The water crisis has been a threat to the world since quite a few decades now. According to WHO and UNICEF, 2.1 billion people lack safe potable water at home, and 4.5 billion people lack safely managed sanitation[1]. In order to alleviate this poignant situation, application of water meter has become imperative in the residential sector to keep track of the quality of water and its usage. Now, this is largely stroking the water meter market size, which already had swelled up to approximately $4 billion to $4.5 billion in 2018 as per the market outlook report by IndustryARC’s analyst. Furthermore, due to the continuously growing need of water metering, the water meter market growth is estimated to be an astonishing 10% to 15% in terms of CAGR during the forecast period of 2019 to 2025.
Water scarcity and drought had become a ubiquitous peril in many parts of Europe during the last decade. Moreover, according to the European Commission, the problem of water was a concert to as much as 500 million European in 2016[2]. Now, this had led to a tectonic shift in the water supply system of the European regions which requires constant measurement of water flow and quality. This created a broad spectrum for water meter market in Europe which had a market share of 18% to 22% in 2018 according to IndustryARC’s market analyst.
Water Meter Market Outlook:
Water meters, generally owned and maintained by a city/rural water association or a private water company, are displacement meters used to measure the flow of water in gallons or cubit ft. in order to improve the water distribution system. Their application is mainly in the residential, commercial, and industrial sector.
“The constantly catapulting need for water management due to the necessity for providing potable water and better sanitizing facilities to the world’s population will be the key factor responsible for the rise in the demand for water meters in the residential sector”; highlights the market analyst in water meter market research report. The residential application CAGR is estimated to be a staggering 15% to 20% through to 2025.
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