The North America Water Meter Market would witness market growth of 4.0% CAGR during the forecast period (2021-2027).
Growth factors of the industry are high water usage, supportive government laws, the increasing requirement for water management, the huge requirement for reducing the non-revenue water losses, expansion of industries across the world, and the need to improve water utility use & efficiency. Moreover, with the increasing population, the usage and demand for water has also increased. Water meters have a huge impact on water utilization since they charge customers based on the quantity of consumed water. These devices also simplify the process of detecting leaks in the waterline, which can lead to decreased wastage of water.
The increasing consumer focus on billing process transparency and the growing economic benefits of deploying advanced technological products are some of the key determinants augmenting the growth of the water meter market over the forecast period. In addition, the rising scarcity of water and the growing government spending on the deployment of water meters would accelerate the growth of the regional water meter market in the coming years.
Moreover, the high awareness among customers regarding the sustainable usage of water is estimated to fuel the growth of the regional market. By using water meters, end-users can track their water consumption and detect water leakages, which can prevent the wastage of water. Due to these benefits, the demand and growth of the water meter market would witness a spur over the forecast period.
The US market dominated the North America Water Meter Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $5,489 million by 2027. The Canada market is anticipated to grow at a CAGR of 6.4% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 5.5% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Water Meter Market is Estimated to reach $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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