Against the backdrop of these, the global water meter market is expected to witness a 4.5% CAGR from 2016 to 2024. The market is likely to rise to US$5.2 bn by 2024 from a valuation of US$3.5 bn in 2015.
What characteristics of water meter are augmenting its use?
The growth of the global water meter market has gained momentum over the last couple of years due to the advent of smart water meters over the traditional ones. The advanced technologies used in the new meters have enabled consumers to gauge the consumption of water more accurately and reduce its wastage. As a result, the wastage of water has reduced considerably helping consumers to analyze water usage more effectively. Thus, numerous consumers are deploying smart meters to decrease the expenditure done on water bills. Moreover, the integration of wireless connectivity technologies such as mesh networks and cellular connectivity are also lowering the cost of wiring, thus making the meters less expensive.
Governments and companies are also taking initiatives to provide consumers with high-end water meters in less cost in order to enhance the water metering. For instance, a startup in India named SmarterHomes has come up with a 100% automated smart water meter to send breakage and overuse alerts and also predict the bills of the coming months.
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How is cost a key restraint for the market?
In spite of the several advantages the meter possesses, the global water meter market is likely to take a negative tug owing to the sky rocketing costs of the infrastructure of connected water metering. The process of metering requires high-end technological components, thus making it expensive. The market may also face challenges from the concerns regarding data security among water utilities.
Which region is likely to be the key focus for vendors?
The market for water meter is expected to witness significant growth in Asia Pacific owing to the growing concerns over water scarcity and improving infrastructure in several countries of the region. The presence of many leading manufacturers is also anticipated to keep the region on the forefront.