According to Transparency Market Research (TMR), the global water meter market is anticipated to witness a robust growth in coming years owing to a steady CAGR of 4.5%. The worldwide water meter market was evaluated to be worth US$ 3.5 bn in 2015 and is relied upon to achieve a worth of US$ 5.2 bn before the finish of 2024. Asia Pacific is required to lead the worldwide market all through 2016 to 2024.
The enhancing foundation in the district and a solid nearness of a few water meter makers are relied upon to keep Asia Pacific local market at the front line. In view of use, the private portion held the prevailing offer in the worldwide market in year 2015. The report recommends that the private portion will keep on leading as family units will keep on being key clients of water meters amid the figure time frame.
Water Depletion Concerns has fueled the Demand for Water Meters in the Market
Water utilities have indicated unmistakable fascination in embracing water meters as these gadgets have developed throughout the years to help customers and specialist co-ops to comprehend the measure of water utilization. The exactness of this hardware has improved charging strategies and enabled utilities to dissect water utilization and its wastage.
Throughout the years, a few sorts of water meters have picked up a market share in the worldwide market inferable from their significance in monitoring water, vitality, and lessening the use on water bills. The undeniable actuality about draining water assets have raised worries about measures to diminish water utilization and wastage over the globe.
Government Activities for Water Conservation to Play Vital Role in Overall Demand
Governments are in this manner taking activities for the same through bringing issues to light and introducing water meters to examine the required measure of water for different purposes, its wastage assuming any, and techniques for safeguard it. A few buyers over the globe are likewise settling on water meters as they help in enhancing the bill, consequently sparing vitality and assets. The consistent incorporation of smart innovations has prompted the presentation of keen water meters, which has expanded the take-up of these items in the course of recent years.
The research report points out that the important players operating in the global water meter market are Diehl Stiftung & Co. KG, Azbil Kimmon Co., Ltd., Badger Meter, Inc., Elster Group GmbH, Neptune Technology Group Inc., G. Gioanola S.R.L., Aichi Tokei Denki Co., Ltd, Apator SA, Arad Group, Fedrel Meter, B Meter, Itron Inc., Master Meter, Inc., Maddalena Spa, Kamstrup A/S, Sensus (Xylem Inc.), ZENNER International GmbH & Co. KG, Mueller Systems, LLC., Plata Meter Co., Ltd, NINGBO WATER METER CO.,LTD. and Jiaxing Eastron Electronic Instruments Co., Ltd. The competitive landscape in the global water meter market is quite fragmented due to presence of several players. The lack of product differentiation has further intensified the competition. To gain an edge, players are expected to focus on the integration of advanced technologies in their upcoming products, states the exhaustive report.