Water Meter Market Analysis | Coherent Market Insights

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2. WATER METER MARKET ANALYSIS • Water Meter Market, By Type (Rotary Piston, Single Jet, Multi Jet, Woltman, Combination, Electromagnetic, Ultrasonic), By Application(Residential, Commercial and Industrial),and by Region (North America, Latin America, Europe, APAC and MEA) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027. • The global water meter market was valued for US$ 4,093.3 Mn in 2019 is expected to exhibit a CAGR of 5.0 % during the forecast period.

3. Market Drivers • High efficiency offered by smart water meters is expected to drive growth of the global Water Meter Marketduring the forecast period Smart water meters provide significant advantages over standard water meters. Consumers can get better insights regarding their water consumption with the help of smart water meters. Furthermore, using smart water meters can improve analysis of water usage, which helps to make necessary adjustments to reduce water usage and save money. Accurate billing functionality would reduce the estimation of water usage and increase the satisfaction of customers. Advanced technologies such as data collection, wireless connectivity, and cellular connectivity can offer integrated infrastructure for water utilities by reducing cost required for wiring. Moreover, remote identification and clarification tools add to the increased efficiency of smart water metering infrastructure. Thus, these factors are expected to drive growth of the global water meter market during the forecast period.

4. Proactive government programs and supplementary initiatives by key players are expected to propel the global smart water meter market growth over the forecast period Encouraging government programs and supplementary initiatives by major market players to improve water metering infrastructure are expected to support the market growth in the near future. According to bill AB 2572, passed in 2004 by the Legislative Council of the State of California in the U.S., all the water suppliers are required to install water meters for all customer connections by January 1, 2025. Since the government mandates that water utilities are required to follow guidelines described, the water meters are expected to witness significant demand in the near future. Furthermore, under the Metering Programme started by Southern Water, Worthing, the U.K., around 450,000 water meters were installed within the Kent, Sussex, Hampshire, and Isle of Wight regions of the U.K. Installation of these water meters was concluded in the late.

5. Asia-Pacific region dominated the global water meter market 32.5% in 2019 followed by North America and Europe, respectively.

6. Market Restraints • High costs required for connected metering infrastructure are expected restrain growth of the global water meter market during the forecast period Connected water metering infrastructure requires high cost for installation since there are numerous technological components involved to enhance efficiency of smart meters. Furthermore, automated reading and reporting techniques used in smart meters remove the need for manual reading. However, the two-way communication required for automated reporting needs technologies such as power line communication (PLC), broadband, wireless radio frequency, and cellular transmission, which would increase the overall cost by a large margin. Moreover, incorporation of IoT and geographic information systems (GIS) increase the cost. This, in turn, hampers the adoption and thereby restrains the market growth in the near future.

7. Data security-related concerns are expected to hinder the global water meters market growth over the forecast period The to-and-from communication in smart water meters is extremely crucial thus, the protection of the data generated becomes a major challenge for water utilities. Moreover, Wireless connectivity techniques such as wireless mesh are also used for communication, further increasing the risk of data breach. Growing threats related to data breaches could prove a substantial restraint during the forecast period unless a strong and secure network infrastructure is implemented. Furthermore, consumer privacy invasions as a result of smart meter installations are expected to hinder the global water meter market growth in the near future.

8. Market Opportunities • Rapid urbanization is expected to provide major growth opportunities Growing urbanization around the globe is expected to increase the demand for water utilities to supply sufficient water for an increased population. According to the United Nations’ 2014 Revision of the World Urbanization Prospects white paper, 54% of world’s population was urban in 2014 and is expected to grow further at a healthy rate so that in 2050, 66% (i.e., two-third) of the global population would be urban. Furthermore, a vast percentage of population is located in urban areas where essential utilities such as electricity and water must be utilized efficiently. Water meters present a perfect solution, in order to maintain and monitor water distribution infrastructure for highly populated urban areas. This, in turn, is expected to present major growth opportunities over the forecast period.

9. Growing demand for replacement due to aging infrastructure is expected to offer lucrative growth opportunities in the near future Developed regions such as North America and Europe have been using water meters for over 15 years. However, the old metering infrastructure is not sufficient to fulfill current requirements. There is an increasing need to replace old meters with new and advanced meters, in order to enhance the efficiency and integrate state-of-the-art technologies. For instance, in 2014, the City of Wheaton, Illinois, the U.S., started a water meter replacement program and is expected to end in 2019. Under this program most of the 16,500 water meters installed in the city would be replaced with advanced meters with wireless connectivity. Similar programs have been commenced by cities including Ontario, Canada, Massachusetts, U.S., etc.

10. Market Trends • Growing adoption of plastic-based water meters and components : The global water meter market is witnessing increasing adoption of plastic materials such as high quality polymers. Plastic meters offer several advantages over metal-based meters such as flexibility and low cost. Moreover, plastic is not a good conductor of electricity, which reduces the complexities of deployment. Many leading market players are focused on offering plastic water meters and components. For instance, Aichi Tokei Denki has developed disposable electromagnetic flow sensors product series DSV with the help of plastic molding components. As magnetic field easily passes through plastic, such components are gaining popularity in the market, particularly for electromagnetic meters. • Growing awareness among residential consumers regarding reduced water wastage :  Residential segment accounts for the largest share in the global water meter market, where majority of revenue is generated from residential water meters. As the water used by these consumers is paid water, they are trying to reduce their expenses by reducing their consumption rate and also reducing water. Advanced water meter solutions can monitor real-time data from the consumer end thereby providing critical information to consumers about daily usage.

11. Segment information: • In global water meter market, by application segment, residential sub-segment dominated the global market in 2019, accounting for 73.6% share in terms of value.

12. Regulations • Middle East & Africa • According to the Qatar General Electricity & Water Corporation "KAHRAMAA“, All material for services connection such as MDPE (Medium Density PolyEthylene) pipes and fittings, electronic water meter and water meter cabinet to comply with the latest edition of KAHRAMAA, General Specification of Main Laying Materials. • According to the UAE’s Customer Metering Regulations, Nominal flow rate (Qn) in cubic meters or imperial gallons per hour must be mentioned on the meter. Moreover, each meter should display the year in which it was last tested. According to the UAE government regulations, maximum error limit for lower flow rates is ±5.0% and that for upper flow rates is ±2.0%.

13. Value Chain Analysis

14. Competitive Section • Key players operating in the global water mater market are Diehl Stiftung & Co. KG, JiaxingEastron Electronic Instruments Co., Ltd, AzbilKimmon Co., Ltd., NINGBO WATER METER CO., LTD., Badger Meter, Inc., Elster Group GmbH, Plata Meter Co., Ltd, Master Meter, Inc., Mueller Systems, LLC, Neptune Technology Group Inc., ZENNER International GmbH & Co. KG, Gioanola S.R.L., Sensus (Xylem Inc.), Aichi Tokei Denki Co., Ltd, Kamstrup A/S, Apator SA, Maddalena Spa, Arad Group, Fedrel Meter, and Itron Inc.

15. Key Developments • Major companies in the market are focused on contracts and agreements, in order to enhance their market presence. For instance, in October 2017, Diehl Stiftung & Co. KG entered into strategic cooperation agreement with Abunayyan Holding for ultrasonic water meter technology. • Key companies in the market are involved in contracts and agreements, in order to enhance their market presence. For instance, in April 2019, Badger Meter Inc. entered into contract with Municipal Corporation of Colorado City to provide smart water technology.

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