Technavio analysts have forecast the global flow meter market to grow at a Compound Annual Growth Rate (CAGR) of 11.45 per cent from 2016 to 2020.
The analysts have cited growth factors as the emergence of smart meters, evolving sustainable water management systems and the implementation of regulations and energy conservation policies.
According to the latest reports, smart meters are replacing analog and other old technology meters due to features such as real-time data management and remote access. They are being promoted in the residential, commercial, and industrial sectors to record the real-time consumption of utility services.
Evolving sustainable water management systems are also growing in importance due to increasing issues with global water security, say the researchers. The installation of smart meters can help detect pipeline leakages (for example), which enables vendors to take the appropriate measures to reduce water loss. This will make them increasingly popular over the forecast period, according to reports.
Furthermore, the implementation of regulation and energy conservation policies are forecast to affect the market, with many countries beginning to incentivise the implementation of smart gas meters to reduce excess energy consumption.