ALBANY, New York, January 30, 2019
ALBANY, New York, January 30, 2019 /PRNewswire/ --
The global water meter market features a largely fragmented competitive structure owing to the presence of large and small players in this market, finds Transparency Market Research (TMR). The lack of variation in products has further intensified competition among the players across the globe. In order to gain foothold, key players are largely focusing on the integration of advanced technologies in their upcoming new products. The prominent players operating in the global water meter market are ZENNER International GmbH & Co. KG, NINGBO WATER METER CO., LTD., and Master Meter, Inc., and Elster Group GmbH. In addition, Jiaxing Eastron Electronic Instruments Co., Ltd. is one of the key companies in the global water meter market.
The revenue generated by the global water meter market stood at US$3.5bn in 2015 and is projected to account for valuation of US$5.2 bn by the end of 2024. This market is likely to expand at steady 4.5% CAGR during the forecast period from 2016 to 2024. As per TMR, the global water meter market is likely to witness significant growth during the course of forecast period from 2016 till 2024.
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Based on applications, the residential segment holds maximum share in the global water meter market owing to maximum usage of water meter meters. From the geographical point of view, Asia Pacific is likely to dominate the water meter market due to presence of various players and improed infrastructure in the region.
Technology Advancements Boost Market Growth
Growing demand for energy conservation and increasing government initiatives towards ecological development boosts global water meter market. Water meter help minimizing water leakage and this can be one of the key reason propelling demand in this market in the upcoming years. Increasing need for conservation of water and reduction of water wastage are major drivers influencing growth of this market in the foreseeable future.
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Rising advancement in technology and improving government policies to conserve water are likely to boost demand in the global water meter market. In addition, a surge in population along with water applications is likely to fuel demand for smart water management techniques in the years to come.
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High Installation Cost May Limit Global Water Meter Market
The high initial expense of installation and lack of acceptance among large populations is expected to hamper growth of the global water meter market. Additionally, inadequate bandwidth and lack of frequent reading of meter are some other factors negatively impacting overall growth of this market. The remote sensing meter to measure water is another important factor restraining growth of the global water meter market. However, increasing number of campaign and non-government initiatives to conserve water resources is likely to drive growth of this market in the near future.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Water Meter Market (Type - Rotary Piston, Single Jet, Multi Jet, Woltman, Combination, Electromagnetic, and Ultrasonic; Application - Residential, Commercial, and Industrial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
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Global Water Meter Market is segmented based on:
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