Market Size of Europe Water Meter Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.85 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Water Meter Market Analysis
The European Water Meter Market is expected to record a CAGR of 4.85% during the forecast period, 2022 - 2027. The growing awareness of water wastage and various state regulations are expected to drive the Europe water meter market.
Water meters measure the flow of water through a particular portion of the system. It is measured in cubic feet or gallons. These are mainly used for water management as they can help identify water leaks and save water. Smart water meters are widely adopted nowadays as they enable real-time tracking of utility usage by both utility supplier and consumer and encourage the supplier to start/read/cut off of supply remotely.
The critical need for optimized water consumption in water-scarce areas is driving the deployment of water meters. As per a European Environment Agency (EEA) assessment, around 30% of Europe's population is affected by water stress during an average year. The situation is expected to worsen as climate change increases droughts' frequency, impact, and magnitude.
As per the European Environment Agency's Water resources across Europe - confronting water stress report 2021, Droughts and water scarcity are no longer rare or extreme events in Europe, and about 20% of the European territory and 30% of the Europeans are affected by water stress during an average year. Overall, Europe needs to strengthen the resilience of its ecosystems and use water more efficiently to reduce the impacts of water stress on people and the environment.
Supportive regulations and legislation are vital factors to be considered in the rollout of meters in many markets. Increasing support by the government in various nations, coupled with significant investments, is expected to boost the rollout of water meters across the region.
Lack of availability of capital funding remains a major challenge affecting meters' adoption due to several costs associated with these meters. Also, the technologies integrated with these systems add to the charges, restraining the deployment of meters in small consumer groups, such as residential premises. This is due to the lack of ROI in these meters, which is a major hindrance for these consumer groups to adopt them.
The recent COVID-19 outbreak and nationwide lockdown across the region has impacted the overall rollout of meters globally. The global COVID-19 pandemic resulted in lockdowns in various parts of the world, which halted several operations across the industries. As a result, the shipments and installations of meters also witnessed a downfall.
