Market Trends of Asia Pacific Water Meter Industry
This section covers the major market trends shaping the APAC Water Meter Market according to our research experts:
Installation of smart Meters to Grow Significantly
- The Asia Pacific region is fast growing in terms of adopting smart technologies. According to ITU, in the last four years, the region has witnessed continued growth in most areas of ICT infrastructure access and use. For instance, the mobile cellular coverage in Asia and the Pacific is estimated by ITU to be close to 100 percent, referring to the in terms of the percentage of the population that lives within reach of a mobile cellular signal.
- Furthermore, the growth of the ICT sector in the region has further enhanced the penetration of smart technologies, creating a favorable market scenario for the growth of smart water meters in the region. For instance, according to Microsoft, energy, power, and utility companies in Australia use IoT to help with grid automation (44 percent) and maintenance (43 percent).
- Considering the benefits of technologies like IoT and AI, governments across the region are promoting the installation of smart water meters. For instance, in April 2022, the Tokyo Metropolitan Government announced its plans to introduce smart water meters fully in 2022. The government plans to install 30,000 smart meters by the end of fiscal 2022 and 130,000 by 2024.
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China to Occupy Maximum Market Share
- China is increasingly focusing on the availability of water resources as. Lately, it has started facing water shortages. According to earth.org, China is home to nearly 20 percent of the global population, while it has access to only 6% of the world’s total freshwater resources.
- China heavily depends on groundwater resources to maintain its economy, especially in the North China region. The Chinese government is undertaking several initiatives to maintain a stable water supply across all its regions. For instance, in March 2022, to help address water scarcity and ecosystem degradation in China’s Yellow River basin, the World Bank approved a USD 380 million loans.
- Additionally, in the last decade, China has emerged as one of the most developed countries in the Asia Pacific region regarding infrastructure and technology. Such trends are creating a favorable market scenario for the growth of water meters, especially smart water meters, in the country. For instance, based on NB-IoT technology, Huawei LiteOS-assisted Smart Water Meter Solution implements smart water meter reading for water companies. Additionally, these smart meters cut the unnecessary power consumption of MCU units.
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