Multiparameter Water Quality Meters Market Size, Share, Growth, and Industry Analysis, By Type (Potable Meters and Benchtop Meters), By Application (Laboratories, Industrial, Government Buildings, Commercial Spaces, and Others), and by Regional Forecast to 2027

Updated On: 22 April 2024

Report Overview

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The global multiparameter water quality meters market size was USD 168.37 million in 2021. As per our research, the market is expected to reach USD 301.96 million in 2027, exhibiting a CAGR of 10.23% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the multiparameter water quality meters market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Multiparameter water quality meters are devices used to measure and monitor various physicochemical parameters of water simultaneously. These meters are essential tools in environmental monitoring, water quality assessment, and various scientific and industrial applications. By measuring multiple parameters at once, they provide a more comprehensive understanding of the water's condition, which is crucial for various purposes, including ensuring safe drinking water, protecting aquatic ecosystems, and monitoring industrial processes.

Additionally, these meters are versatile tools that can be used in various settings, from freshwater lakes and rivers to seawater environments and industrial facilities. They provide real-time data that helps scientists, environmentalists, and water quality professionals make informed decisions and take appropriate actions to protect and manage water resources. These meters can range from handheld, portable devices to more advanced, automated systems for continuous monitoring.

COVID-19 Impact: Restrictions on Field Monitoring Operations Halted the Market Growth

In 2021, the COVID-19 pandemic severely obstructed the multiparameter water quality meter market. Due to lockdowns, travel restrictions, and safety concerns, field operations and field-based water quality monitoring were delayed or scaled back. This impacted the demand for portable multiparameter meters. On the other hand, disruptions in global supply chains affected production and distribution and manufacturers faced challenges in sourcing materials and meeting demand. However, post-pandemic, the market started witnessing a hike in demand for these water quality meters due to growing stringent government regulations, which are expected to continue to grow over this projection timeframe. 

Latest Trends

"Data Analytics and AI Technology Strengthen the Market Scope"

The market for multiparameter water quality meters has been evolving exponentially over the past few years due to several growth factors which are expected to continue to rise with ongoing trends and innovation in existing technology. In addition, the latest trends of digitalization and IoT integration, data analytics and AI are contributing to shaping the market dynamics. For example, the water quality monitoring industry was increasingly integrating digital technologies and Internet of Things (IoT) capabilities. This allows for real-time data collection, remote monitoring, and data sharing across networks, improving overall efficiency and decision-making.

Besides, advanced data analytics and artificial intelligence (AI) applications are also becoming more common in water quality monitoring. These technologies enable predictive modeling, anomaly detection, and more sophisticated data interpretation which is likely to enhance the growth of this market. Apart from this, in terms of the latest development, DKKTOA has recently introduced the WQC-24 model as part of its multiparameter water quality meter range. This advanced instrument is equipped with an interface port that facilitates seamless connections to various communication peripherals, including Global Positioning Systems (GPS), Local Area Networks (LANs), printers, and more.

Segmentation

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By Type Analysis

According to type, the market can be bifurcated into Potable Meters and Benchtop Meters.

By Application Analysis

Based on application, the market can be divided into Laboratories, Industrial, Government Buildings, Commercial Spaces, and Others.

Driving Factors

"Mounting Demand for Safe & Clean Drinking Water Aid the Market Development"

The escalating demand for fresh drinking water is a significant driving force to boost the multiparameter water quality meters market growth. As populations grow and water sources face increasing threats from pollution and climate change, the need for safe, high-quality drinking water becomes more pronounced. These meters play a crucial role in safeguarding public health and supporting efforts to provide clean drinking water to communities worldwide.

"Environmental Regulations and Compliance Support the Market Evolution"

The stringent environmental regulations and water quality standards imposed by governments are another certain driving factor of this market. Increased awareness of water pollution issues, including contamination from industrial discharges, agricultural runoff, and emerging contaminants, has heightened the need for regular water quality monitoring. Therefore, regulatory bodies require industries, municipalities, and organizations to monitor and maintain water quality. 

Restraining Factors

"Cost Constraints Can Impede the Market Expansion"

Apart from the growth, the market has some restraining factors that can create challenges for market expansion, such as the high price of these multiparameters. Illustratively, multiparameter water quality meters can be relatively expensive, particularly those with advanced features and capabilities. Thus, high initial costs can deter smaller organizations, municipalities, or research institutions from investing in these instruments which can slow down the market’s growth. 

Regional Insights

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"Asia Pacific Dominates the Market with the Highest Demand for Water Quality Monitoring Solutions"

According to market research, the Asia Pacific region is projected to dominate the market due to the increasing demand for water quality monitoring solutions, growing concern about water pollution, and the highest demand for clean drinking water in the region. Furthermore, in terms of market revenue, the region occupied around one-third of the multiparameter water quality meters market shares in the year 2019, which is expected to continue to retain its leading position throughout this forecast period. 

Key Industry Players

"Key Companies Offer Tailored Solutions to Meet Specific Customer Requirements of Different Industries"

With regard to key players, leading companies in the market strive to secure the highest revenue through the combination of strategies including continuous product innovation, market expansion, robust service and support, customization, strong distribution networks, regulatory compliance, data management solutions, effective marketing, and a commitment to environmental and social responsibility. Moreover, key companies offer a range of instruments and solutions to meet diverse customer needs in industries such as environmental research, water treatment, and industrial processes, positioning themselves as leaders in the field.

List of Market Players Profiled

• DKK-TOA (Japan)
• Extech Instruments (U.S.)
• Palintest (U.K.)
• Hanna Instruments (U.S.)
• Hach (U.S.)

Report Coverage

This report defines the multiparameter water quality meters market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.