Global Water Meter Market Expects 5.3% Annual Growth Through 2022
- Jun 29, 2018-
BCC Research has issued a new study analysing the global development of the water infrastructure industry.
The research firm forecasts the industry to see a compound annual growth rate (CAGR) of 5.3% through 2022, when it could be worth $5.1 billion.
According to the study:
Basic meters will lead the market in both growth and size, with a CAGR through 2022 of 5.6% and a value of $2.1 billion. Smart meters anticipate a CAGR of 5.2% and electronic meters expect a CAGR of 5.0%.
Advanced meter infrastructure anticipates a 3.6% CAGR through 2022 and a value of $1.5 billion. Automatic meter reading technology anticipates a CAGR of 6.1% through 2022 and a value of $3.6 billion.
North America will continue to lead the global water meter market by size, with a 2022 value of $1.7 billion, while the Asia-Pacific region will see a CAGR of 5.7% through 2022 and a value of $1.2 billion.
A global need for water conservation is helping to drive the market, particularly as groundwater supplies are being exhausted.
Advanced meter infrastructure is the backbone of meter reading technologies, finds BCC Research.
Aneesh Kumar, analyst at BCC Research, said: “The water meter market is expected to grow throughout the forecast period due to the increasing demand for smart water infrastructure and smart water networks, strict government regulations for the proper utilisation of non-revenue water, growth in demand for automated metering infrastructure, the evolution of smart water grids and increasing demand for the IoT.
“Increased demand for water meters from the agricultural sector, substantial investment in communications technologies for the management of infrastructure, and increasing demand for connected homes and smart cities will increase the usage of water and these trends will drive the market for water meters throughout the forecast period.”
The Asia-Pacific region is particularly affected by water pollution, and the growth of industrial activities and manufacturing further threatens fresh water supplies.
The Asia-Pacific region is expecting corresponding growth in the water mater market for advanced meter reading, with a CAGR through 2022 of 6.8% and a value of $867 million.