Asia Pacific Water Meter Market Size

Asia Pacific Water Meter Market Analysis

The Asia Pacific Water Meter Market size is estimated at USD 10.78 billion in 2024, and is expected to reach USD 17.53 billion by 2029, growing at a CAGR of 10.21% during the forecast period (2024-2029).

The water demand is increasing across the Asia-Pacific region owing to rapid urbanization and growing construction and manufacturing activities, which, in turn, is driving the need for water meters. Rapid metering development helps water utilities monitor, measure, and analyze their resources more efficiently.

• Asian countries, including Japan, India, and China, heavily invest in smart water meters with the increased foreign investment. Further, the need to ensure accurate water billing and detect leakages to avoid wastage fuels the adoption of smart water meters in the countries. Smart water meters improve billing accuracy and reduce non-revenue water losses.
• According to the National Bureau of Statistics of China, in 2022, 65.22% of the population lived in urban areas in China. Furthermore, China's urbanization rate increased from 63.89% in 2021 to 65.22% in 2022. This, in turn, is expected to create the need for effective water resources management, driving the growth of the given market.
• As the Asia Pacific region is highly populated compared to the European or North American area, the need to effectively manage water as an essential resource is very much required, as several cities have reported water shortages in the past few years. For instance, according to Niti Aayog, the Government of India, the states of Maharashtra, Karnataka, Gujarat, Jharkhand, Rajasthan, Andhra Pradesh, and Tamil Nadu have been facing severe water crises for the last few years.
• Increasing industrial and agricultural activities also support the growth of the studied market as industries, especially manufacturing, consume large amounts of water. For example, according to SK Hynix, a leading manufacturer of semiconductors, the production of semiconductors requires a large amount of water that, left unregulated, can contribute to wastage and pollution. Rapid population growth and climate change create demand for water resource management systems for a sustainable future.
• According to AsiaWater.org, by 2050, 70% of Asia's population will likely reside in urban areas, creating demand for clean water supply. However, the need for a proper regulatory framework, awareness among the consumers, availability of a skilled workforce, and high installation costs are some of the primary factors that can affect the growth of the studied market.
• The COVID-19 pandemic highly impacted the Asia-Pacific region. The government took several measures to contain the spread of the virus and significantly disrupted the supply chain, which negatively affected the growth of the studied market. However, the market is expected to gain traction with the conditions returning to normalcy.