The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, March 27, 2023 /PRNewswire/ -- As per The Business Research Company's Water Meter Global Market Report 2023, the global water meter market size will grow from $4.9 billion in 2022 to $5.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 5%. The water meter market size is then expected to grow to $6.7 billion in 2027 at a CAGR of more than 6%.
The water meter market growth is expected to be supported by the rising global population in the forecast period. The growing population around the globe is expected to increase the demand for water utilities to supply sufficient water for the increasing population. This is eventually anticipated to contribute to a significant growth in the global water meters market. According to the United Nations, the world population is projected to reach 8.5 billion in 2030, and to increase further to 9.7 billion in 2050.
Going forward, in addition, to rising global population, increasing water usage and growing demand for replacement of old water meters, will drive the water meter market growth.
Learn More On The Water Meter Market Report - https://www.thebusinessresearchcompany.com/report/water-meter-global-market-report
The water meter market is moderately fragmented, with a large number of players. The top ten competitors in the market made up to 30.51% of the total market in 2021. Badger Meter, Inc. was the largest competitor with 6.52% share of the market, followed by Ningbo Water Meter Co Ltd., Roper Technologies, Inc., Aichi Tokei Denki Co., Xylem Inc., Itron Inc., Diehl Stiftung & Co. KG., Mueller water products Inc., Arad Group, and Azbil Kimmon Co, Ltd.
Water meter market trends that companies should adopt include:
- Focus on launching ultrasonic smart water meters,
- Partnerships and collaborations
- Installing wireless water meters
- Investing in 5G water meters
- Mergers and acquisitions to improve their financial strength and product portfolio
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The global water meter market is segmented -
- By Product Type: Mechanical Water Meter, Smart Water Meter
- By Application: Residential, Commercial, Industrial
According to the water meter market analysis, the top opportunities in the water meter market segmented by product type will arise in the mechanical water meter segment, by application will arise in the residential segment. The water meter market size will gain the most in USA at $432.7 million.
Asia Pacific was the largest region in the water meter market, accounting for 33.6% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions will be Asia Pacific and Western Europe.
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