The Latin America, Middle East and Africa Water Meter Market would witness market growth of 5.0% CAGR during the forecast period (2021-2027).
The introduction of IoT-enable water meters by the key market players is among the key factors accelerating the growth of the water meter market. The Internet of Things (IoT) refers to a system of interlinked objects that are connected through the internet and gather & share the data over a wireless network without the requirement of another human intervention. These IoT water meters enable the customer to know the correct amount of water consumed or used and make a two-way communication between the user and provider to transfer information. Along with that, it also saves and decreases energy consumption, predicts the water demand, and detects water leaks, which would spur the growth of the water meter market during the forecast period.
With the increase in the population of the region, the demand for commercial and residential buildings has also surged, which would support the demand for the water meter market in this region. Additionally, the increasing economic development and expansion of various industries are estimated to spur the growth of the regional water meter market in the coming years.
Water meter helps in monitoring the usage or consumption of water in a residential or commercial facility, which is attracting more users towards it and hence, fueling the growth of the regional water meter market over the forecast period.
The Brazil market dominated the LAMEA Water Meter Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $520.6 million by 2027. The Argentina market is experiencing a CAGR of 5.5% during (2021 - 2027). Additionally, The UAE market would showcase a CAGR of 4.7% during (2021 - 2027).
Based on Product, the market is segmented into Standard Water Meter and Smart Water Meter. Based on Distribution Channel, the market is segmented into Offline and Online. Based on End User, the market is segmented into Residential, Commercial, and Industrial. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Water Meter Market is Predict to reach $25,368.6 million by 2027, at a CAGR of 4.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Diehl Stiftung & Co. KG, Azbil Corporation, Badger Meter, Inc., Honeywell International, Inc. (Elster Group GmbH), Neptune Technology Group Inc. (Roper Technologies, Inc.), G. GIOANOLA Srl, Aichi Tokei Denki Co., Ltd., Apator SA, Arad Group, and Itron Inc.
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