Project report for Water Meter Manufacturing

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In India, The application of water meter has become imperative in the residential sector to keep track of the quality of water and its usage. Now, this is largely stroking the water meter market size, which already had swelled up to approximately INR 29100.49 Crores to INR 32700.92 Crores in 2018. The water utilities segment is expected to grow at the fastest rate during the forecast period. This segment is further subsegmented into residential and commercial. The residential subsegment is expected to grow faster than the commercial subsegment. This is mainly due to the increasing population, urbanization, and development of smart city infrastructure. Further, the increasing need for accuracy in the billing of the residential users will boost the growth of this segment. Water metering is the practice of measuring water use. Water meters measure the volume of water used by residential and commercial building units that are supplied with water by a public water supply system. They are also used to determine flow through a particular portion of the system. Flow measurement is an important aspect of many operations in the water industry and a good understanding of the metering process remains central to the efficient provision of clean water. Water meters, generally owned and maintained by a city/rural water association or a private water company, are displacement meters used to measure the flow of water in gallons or cubit ft. in order to improve the water distribution system. Their application is mainly in the residential, commercial, and industrial sector. 

Market potential & Strategy

The global smart meters market size is expected to grow from estimated revenue of INR 157300.70 Crores in 2020 to INR 217400.29  Crores by 2025, at a CAGR of 6.7%.The major factor that drives the water meter market growth is supportive government policies and financial incentives. In addition, large scale installations of the smart meters by the utility companies are focusing on strengthening the distribution of the smart meters. However, high cost of installations of the smart meters borne by end users restrain the growth of the market. Various grid operators and other gas utility and water utility providers are effectively managing the demand for smart meters. However, various benefits offered by the smart meter market such as automatic meter reading and bill generation are further expected to contribute toward the growth of the smart meter industry.

The market has been significantly impacted by the COVID-19 outbreak. At the start of the outbreak, the main impact faced by many water meter manufacturers was supply problems, owing to halted production. Due to lockdown measures, non-essential businesses, and the demand for the residential, commercial and industrial use of the water meters have been decreased. Consequently, the manufacturing and supply of water meter is returning to normal levels. Several manufacturers have started witnessing recovery in sales. 

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