The Asia Pacific Water Meter Market would witness market growth of 4.3% CAGR during the forecast period (2021-2027).
There are majorly two kinds of water meters available in the market viz. mechanical water meters and smart water meters. A mechanical water meter helps in performing flow measurement by calculating the flowing speed of water via the pipe, which can cause a piston or turbine to rotate. This kind of water meter records the volume of water utilized in the domestic connection for billing objectives. On the other hand, a smart water meter connects wirelessly with a large area network, which allows remote location supervision and leak detection that can reduce water waste. Water meters are used in commercial, residential, and industrial.
Due to the rapid urbanization, the construction activities across the developing nations of the region have increased; hence created lucrative opportunities for the key market players. In addition, the presence of strong manufacturing sectors across nations like China and India is boosting the demand for water that would further augment the demand for water meters in the region as they help in precise billing process.
Along with that, the improving infrastructure in various nations of the region is among the major aspects propelling the growth of the regional water meter market during the forecast period. In addition, the rising awareness among people regarding water scarcity and sustainable use of water is projected to accelerate the growth of the regional water meter market in the coming years.
The China market dominated the Asia Pacific Water Meter Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2,005.8 million by 2027. The Japan market is exhibiting a CAGR of 3.7% during (2021 - 2027). Additionally, The India market would experience a CAGR of 4.9% during (2021 - 2027).
Based on Product, the market is segmented into Standard Water Meter and Smart Water Meter. Based on Distribution Channel, the market is segmented into Offline and Online. Based on End User, the market is segmented into Residential, Commercial, and Industrial. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Water Meter Market is Projected to reach USD 25,368.6 million by 2027, at a CAGR of 4.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Diehl Stiftung & Co. KG, Azbil Corporation, Badger Meter, Inc., Honeywell International, Inc. (Elster Group GmbH), Neptune Technology Group Inc. (Roper Technologies, Inc.), G. GIOANOLA Srl, Aichi Tokei Denki Co., Ltd., Apator SA, Arad Group, and Itron Inc.
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