A water meter is a device used for measuring the amount of water passed through a pipe. The water meter is connected over or joined between pipes for the measurement of the flow. In many developed countries, water meters are used to measure the volume of water in residential and commercial buildings. These buildings are supplied with water by public water supply system. Water meters also find applications at the water source, or throughout the water system to determine flow through a particular region of the system. Conventional water meters do not have communication capabilities, hence manual readings are required to be taken. On contrary, smart meters possess communication capabilities where they can send water consumption readings directly to the supplier through a secure communication network.
The global water meter market was valued for US$ 4,093.3 Mn in 2019 is expected to exhibit a CAGR of 5.0 % during the forecast period.
Market Dynamics- Drivers
Smart water meters provide significant advantages over standard water meters. Consumers can get better insights regarding their water consumption with the help of smart water meters. Furthermore, using smart water meters can improve analysis of water usage, which helps to make necessary adjustments to reduce water usage and save money. Accurate billing functionality would reduce the estimation of water usage and increase the satisfaction of customers. Advanced technologies such as data collection, wireless connectivity, and cellular connectivity can offer integrated infrastructure for water utilities by reducing cost required for wiring. Moreover, remote identification and clarification tools add to the increased efficiency of smart water metering infrastructure. Thus, these factors are expected to drive growth of the global water meter market during the forecast period.
Encouraging government programs and supplementary initiatives by major market players to improve water metering infrastructure are expected to support the market growth in the near future. According to bill AB 2572, passed in 2004 by the Legislative Council of the State of California in the U.S., all the water suppliers are required to install water meters for all customer connections by January 1, 2025. Since the government mandates that water utilities are required to follow guidelines described, the water meters are expected to witness significant demand in the near future. Furthermore, under the Metering Programme started by Southern Water, Worthing, the U.K., around 450,000 water meters were installed within the Kent, Sussex, Hampshire, and Isle of Wight regions of the U.K. Installation of these water meters was concluded in the late.
Asia-Pacific region dominated the global water meter market 32.5% in 2019 followed by North America and Europe, respectively
Source: Coherent Market Insights
Market Dynamics- Restraints
Connected water metering infrastructure requires high cost for installation since there are numerous technological components involved to enhance efficiency of smart meters. Furthermore, automated reading and reporting techniques used in smart meters remove the need for manual reading. However, the two-way communication required for automated reporting needs technologies such as power line communication (PLC), broadband, wireless radio frequency, and cellular transmission, which would increase the overall cost by a large margin. Moreover, incorporation of IoT and geographic information systems (GIS) increase the cost. This, in turn, hampers the adoption and thereby restrains the market growth in the near future.
The to-and-from communication in smart water meters is extremely crucial thus, the protection of the data generated becomes a major challenge for water utilities. Moreover, Wireless connectivity techniques such as wireless mesh are also used for communication, further increasing the risk of data breach. Growing threats related to data breaches could prove a substantial restraint during the forecast period unless a strong and secure network infrastructure is implemented. Furthermore, consumer privacy invasions as a result of smart meter installations are expected to hinder the global water meter market growth in the near future.
Growing urbanization around the globe is expected to increase the demand for water utilities to supply sufficient water for an increased population. According to the United Nations’ 2014 Revision of the World Urbanization Prospects white paper, 54% of world’s population was urban in 2014 and is expected to grow further at a healthy rate so that in 2050, 66% (i.e., two-third) of the global population would be urban. Furthermore, a vast percentage of population is located in urban areas where essential utilities such as electricity and water must be utilized efficiently. Water meters present a perfect solution, in order to maintain and monitor water distribution infrastructure for highly populated urban areas. This, in turn, is expected to present major growth opportunities over the forecast period.
Developed regions such as North America and Europe have been using water meters for over 15 years. However, the old metering infrastructure is not sufficient to fulfill current requirements. There is an increasing need to replace old meters with new and advanced meters, in order to enhance the efficiency and integrate state-of-the-art technologies. For instance, in 2014, the City of Wheaton, Illinois, the U.S., started a water meter replacement program and is expected to end in 2019. Under this program most of the 16,500 water meters installed in the city would be replaced with advanced meters with wireless connectivity. Similar programs have been commenced by cities including Ontario, Canada, Massachusetts, U.S., etc.
