Dublin, Jan. 03, 2025 (GLOBE NEWSWIRE) -- The "Water Meter Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The water meter industry has witnessed substantial growth, achieving a market value of nearly $14.04 billion as of 2023. With a consistent compound annual growth rate (CAGR) since 2018, the market is predicted to further expand to $18.97 billion by 2028, and subsequently to $26.46 billion by 2033. This growth trajectory is fueled by progressive factors such as smart city initiatives, rapid urbanization, robust investments in water infrastructure, and the rise in industrial activities. Nevertheless, the costs associated with the installation and maintenance of smart meters have posed challenges to market growth.
Segmentation Trends
The market segmentation highlights two prominent product types: mechanical and smart water meters. Mechanical water meters currently dominate the industry with a 73.3% market share in 2023. However, smart water meters are forecasted to experience accelerated growth, with a projected CAGR of 8.4% during the forecast period from 2023 to 2028. Application-wise, the residential segment leads the market, accounting for 75.2% of the total market share in 2023. Yet, moving forward, the industrial segment is anticipated to witness the fastest growth, expanding at a CAGR of 6.5% between 2023 and 2028.
Regional Insights
Geographically, the Asia-Pacific region reigns as the largest contributor to the water meter market, with a commanding 33.7% market share in 2023, followed by North America and Western Europe. Interestingly, both Asia-Pacific and Western Europe are expected to lead in terms of growth rate, at CAGRs of 6.7% and 6.3% respectively.
Competitive Landscape
The global water meter market is identified as relatively fragmented, with an array of small players comprising its competitive atmosphere. As of 2023, the ten leading companies collectively captured a 22.23% share of the global market. Future Opportunities
In regards to product-type segmentation, the mechanical water meter segment presents significant commercial prospects, poised to add $3.07 billion to the market by 2028. Application-wise, the residential segment offers lucrative opportunities, projected to increment global sales by $3.76 billion by the same year. On a country level, the United States is expected to lead in market gains, with a notable projected increase of $1.34 billion.
Market Strategies for Advancement
Strategies that align with market trends include the adoption of IoT for advanced water monitoring, the development of wireless and prepaid water meters, and the innovation of ultrasonic smart water meters. Companies are also recommended to focus on leveraging advanced technologies, expanding into emerging markets while sustaining efforts in developed ones, offering competitive pricing, and targeting industrial end-users. The firms operating within the water meter domain are encouraged to capitalize on these growth strategies to ensure their competitive edge and to further enhance the efficiency and sustainability of global water management practices.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 238 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $14 Billion |
| Forecasted Market Value (USD) by 2033 | $26.5 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
Companies Featured
- Badger Meter, Inc.
- Mueller Water Products Inc
- Xylem Inc.
- Kamstrup A/S
- Ningbo Water Meter Co Ltd.
- Aichi Tokei Denki Co
- Diehl Stiftung & Co. KG
- Landis+Gyr
- Roper Technologies, Inc.
- Itron Inc.
- Unabiz pte ltd.
- Shenzhen Kaifa Technology Co., Ltd
- Cranberry Analytics Private Limited.
- ABB India
- Hangzhou Laison Technology co. ltd.
- Peltek
- Apator
- Schneider Electric
- Siemens
- Honeywell Elster
- Aclara Technologies
- Arad Group
- Sensus
- Jiangxi Sanchuan
- Severn Trent plc.
- Telefonica Tech
- Veolia Water
- E. ON
- EQT AB
- Landustrie Sneek BV
- Royal Eijkelkamp
- Delta-T Devices Ltd.
- Aerzener Maschinenfabrik
- Fecosan S. QED Environmental Systems
- iSAtech Wate
- ZENNER International GmbH & Co
- Vestra
- Sontex SA
- B Meters Metering Solutions
- Mueller Water Products
- Neptune Technology Group Inc.
- Master Meter, Inc.
- Metron-Farnier LLC
- Trilliant Trenton Water Works (TWW)
- Agua y Saneamientos Argentinos
- Star Measure
- Accell Solutions - Unidade Americana
- Romy Water Group
- Hydrometer Brazil
- Hidrocontrol S.A.
- Maderas Hnos. Ltda.
- Sabesp
- Isotron Chile S.A.
- Bin Moosa & Daly Limited
- Kamstrup Middle East FZC
- DMC International
- Alderley FZE
- Halawa Tax Meter
- Newterra, Ltd.
- Spire Metering Technology
- Idrica
- Munters
- Esli Water Treatment Company
- Iran Water Meter Co.
- Saudi Meters Company
- TAQA
- Water Utility Solutions
- Deelin Projects
- Precision Meters (Pty) Ltd.
- Willz Plumbing
- JCP Plumbing
- Indecx Instrumentation
- Flotron
- Free Rain
- Dayliff water meter
- Maji Milele
- Danco
- Guyana Water Inc.
- Lesira-Teq
For more information about this report visit https://www.researchandmarkets.com/r/wzer2v
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