Water Meter Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.88 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Water Meter Market Analysis
The global water meter shipment size stood at 122.56 million units in the previous year and is projected to reach 164.32 million, growing at a CAGR of 4.88% during the forecast period.
Water meter refers to devices used to measure the flow and volume of water used across various end-use cases, including residential, commercial, industrial, etc. Over the years, the water meter technology has evolved significantly. The most common types of water meters in use include velocity, displacement, and electromagnetic or ultrasonic water meters.
- Over the years, water consumption has increased significantly due to population growth, rapid urbanization and industrialization rates, and growing per capita consumption. For instance, according to LawnStarter, an American lawn maintenance service provider, in 2022, the United States was the leading country in per-capita water consumption (2,842 cubic meters), followed by countries such as Canada, New Zealand, Costa Rica, etc.
- As a result of the growing consumption, several regions have started facing water shortage issues in recent years, giving rise to trends such as the need to minimize water wastage and the growing demand for water preservation, which is anticipated to remain among the key drivers for the growth of the market studied during the forecast period. Moreover, technological advancements and rising government and individual efforts by consumers and businesses to save water also contribute to the growth of the market studied.
- Moreover, owing to the expanding use cases and application area, new technologies are gaining widespread acceptance, leading to the development of innovative metering solutions. For instance, instance Mechanical, Electromagnetic, and Ultrasonic are among the key technologies widely in use in the water meter market.
- However, factors such as a higher cost of smart water meters and a lower installation rate, owing to a lower awareness, remain among the major challenging factors for the growth of the market studied.
- Additionally, the lack of supporting infrastructure for smart water meters, such as high-speed connectivity, also hampers the growth of the market studied, especially across developing regions.
- The COVID-19 pandemic had a major impact on the growth of the market studied as measures taken by governments across various regions, such as the imposition of lockdown and travel restrictions, significantly disrupted the supply chain and manufacturing capabilities of water meter suppliers. However, with the conditions improving and COVID-19-led restrictions lifted almost from everywhere, the demand is anticipated to witness an upward growth trend, facilitating the growth of the market studied during the forecast period.
Water Meter Market Trends
Smart Water Meter to Witness Major Growth
- Smart water meters are devices that can measure and communicate water usage from various consumption points to the utility provider to facilitate proper billing and effective water management. Smart meters are usually equipped with sensors and an electronic computing unit (ECU) that facilitates communication between the meter and the supplier. Unlike mechanical water meters, these meters are more capable of tracking water usage through electromagnetic or ultrasonic technologies that provide more accurate measurements.
- Major features driving the adoption of smart water meters include the presence of an advanced metering infrastructure (AMI) system, which enables utility providers to remotely track real-time water consumption, along with other matrices, including flow and pressure anomalies. They can also locate vacancies and tampering, making them a highly effective solution to track losses caused by leaks. Smart water meters favor dynamic water billing, eliminating the need for manual supervision every month. They also support real-time, web-based metering to help utility providers automatically generate bills and share them with consumers within a specific time.
- Expanding water-stressed areas, especially in arid regions across the world, is driving the demand for smart water meters, as it is becoming important to track water consumption and reduce wastage of water. Several use cases also confirm the benefits of advanced technological solutions in reducing the issue of Non-Revenue Water (NRW).
- For instance, according to Manila Water, a major water supplier in the East Zone of Metro Manila, Philippines, the adoption of proactive technical solutions, including the reconfiguration of the network, meter management programs, accurate measurement of supply volumes, and the active supply and pressure management helped the company to reduce the NRW from 63% in 1997 to 12.69% in 2022, which is one of the lowest in Asia. Thus, technological improvements, social awareness, and the growing water crisis issue are expected to influence the market's growth positively.
- Smart meters also help in regulating water consumption owing to features such as IoT-enabled water flow meters, which come embedded with a valve that can be controlled remotely and provide real-time analytics about usage. Various surveys suggest a reduction in the range of 20-50% when smart water meters are installed within a facility.
- Smart water meters are also witnessing notable growth in the adoption of new technologies, helping expand the capability and use cases of these meters. For instance, Silicon Labs' Low Duty Cycle optimization and ingenious ultra-low power SoC design significantly enhance the operational life of smart water meters with ten years with a battery. Furthermore, the company also offers solutions such as proprietary wireless protocols sub-GHz Wi-SUN mesh to maximize the reach of smart water meters.
