The Business Research Company’s Water Meter Global Market Report 2021: COVID-19 Growth And Change
LONDON, GREATER LONDON, UK, July 21, 2021 /EINPresswire.com/ — According to the new market research report ‘Water Meter Global Market Report 2021: COVID-19 Growth And Change’ published by The Business Research Company, the global water meter market is expected to grow from $4.22 billion in 2020 to $4.65 billion in 2021 at a compound annual growth rate (CAGR) of 10.2%. The growth in the water meter market is mainly due to the increase in water consumption, growing need for water management, global industrial development, supportive government regulations, need for improvement in water utility usage and efficiency, and increasing demand to reduce non-revenue water losses. The market is expected to reach $5.53 billion in 2025 at a CAGR of 4.4%. The increasing water consumption is expected to propel the growth of the water meter market in the forecast period.
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The water meter market consists of sales of water meters by entities (organizations, sole traders, and partnerships) that manufacture water meters. A water meter is a device that provides a measurement of water flowing through a pipe system or other outlet. Water meters are placed in a box, which is fitted underground or over the ground on public land. They generally feature automated meter reading technology.
Trends In The Global Water Meter Market
The launch of IoT-enable water meters by the companies is a key trend gaining popularity in the water meter market. The Internet of Things (IoT) is a system of interrelated objects which are connected via the internet and collect and transfer the data over a wireless network without the need of another human. IoT-enabled water meter allows the user to know the exact of water used and creates two-way communication between the provider and the user to share information. It also helps in saving and reducing energy, forecasting the water demand, and identifying leaks. For instance, Exozen and WAVIoT are companies that use IoT-based smart water meters. In June 2021, Indian smart water meter developer WEGoT and French IoT solution provider Kerlink entered into a partnership to launch LoRaWAN-based water meter in India. This water meter will help utility companies to efficiently collect data and streamline operations to manage costs. The device inputs can integrate with third-party billing and ERP systems through a wide range of APIs. The device ensures that every drop of water consumed is accounted for, ensuring better servicing for utility companies and the quality of services for consumers.
Global Water Meter Market Segments:
The global water meter market is further segmented based on product type, application and geography.
By Product Type: Mechanical Water Meter, Smart Water Meter
By Application: Residential, Commercial, Industrial
By Geography: The global water meter market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the water meter market in 2020.
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Water Meter Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides water meter global market overviews, analyzes and forecasts market size and growth for the global water meter market, water meter market share, water meter global market players, water meter global market segments and geographies, water meter market’s leading competitors’ revenues, profiles and market shares. The water meter global market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Read Water Meter Global Market Report 2021 from The Business Research Company for information on the following:
Data Segmentations: Market Size, Global, By Region And By Country; Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries
Water Meter Market Organizations Covered: Aclara Technologies LLC, Badger Meter Inc, Diehl Stiftung GmbH & Co. KG, Honeywell International Inc., Itron Inc.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets. Here is a list of reports from The Business Research Company similar to the Water Meter Global Market Report 2021:
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