Market Size of Asia Pacific Water Meter Industry
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2018 - 2020 |
| CAGR | 4.50 % |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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APAC Water Meter Market Analysis
The Asia-Pacific Water Meter Market is expected to grow by registering a CAGR of 4.5% during the forecast period (2022-2027). The water demand is increasing across the Asia Pacific region owing to rapid urbanization and growing construction and manufacturing activities, which, in turn, is driving the need for water meters.
- According to the State Council of the People's Republic of China, the urbanization rate of permanent residents in China will reach 64.72 percent in 2021. Furthermore, China aims to raise its urbanization rate to 65 percent in the period (2021-2025), according to its 14th Five-Year Plan. This, in turn, is expected to create the need for effective water resources management, driving the growth of the given market.
- As the Asia Pacific region is highly populated compared to the European or North American area, the need to effectively manage water as an essential resource is very much required, as several cities have reported water shortages in the past few years. For instance, according to Niti Aayog, the Government of India, the states of Maharashtra, Karnataka, Gujarat, Jharkhand, Rajasthan, Andhra Pradesh, and Tamil Nadu have been facing serious water crises for the last few years.
- Increasing industrial activities also support the growth of the studied market as industries, especially manufacturing, consume large amounts of water. For instance, according to SK Hynix, a leading manufacturer of semiconductors, the production of semiconductors requires a large amount of water that, left unregulated, can contribute to wastage and pollution.
- However, the lack of a proper regulatory framework, awareness among the consumers, availability of a skilled workforce, and high installation costs are some of the primary factors challenging the growth of the studied market.
- The COVID-19 pandemic highly impacted the Asia Pacific region. The government took several measures to contain the spread of the virus and significantly disrupted the supply chain, which negatively affected the growth of the studied market. However, the market is expected to gain traction with the conditions returning to normalcy.
