WATER METER MARKET ANALYSIS

Water Meter Market Size and Trends

The global water meter market is estimated to be valued at US$ 20,760.3 Mn in 2024 and is expected to reach US$ 30,206.2 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.

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Water meters help track water usage and enable utilities to charge customers based on actual consumption. The growing need to conserve water and increased emphasis on infrastructure development are fueling the demand for water meters globally. The water meter market is expected to witness significant growth over the forecast period. This can be attributed to rising global warming concerns and increasing investments in smart water infrastructure. The adoption of smart water meters that send automatic readings is on the rise. These smart meters help utilities improve operations and customer services while also aiding consumers to save water. Replacement of aging infrastructure will further boost revenue opportunities for market players.

Infrastructure development and expansion of water utilities

As urban population continues to rise rapidly, there is increasing pressure on water utilities to develop the necessary infrastructure to meet the growing demands. Many cities and municipalities across major developing economies are expanding their water distribution network by laying new pipelines and connecting more households and commercial establishments.

Governments in Africa and Southeast Asia Pacific are investing heavily in water supply projects after realizing access to potable water as a basic necessity and critical for public health as well as overall socio-economic development. Metered connections allow utilities to recover the operational and infrastructure development costs in a more sustainable manner through consumption-based tariffs. It also helps optimize available resources and minimize non-revenue water losses. Advanced metering solutions equipped with wireless communication capabilities are gaining popularity because they facilitate remote monitoring of networks, early detection of leaks, and efficient repair scheduling. The worldwide push for universal access to water thus presents a massive market potential for water meter manufacturers and system integrators.

For instance, in November 2021, Idrica, a Spain-based water technology company, developed the first 5G-NR (New Radio) device specifically for smart water metering based on 5G-NR technology for real-time remote readings of drinking water consumption. The equipment will be able to read consumption in real time, and detect events such as network failures and leaks much earlier and resolve them faster.

Enforcement of stringent water conservation policies

Shortage of freshwater is already a dire problem in many parts of the world due to factors like rapid population growth, rising urbanization, inefficient usage practices, and impacts of climate change like erratic monsoon patterns and droughts. Facing severe water stress, numerous cities and local governments have introduced legislation that make the installation of meters mandatory for both domestic and non-residential connections. Regulators are also tightening permitted usage limits and levying heavy fines for excessive consumption or wastage. For building owners and property developers, adhering to prescribed consumption benchmarks has become important from the perspective of regulatory compliance as well as obtaining construction permits or occupancy certificates.

Advanced metering infrastructure plays a pivotal role in enforcing water conservation norms and incentivizing efficient use of limited resources. Smart meters with two-way communication and data analytics capabilities provide actionable insights into consumption patterns right down to the appliance-level. Any anomalies or unusually high usage is immediately detectable, aiding authorities to pinpoint leaks, thefts, or wastage.