Water Meter Global Market Report 2024

The water meter market size has grown strongly in recent years. It will grow from $5.27 billion in 2023 to $5.57 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. Historical growth can be attributed to robust economic expansion in emerging markets, increased adoption of smart water meters, and supportive government initiatives.

The water meter market size is expected to see strong growth in the next few years. It will grow to $7.16 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. Forecasted growth is fueled by urbanization, rising water demand, old meter replacements, and population increase. Trends include ultrasonic smart meter launches, partnerships, wireless installations, 5G meter investments, and strategic mergers.

The escalating demand for water, driven by a growing global population, is anticipated to be a key driver for the water meter market in the foreseeable future. As the population increases, the consumption of water rises accordingly. Water consumption refers to the volume of water utilized without being returned to the source after use. Water meters play a crucial role in regulating water consumption by charging users based on the volume of water used. Additionally, these meters aid in the early detection of water pipe leakages, contributing to the reduction of water wastage. According to the Nature Partner journal, global water demand is projected to increase by 20-30% by the year 2050. This indicates a pressing need to address the rising water consumption, particularly considering the potential depletion of groundwater resources. Consequently, the surge in water consumption is expected to propel the growth of the water meters market.

The increasing demand for the replacement of outdated water meters is poised to drive the water meter market in the coming years. The existing metering infrastructure often falls short in meeting current requirements, necessitating the replacement of outdated meters with more advanced counterparts. This transition aims to enhance operational efficiency and incorporate cutting-edge technologies. For instance, the City of Richland Hills in Texas, USA, has initiated a water meter replacement project, scheduled to install residential and commercial water meters equipped with an automatic (smart) meter reading system. The project is set to commence in March 2023 and conclude by August 2023. Similarly, in January 2023, Kingsport, a city in Tennessee, USA, announced the initiation of the next phase of water meter replacement projects, intending to replace 10,000 water meters over the next six months. The city envisions completing the replacement of all outdated meters within the next few years. Hence, the growing demand for replacing outdated water meters is expected to drive the expansion of the water meter market.

The introduction of Internet of Things (IoT)-enabled water meters by companies is a prominent trend gaining traction in the water meter market. IoT represents a network of interconnected objects that communicate and exchange data through the internet, facilitating wireless data transfer without human intervention. IoT-enabled water meters play a crucial role in providing users with accurate information about their water usage. These meters establish two-way communication between service providers and users, enabling the exchange of information. Additionally, IoT-enabled water meters contribute to energy conservation, facilitate water demand forecasting, and aid in the early identification of leaks. Notable examples of companies utilizing IoT-based smart water meters include Exozen and WAVIoT. In June 2021, WEGoT, an Indian smart water meter developer, partnered with French IoT solution provider Kerlink to launch a LoRaWAN-based water meter in India. This collaboration aimed to assist utility companies in efficient data collection, streamline operations, and manage costs. The device's inputs can integrate with third-party billing and ERP systems through various APIs, ensuring accurate water consumption tracking and improved service quality for both utility companies and consumers.

Companies in the water meter market are strategically investing in 5G water meters to take a leading position in the market. Smart meters equipped with 5G technology can connect to network slices and autonomously transmit meter readings to central servers. For instance, in November 2021, Idrica, a Spain-based water technology company, developed the first 5G-NR (New Radio) device designed specifically for smart water metering based on 5G-NR technology. This innovation enables real-time remote readings of drinking water consumption. The 5G-enabled equipment ensures real-time consumption monitoring and early detection of events such as network failures and leaks, allowing for faster resolution of issues. This strategic investment in 5G water meters demonstrates the industry's commitment to leveraging advanced technologies for enhanced efficiency and performance in water metering.

In January 2021, Badger Meter Inc., a US-based company specializing in flow measurement and control technologies for metering products, acquired Analytical Technology Inc. for $44 million. This acquisition bolstered Badger Meter's capabilities by providing a comprehensive water quality monitoring solution, offering real-time data to industrial and municipal water utilities. Analytical Technology Inc. focuses on producing and distributing water-quality instruments using electrochemical and optical sensors, based in the United States.

Major companies operating in the water meter market report are Badger Meter Inc., 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, Azbil Kimmon Co Ltd., Diehl Metering, Peltek, Apator, Schneider Electric, Siemens, Honeywell Elster, Aclara Technologies, Landis+Gyr, Sensus, Kamstrup, Jiangxi Sanchuan, Chongqing Smart Water Meter Group Co. Ltd., Hebei Yuanjiang Meters Co. Ltd., Ressam Hardware International Limited, Ningbo LongKang Intelligent Instrument Co. Ltd., Kaifeng flowmeter Instrument Co. Ltd., Tangshan Huizhong Instrumentation Co. Ltd., Hangzhou Powerkey Industries And Trade Co. Ltd., Landustrie Sneek BV, Royal Eijkelkamp, Delta-T Devices Ltd., Aerzener Maschinenfabrik, Fecosan S. QED Environmental Systems, iSAtech Wate, ZENNER International GmbH & Co, Sontex SA, B Meters Metering Solutions, Neptune Technology Group Inc., Agua y Saneamientos Argentinos, Star Measure, Accell Solutions - Unidade Americana, 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, Water Utility Solutions, Deelin Projects, Precision Meters (Pty) Ltd., Willz Plumbing, JCP Plumbing, Indecx Instrumentation, Flotron, Free Rain, Dayliff water meter, Maji Milele, Danco.

Asia-Pacific was the largest region in the water meter market in 2023. The regions covered in the water meter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the water meter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Water meters can be categorized into mechanical water meters and smart water meters. Mechanical water meters measure water flow by detecting the movement of water that drives a piston or turbine. They record water usage in domestic connections for billing purposes. On the other hand, smart water meters utilize wireless communication with a network, allowing remote monitoring and leak detection to minimize water wastage. Smart meters come in various types such as ultrasonic, electromagnetic, and mechanical meters, catering to residential, commercial, and industrial applications.

The water meter market research report is one of a series of new reports that provides water meter market statistics, including water meter industry global market size, regional shares, competitors with a water meter market share, detailed water meter market segments, market trends and opportunities, and any further data you may need to thrive in the water meter industry. This water meter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The water meter market consists of sales of water flow meter, residential water meter, automated water meter control system, water current meter, water activity meter Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.