Water Meter Global Market Opportunities and Strategies to 2032

This report describes and explains the water meter market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global water meter market reached a value of nearly $4,980.4 million in 2022, having grown at a compound annual growth rate (CAGR) of 5.4% since 2017. The market is expected to grow from $4,980.4 million in 2022 to $6,563.7 million in 2027 at a rate of 5.7%. The market is then expected to grow at a CAGR of 7.7% from 2027 and reach $9,522.9 million in 2032.

Growth in the historic period resulted from strong economic growth in emerging markets, rising deployment of smart water meters, and supportive government initiatives. Factors that negatively affected growth in the historic period was impact of covid-19.

Going forward, rising urbanization, increasing water usage, growing demand for replacement of old water meters, and rise in global population will drive the growth. Factors that could hinder the growth of the water meter market in the future include cost of installing and maintaining smart meters.

The water meter market is segmented by product type into mechanical water meter and smart water meter. The mechanical water meter market was the largest segment of the water meter market segmented by product type, accounting for 75.3% of the total in 2022. Going forward, the smart water meter segment is expected to be the fastest growing segment in the water meter market segmented by product type, at a CAGR of 7.5% during 2022-2027.

The water meter market is segmented by application into residential, commercial, and industrial. The residential market was the largest segment of the water meter market segmented by application, accounting for 75.2% of the total in 2022. Going forward, the industrial segment is expected to be the fastest growing segment in the water meter market segmented by application, at a CAGR of 5.9% during 2022-2027.

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 in the water meter market will be Asia Pacific and Western Europe where growth will be at CAGRs of 6.0% and 5.9% respectively. These will be followed by North America and Middle East where the markets are expected to grow at CAGRs of 5.6% and 4.9% respectively.

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 with 5.03%, Roper Technologies, Inc. with 3.35%, Aichi Tokei Denki Co with 3.17 %, Xylem Inc. with 2.84%, Itron Inc with 2.77%, Diehl Stiftung & Co. KG with 2.04%, Mueller water products inc with 1.91%, Arad Group with 1.44%, and Azbil Kimmon Co, Ltd with 1.43%.

The top opportunities in the water meter market segmented by product type will arise in the mechanical water meter segment, which will gain $1.048.8 million of global annual sales by 2027. The top opportunities in the water meter market segmented by application will arise in the residential segment, which will gain $1,208.8 million of global annual sales by 2027. The water meter market size will gain the most in USA at $432.7 million.

Market-trend-based strategies for the water meter market include focus on launching ultrasonic smart water meters, partnerships and collaborations, installing wireless water meters, investing in 5G water meters, and mergers and acquisitions to improve their financial strength and product portfolio.

Player-adopted strategies in the water meter market include enhancing business operations through securing regulatory certifications, expanding operational capabilities through the launch of new products, and transforming water management through new product launches.

To take advantage of the opportunities, the publisher recommends the water meter companies to focus on ultrasonic smart water meters, focus on wireless water meters, focus on 5G water meters, continue to focus on developed markets, expanding in emerging markets, focus on strategic partnerships, provide competitively priced offerings, use direct-to-consumer (DTC) advertising, continue to use B2B promotions, focus on urban population, and continue to target fast-growing applications.