The global water meter market size was around $4.0 billion - $4.5 billion as of the end of 2018, according to a newly compiled business intelligence study from IndustryARC. The research report has projected the demand in the global water meter market to grow at a profitable CAGR of 10% - 15% during the forecast period 2019-2025. The report is titled:“[URL=http://https://industryarc.com/PressRelease/606/Water-Meter-Market-Research.html]Water Meter Market[/URL]: By Type (Mechanical, Smart); By Application (Residential, Commercial, Industrial) & By Region (Europe, Asia-Pacific, North America, RoW) - Forecast (2019-2025).”The analyst of the report notes the demand for accurate billing with the detection of theft, reduction and saving on overall water consumption, ability to remote cut off the supply in case of exceeded consumption, smart functionality, and need for tamper-proof meters as some of the factors poised to drive the water meter market.
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Water Meter Market Segment Analysis:
Residential application is holding major share among other applications in the water meter market and is projected to grow at a brilliant CAGR of 15% - 20% from 2019 to 2025. Next generation smart water metering deals with the residential water meter. It uses the latest ultrasonic technology to obtain significant data in less time coupled with enhanced operations.
On the basis of geographical analysis, Europe is the leading region holding a share of around 18% - 22% in the global water meter market.
Water Meter Market Product Analysis:
Water is an essential element associated with everyone in the world on a daily basis. Nowadays it has become compulsory to save and preserve energy resources for future generations. So it is everyone’s responsibility to safeguard the water by sustainable management that is through measuring the consumption of water. Water meter is an effective way to regulate the world’s water challenges.
Water meter is used to measure the usage of water, in terms of gallons. It is majorly used to measure the water use at residential and commercial buildings when supplied from a public water supply system. Metering plays a vital role in a water distribution system to evaluate the performance of the network. These meters provide real-time information to the water company’s regarding the leaks and irregularities involved at an early stage so that consumption data is accessible to consumers and enables to regulate their consumption. Displacement meters are highly recommended to measure higher liquid viscosities with more accuracy and in case of repeatable functionality as well.
About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.