Water meters are devices used to measure the amount of
water that passes through a water distribution system from the main source to
consumer systems. They are essential components in monitoring water usage and
billing across residential, commercial, and industrial sectors. Advancements in
smart metering technologies have enabled real-time monitoring and analysis of
water consumption patterns. Smart water meters integrate communication
technologies that wirelessly transmit meter readings to utilities for
monitoring usage. They help utilities detect leaks and reduce non-revenue water
losses.
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:
The increasing adoption of smart water metering systems across utilities is a
major trend fueling growth of the water meter market. Smart water meters allow
remote and automated meter readings which eliminate the need for manual meter
reading and help conserve water resources. They provide utilities and consumers
with real-time data on water usage patterns and detect leakages on priority.
Smart meters integrated with communication technologies like cellular networks
or radio-frequency technologies allow two-way communication between utilities
and meters. This enables utilities to monitor usage, issue alerts in case of
spikes in consumption, notify scheduled maintenance shutdowns, and detect
underground pipe bursts without visiting customer premises. The real-time data
also helps utilities optimize operations and planning.
Segment
Analysis
The global water meter market is segmented by
product types, wherein smart water meters dominate the market. Smart water
meters are preferred over conventional water meters due to their ability to
transmit real-time readings remotely using advanced communication technologies
like Wi-Fi, LoRa, and Sigfox. This enables utilities to reduce operational
costs by minimizing manpower required for manual meter reading. Furthermore,
smart water meters provide deep insights into water usage patterns and help in
early detection of potential leakages, thereby assisting in water conservation
efforts.
Key Takeaways
The global water meter market is expected to witness high growth during the
forecast period of 2024 to 2031. Advancing digitalization of water
infrastructure and rising focus on reducing non-revenue water are driving the
demand for smart metering solutions. 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.
Regional analysis related content comprises
The water meter market in Asia Pacific region is expected to grow at the
fastest rate owing to rapid urbanization and industrialization in countries
like China and India. The governments in the region are undertaking various
initiatives and investing heavily in upgrading aging water infrastructure with
smart metering solutions. Additionally, pending replacement of conventional
meters further provides lucrative opportunities for market players in the
region.
Key players related content comprises
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. Itron, Inc. and Badger Meter, Inc. are
the leading players dominating the global smart water metering market.
Comments
Post a Comment