Rise In Demand For Energy Efficient Products And Favorable Government Subsidies Encouraging The Use Of Solar Water Meters Is Driving The Growth of Water And Heat Meters Market

Rise in Demand for Storage Meters Owing to Easy Installation and Maintenance is Anticipated to Boost the Water And Heat Meters Market During the Forecast Period 2020-2025. The Global Water And Heat Meters Market Is Estimated To Reach $ 9913.7 Million, Growing At a CAGR Of 4% And $ 821.7 Million With A CAGR Of 5.1% Respectively From 2021 to 2026 

Water Meter has shown a significant growth in the market share accounting for $ 9913.69 M in 2020 and is expected to grow with a CAGR of 4.0% in the forecast period and is estimated to reach $ 12204.34 M in 2026. On the other hand, Heat Meter has shown a slight growth in the market share accounting for $ 821.76 M in 2020 but is expected to show an exponential growth with a CAGR of 5.1% in the forecast period and is estimated to reach $1084.75M in 2026.  Storage water meters help in maximizing heating capacity by using hot water storage tanks. Manufacturers are providing storage meters in a variety of sizes as per the requirement of consumers. Compared to various water meters, installation of storage meters is less expensive, and these are also easy to maintain and repair. However, storage meters have been known to explode, hence, vendors are focusing on providing water meter services on a regular basis. Moreover, storage meters require space for the tank; hence, manufacturers are focusing on minimizing the size of storage meters to eliminate the space issue. In recent years, conventional storage meters using various fuels such as fuel oil and natural gas have also gained a lot of traction. Government initiatives in increasing the popularity of solar-powered water meters are likely to propel the water meter market. For instance, in India, the government offers various incentives for the installation of roof-top solar-powered water meters through an initiative called Jawaharlal Nehru National Solar Mission (JNNSM). Similarly, the government also provides an interest subsidy, besides a 5% rebate on property tax. Moreover, governments of U.S, U.K and so on have been providing several incentives and tax rebates for the installation of solar water meters. In 2016, the United Nations (UN) mandated the use of solar water meters under its solar housing program for new buildings across the world. This will consequently boost the adoption of heaters, hence driving the market during the forecast period. In addition growth in concern among consumers regarding natural resources and energy is encouraging the consumers to shift toward energy-efficient water heating systems in the forecast period 2021-2026.

Smart Water Meter are generally cash registers for the water metre industry which adds value to the overall metre scheme, drive sales and help ensure the efficiency of the decision-making information generated by the metre application. This tend to show a significant growth and is expected to reach $ 8667.81 M in 2026. For water services around the world, data analytics, smart water technologies and logistics continue to be at the forefront as they solve issues facing the sector, such as growing demand, increasing water conflict, rising energy costs and ageing water systems. Many of water related issues can be easily solved by implementing Advanced Smart Water Metering system thereby contributing to the growth of the market.

North America held the largest share of the Water and Heat Meters Market in 2020, with the U.S. accounting for the majority of shares followed by Canada and Mexico. Growing interest towards unconventional reserves accompanied with technological advancements leading to the higher well production rates are driving the growth of oil and gas in U.S. The growth of oil and gas industry has poised the growth of gas sensors. In 2019, McDermott International, Inc announced that it had been awarded a USD 1.5 billion contract by Saudi Aramco for its Marjan Field. The contract for engineering, acquisition, construction, and installation (EPCI) covers the production of offshore and pipeline oil and gas installations. Such developments leverages a positive impact on the market growth. According to NREL, the US Environmental Protection Agency Estimated that 28% of water is used for the cooling and heating systems in office Buildings of United States in 2019. In addition, EPA did funding of $4billion in water infrastructure projects.

According to Federal Ministry for the Environment, Nature Conservation and Nuclear Safety more than 96 percent of German population is connected to the public sewage system and 10.07 billion cubic meter of waste water were collected and treated in public sewage treatment facilities in 2020. The public sewage system covers 5,40,723 kilometres of sewers and discharged into 10,000 waste water treatment facilities. Water meters measures liquid all phases including sludge by-products, large volumes of fluid carrying suspended solids. In 2019, Canadian Utilities Limited entered into a partnership with Quanta Services, Inc. for the Fort McMurray West 500-kV Transmission Project valued at $1.6 billion, hence creating more opportunities for water and heat meters, them being essential for measuring the thermal energy of source and sink in this vertical. According to Mine 2019: Resourcing the future, $30 billion investment was done in gold and copper in 2018 in Brazilian region. This expenditure has driven the market growth in this region as water and heat meters have a wide range of applications in metal processing to measure the thermal energy and measure the volume of water used in the reserves.

The major companies in the Water and Heat Meters Market include Arad, BadgerMeter, Bmeters, Diehl, Itron, Kamstrup, Landis+Gyr, Maddalena, Sagemcom, Sensus (Xylem), Sontex, Zenner ., among others. In 2018, On Semiconductor launched first CMOS image sensors to feature its NIR technology. The AR0522 requires high resolution, high quality video capture in low light conditions for high end security and surveillance cameras.