Water is essential for the survival of the living organism on earth. Water is used in every sector including agriculture, industrial, household, recreational, and environmental activities. Out of all the water on earth, only 2.0 – 2.5% of water is clean water, according to the USGS Water Science School. Globally, the increasing water crisis and need to keep a check of water usage and wastage is driving the water meter market. According to a recent business intelligent report released by IndustryARC, the global water meter market was valued at a range of $4.0 billion to $4.5billion in 2018 and estimates its value to grow with a CAGR of 10% to 15% over a forecast period of 2019-2025.
Water meter is a device that checks and measures the gallons of water flowing inside the commercial and industrial tank. Water meter monitors system performance and verifies the pH of water collected in the tank. Water company suppliers use the reading from the meter to calculate the charge for water and sewage services. Water meters are generally owned, read and maintained by a public water provider such as a city, rural water association or private water company.
Global Water Meter Market: Growth Drivers
Earlier, a fixed amount of water bill released by government authority was required to be paid by consumers irrespective of water usage. The accuracy of water meter enhanced the charging policy and consumers growing awareness, to pay for the water they used is increasing the demand for water meter in the market. The constant technological innovations have activated acceptance of water meter. Government initiative and law on all commercial and industrial ground for compulsion setup of water meter is slowly increasing the water meter market. Tenants on apartments are benefited by water meter by tracking their water consumptions is driving the growth of water meter market.
Global Water Meter Market: Disruptive Trends
In order to protect water and ensure clean water is delivered into tanks. Safeguard zones are identified by a joint initiative between the Environment Agency and water companies. Dialog3G CityMind software is the latest powerful control and management software for the water utility system. It is an internet based software, ensures meter readings and allows detecting immediate alert situations such as water leaks, reverse flow. Smart water alarm demand is slowly speeding in water meter market. It is fitted inside tanks, generates alert alarms to stop water pump every time the tank is full to avoid wastage of water and reduce water charge. Many companies are offering free water measuring devices to alert people with the advantage of water meter setup
Global Water Meter Demand Analysis
According to the research by Consumer Council for Water and Ofwat state that most customers think metering is the fairest way to charge. Recent research by an analyst of IndustryArc focused, residential sector to be the key application to hold the largest market share with a growing CAGR of around 15% to 20% through to end period 2019-2025. Consumers have already switched to water meter to save money on the water bill, Europe is positioned as the leading marketplace with a global market share ranging between 18% – 22% as of 2018.
Some of the leading players in the water meter market are Xylem Inc. (Sensus), Honeywell Inc., Diehl Stiftung & Co. KG, Badger Meter Inc, Arad Group, Roper Industries, Itron, Kamstrup Water Metering, Mueller Water Products, Zenner International GmbH & Co KG.
Water meter is a device initiated by government and environment agencies with a goal to reduce water wastage and to keep a track of water usage by consumers. Consumers are focusing more now to avoid wastage of water as they are paying for the quantity used by them. The accuracy of the water meter and enhanced charging policy is the major factor for the growth of the water meter market. Europe is the leading region in accepting the water meter and hold the highest market share in water meter market.
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