Europe is Expected to Hold Significant Market Share
- The United Kingdom is anticipated to remain among the leading adopters of water meters in the European region, driven by several initiatives from the government and utility suppliers to drive efficiency and bring sustainability to the water supply industry. Furthermore, with the country facing an increased risk of drought, the National Infrastructure Commission recently urged to drive the deployment of advanced metering infrastructure (AMI) within the water industry to take control of water consumption, deliver enough demand reduction, and increase efficiency to improve the country's drought resilience.
- France has been among the early adopters of water meters, and several major vendors are present in France. For instance, Veolia, a major utility company, installed three million TéléO smart meters in France and Europe, including partnerships in Lyon and Ile-de-France. Similarly, the Suez group rolled out its version of water meters, ON'connect, in Dunkirk, Le Mans, and elsewhere. The country is also witnessing significant developments in the supporting infrastructure of smart water meters, which further support the growth of the market studied. For instance, in February 2023, Netmore, a Swedish IoT operator, started rolling out a LoRaWAN network in France, targeting smart water metering and other IoT and large-scale utility projects.
- Drought and water scarcity are among the rising concerns in Spain as, in recent years, a number of cities in Spain have started facing a water crisis. This drives the attention of utility suppliers and the government toward the adoption of major initiatives and technology for the better management of water. According to a recent report by the Ecological Transition Ministry, around 27% of Spain is experiencing droughts classified as "alert" or "emergency," as water reserves in the country are only at 50% of capacity nationally.
- Responding to such issues, in May 2023, the Spanish government approved a EUR 2.2 billion (~GBP 1.9 billion and ~USD 2.34 billion) plan to help consumers and farmers cope with an enduring drought exacerbated by the hottest and driest months. Apart from the investments, several initiatives are also being undertaken by the government and utility suppliers to encourage the consumers to follow the guidelines issued by related authorities and organizations to make the entire water conservation initiative a success. As water meters are considered one of the key technologies that help support such initiatives, the market studied is anticipated to witness positive growth.
- Germany has been among the significant marketplaces for water meters in the European region. The country has a robust water supply infrastructure, which has witnessed time-to-time upgrades, thereby creating opportunities in the market's landscape. For instance, according to the European Association of National Metrology Institutes (EURAMET), across the European region, Germany alone has about 45 million water meters installed, and they also represent a production value of almost EUR 1 billion (~USD 1.06 billion). Furthermore, with the consumer demand for convenient access to leakage detection and information about water usage growing, the uptake of smart water meters is anticipated to grow further in the country.
Water Meter Industry Overview
The Water Meter Market is highly fragmented, with the presence of major players like Badger Meter Inc., Diehl Metering GMBH (Diehl Stiftung & Co. KG), Bm Water Meters, Ningbo Water Meter (Group) Co. Ltd, and Honeywell International Inc. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
- April 2023 - Badger Meter Inc. announced that it will showcase an inclusive portfolio of smart water solutions to address challenges facing today's water and wastewater utilities during Texas Water 2023 in Houston, Texas. The company will discuss the full range of water quality, distribution, and analytical monitoring capabilities, such as E-series Ultrasonic meters, BEACON Software as a Service, etc.
- May 2023 - Diehl Metering GmbH has announced that South West Water in the United Kingdom has chosen to partner with Diehl Metering and LoRaWAN specialist Netmore as part of its green recovery initiative. The focus of this project is the development of an AMI (Advanced Metering Infrastructure) network aimed at improving efficiency and sustainability. Under the five-year agreement, the company will equip approximately 76,000 ALTAIR water meters with LoRaWAN connectivity and help implement IoT connectivity for intelligent monitoring and leak detection.
Water Meter Market Leaders
Badger Meter Inc.
Diehl Metering GMBH (Diehl Stiftung & Co. KG)
Ningbo Water Meter (Group) Co. Ltd
Honeywell International Inc.
