw materials and components used in water meters manufacturing. This gives them significant influence on pricing.
Threat of new substitutes: There exist no close substitutes for water meters. However, technological innovations can introduce alternative processes for measuring water usage.
Competitive rivalry: The global water meter market is moderately concentrated with large multinational companies dominating sales. Players compete based on product quality, innovations, pricing and branding.
Key Takeaways
The global water meter market is expected to witness high growth over the forecast period. Technological advances and implementation of smart metering are driving increased adoption. Global Water Meter Market Size is estimated to be valued at US$ 25.16 Mn in 2024 and is expected to exhibit a CAGR of 3.3% over the forecast period 2024 to 2031.
North America currently dominates water meter sales globally aided by strict water management regulations and rising investments in infrastructure development across the United States and Canada. The Asia Pacific region is expected to witness the fastest growth owing to rising urbanization, industrialization and focus on reducing non-revenue water losses in major economies like China and India.
Key players operating in the water meter market are Eli Lilly and Company, Pfizer, Inc., Novartis AG, Allergan plc, Sun Pharmaceutical Industries Ltd., Aptinyx, Inc., Prismic Pharmaceuticals, Inc., Innovative Med Concepts, Inc., Intec Pharma Ltd., and Astellas Pharma Inc. Players are focusing on new product launches and expanding into emerging markets through partnerships to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
