Transparency Market Research has published a new research report on the global smart water meter market. According to the research report, the smart water meter market is expected to exhibit a massive CAGR of 13.42% during the given period of forecast of 2018 to 2026. With this rate of growth, the volume sale of the smart water meter market is expected to reach 81.52 million units by the end of 2026. Initially in 2017, the market was valued at US$21.8 Mn. The report provides readers with accurate information about the overall working dynamics of the global market and also offers marketable insights.
Asia Pacific Segment to Show Promising Growth Rate
In terms of geographical segmentation, there are five different regional segments of the global smart water meter market. These segments are North America, Middle East and Africa, Latin America, Asia Pacific, and Europe. Of these, the Asia Pacific region is expected to show a great promise in the coming years of the forecast period. There are multiple factors that are responsible for the development of the smart water meter market in Asia Pacific. One of the key driving factors for the regional market’s growth has been the growing adoption of these smart water meters across several nations such as South Korea, Australia, Japan, India, and China. Moreover, emerging economies such as China and India are spending heavily on the development of the domestic infrastructure, particularly the smart city project. This is expected to work in favor of the development of the smart water meter market in Asia Pacific. With such growth factors in place, the regional segment is expected to exhibit a massive CAGR of over 15% during the given period of forecast.
There are several factors that are helping to push the development of the global smart water meter market. One of the biggest driving factor for the development of the global market is the growing penetration of smart water meters. Another popular driving factor for the market growth has been the increasing adoption of IoT networks across the globe. Moreover, increasing smart city projects and infrastructural development across the globe is also helping to fuel the development of the global smart water meter market.
Product Development is Key for Leading Market Brands
The competitive landscape of the global smart water meter market features a large pool of well-established players. These leading companies in the market are concentrating on developing new and innovative products that will cater to the evolving demands of the end-users. Moreover, they are spending considerable amounts of sum on the activities of research and development to emphasize their focus on generation of new products. In addition to this, some of the leading companies are expected to opt of inorganic market strategies such as mergers and acquisitions so as to stay ahead of the competitive curve. Some of the leading brands in the global smart water meter market include names such as Sensus USA Inc., Itron Inc., Badger Meter Inc., Diehl Stiftung & Co. KG, and Kamstrup A/S among others.