BM Water Meters
*Disclaimer: Major Players sorted in no particular order
Water Meter Market News
- September 2023 - Honeywell announced the integration of quantum computing hardware encryption Keys on smart utility meters to protect the end user's data from increasing cyber threats. To help strengthen reliability and trust in a digitalized energy sector, Honeywell will use the Quantum Origin technology of Quantinuum. To ensure that natural gas, water, and electricity infrastructures are maintained for residential and commercial purposes, the enhanced security utility meter establishes a new benchmark that protects against data breaches.
- June 2023 - Xylem officially announced the opening of its new testing facility for bulk water meters in Laatzen, Germany. The new facility is a significant investment in its metrology branch, Sensus, and a dedicated commitment to the success of the latest ultrasonic bulk water meter, Cordonel.
- Cordonel and other bulk water meters in this new test bench may be tested in accurate installation and extreme environmental conditions due to its U0D0 section and integrated climate chamber.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Degree of Competition
4.3 Technology Evolution
4.4 Industry Value Chain Analysis
4.5 Impact of Macro Trends on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Investment in Water Infrastructure Upgradation Activities
5.1.2 Growth in Adoption Rate of Second-generation Water Meters
5.2 Market Challenges/Restraints
5.2.1 High Installation Cost and Longer ROI Period
5.2.2 Longer Replacement Cycle of Water Meters
6. MARKET SEGMENTATION
6.1 By Type
6.1.1 Smart Water Meter
6.1.2 Basic Water Meter
6.2 By Geography
6.2.1 North America
6.2.1.1 United Sates
6.2.1.2 Canada and Central America
6.2.2 Europe
6.2.2.1 United Kingdom
6.2.2.2 France
6.2.2.3 Spain
6.2.2.4 Italy
6.2.2.5 Rest of Europe
6.2.3 Asia-Pacific
6.2.3.1 China
6.2.3.2 New Zealand
6.2.3.3 Japan
6.2.3.4 Rest of Asia-Pacific
6.2.4 Rest of the World
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Badger Meter Inc.
7.1.2 Diehl Metering GMBH (Diehl Stiftung & Co. KG)
7.1.3 BM Water Meters
7.1.4 Ningbo Water Meter (Group) Co. Ltd
7.1.5 Honeywell International Inc.
7.1.6 Sensus USA Inc. (Xylem Inc.)
7.1.7 Master Meter Inc. (ARAD Group)
7.1.8 Neptune Technology Group Inc.
7.1.9 Tongtuo Water Meter Factory
7.1.10 Suntront Tech Co. Ltd
7.1.11 Azbil Kimmon Co., Ltd.
7.1.12 Itron Inc.
7.1.13 Kamstrup As
7.1.14 Landis+GYR Group AG
- *List Not Exhaustive
8. FUTURE OUTLOOK OF THE MARKET
Water Meter Industry Segmentation
Water meters are devices used to measure the quantity/volume of water passing through a supply pipeline/outlet, which may include the primary water supply pipeline for an entire facility or a sub-zone. Measurements can be done in units, including cubic feet or gallons, among others.
The scope of the study focuses on the market analysis of water meters across the world, and market sizing encompasses the unit shipment of both smart and basic types of water meters. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates during the forecast period. The study also analyzes the overall impact of macro trends on the ecosystem. The scope of the report encompasses market sizing and forecast for segmentation by type and geography.
The Water Meter Market is segmented by Type (Smart Water Meter, Basic Water Meter) and by Geography (North America, Europe, Asia Pacific, and the Rest of the World). The market sizes and forecasts are provided in terms of shipment volume (shipment units) for all the above segments.
| By Type | |
| Smart Water Meter | |
| Basic Water Meter |
| By Geography | |||||||
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| Rest of the World |
Frequently Asked Questions
What is the current Water Meter Market size?
The Water Meter Market is projected to register a CAGR of 4.88% during the forecast period (2024-2029)
Who are the key players in Water Meter Market?
Badger Meter Inc. , Diehl Metering GMBH (Diehl Stiftung & Co. KG) , Ningbo Water Meter (Group) Co. Ltd , Honeywell International Inc. and BM Water Meters are the major companies operating in the Water Meter Market.
Which is the fastest growing region in Water Meter Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Water Meter Market?
In 2024, the Asia Pacific accounts for the largest market share in Water Meter Market.
What years does this Water Meter Market cover?
The report covers the Water Meter Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Water Meter Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Water Meter Industry Report
Statistics for the 2024 Water Meter market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Water Meter analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