Source: Coherent Market Insights
The global water meter market is witnessing increasing adoption of plastic materials such as high quality polymers. Plastic meters offer several advantages over metal-based meters such as flexibility and low cost. Moreover, plastic is not a good conductor of electricity, which reduces the complexities of deployment. Many leading market players are focused on offering plastic water meters and components. For instance, Aichi Tokei Denki has developed disposable electromagnetic flow sensors product series DSV with the help of plastic molding components. As magnetic field easily passes through plastic, such components are gaining popularity in the market, particularly for electromagnetic meters.
Residential segment accounts for the largest share in the global water meter market, where majority of revenue is generated from residential water meters. As the water used by these consumers is paid water, they are trying to reduce their expenses by reducing their consumption rate and also reducing water. Advanced water meter solutions can monitor real-time data from the consumer end thereby providing critical information to consumers about daily usage.
In global water meter market, by application segment, residential sub-segment dominated the global market in 2019, accounting for 73.6% share in terms of value.
Source: Coherent Market Insights
Middle East & Africa
Value Chain Analysis
Key players operating in the global water mater market are Diehl Stiftung & Co. KG, Jiaxing Eastron Electronic Instruments Co., Ltd, Azbil Kimmon Co., Ltd., NINGBO WATER METER CO., LTD., Badger Meter, Inc., Elster Group GmbH, Plata Meter Co., Ltd, Master Meter, Inc., Mueller Systems, LLC, Neptune Technology Group Inc., ZENNER International GmbH & Co. KG, Gioanola S.R.L., Sensus (Xylem Inc.), Aichi Tokei Denki Co., Ltd, Kamstrup A/S, Apator SA, Maddalena Spa, Arad Group, Fedrel Meter, and Itron Inc.
Water meter is a device utilized to measure the volume of water used in residential and commercial buildings supplied with water systems. Water meters have different sizes and shapes depending upon the volume of water passing through the pipe. Smart water meters are the advanced water meters provided with communication capabilities which is used to send readings directly to the supplier. Smart water minimizes the requirement of manual meter reading and send reading to the supplier for billing purposes. Water meters also find applications at the water system which is used to determine flow through a particular region of the system. Conventional water meters do not provide communication capabilities, hence manual readings are required to be taken. Moreover, smart meters possess communication capabilities which is used to provide water consumption readings directly to the supplier through a secure communication network.
Rapid urbanization and water scarcity enforced water utilities to adopt smart solutions that will increase efficiency and optimization. Smart water provides utilities recover costs, sustain water infrastructure, ensure optimized distribution, reduce wastage, improve system and resource efficiency, and provide customers with accurate and secure billing. Smart communication solutions such as LPWAN networks, cloud-based data analytics and software solutions are expected to drive the growth of this market. LPWAN has provided with automated meter reading (AMR) and automated metering infrastructure (AMI). Automated meter reading provides one-way communication between the meter and the water utility and also automated metering infrastructure provides two way communication between the meter and the water utility.
According to UN-Water, the United Nations inter-agency coordination mechanism for all freshwater-related issues, including sanitation, by 2025 around 1.8 billion people around the world will be living in regions with absolute water scarcity and approximately two-thirds of the global population is expected to be under stress conditions. In order to avoid these situations, numerous programs have been undertaken at global level such as the UN’s Water for Life Decade 2005-2015 and the United Nations Educational, Scientific and Cultural Organization’s (UNESCO) World Water Assessment Programme (WWAP). Hence, these factors are expected to boost the global water meter market growth during the forecast period.
This report segments the global water meter market on the basis of by type, by application, and region. On the basis of type, global water meter market is segmented into rotary piston, single jet, multi jet, woltman, combination, electromagnetic, ultrasonic. On the basis of application, the water meter market is segmented into residential, commercial and industrial. On the basis of region, global water meter market is segmented into North America, Latin America, Europe, APAC, Middle East and Africa.
Key features of the study:
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