The market crossed US$ 14.6 billion mark in 2022 and is expected to hit US$ 32.4 billion by 2030, recording a CAGR of 10.5% during the forecast period.
The rising need in urban areas which are becoming smarter and technologically advanced.
Factors such as an increase in population, economic development, and continued urbanization, with the growth in per-capita food consumption, have emanated a global challenge of coping with the increasing demand for (renewable) water resources. More than 2 billion people live in water-stressed areas. About 45% of the world’s population does not have access to safe sanitation facilities. According to estimates, the world will face a 40% global water deficit by 2030. Due to the limited water resources and the increasing demand, countries cannot provide water in sufficient quantities and of acceptable quality by using traditional water management systems. The existing water sources are also being mismanaged or over-exploited, which causes water utilities to face challenges, such as water contamination, NRW losses, and the inability to provide an uninterrupted water supply. This scenario leads water utilities to readily investigate innovative solutions to utilize the available water resources efficiently with a sustainable approach.
Within the report, the market is segmented into Meter Type, Meter Read Technology, Solutions, Services, and geography. The market is further segmented by Meter Types, AMR Water Meters and AMI Water Meters. The Meter read technology is bifurcated into Fixed networks, Cellular networks). Solutions categorize the market as Smart Irrigation Management Systems, Enterprise Asset Management (EAM), SCADA Systems for Water and Wastewater Utilities, Meter Data Management (MDM), and Others. The Services are segmented into Professional and Managed. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
The increasing role of smart water management in the smart city revolution in the Smart Water Management market.
Governments worldwide focus on including smart technologies for economic development as an important component of urban planning strategy. Smart city initiatives, initiated in 2013, consisted of various components, such as smart energy, smart mobility, smart technology, smart buildings, and smart healthcare, smart infrastructure. Smart water is one of the key components that define a smart city. Smart water management comes under the smart infrastructure component, which helps deploy wastewater treatment solutions and digital water. The smart city initiatives create huge business opportunities for Smart water management solution providers with the rapid urbanization, soaring demand for food, growing population, and overexploitation of resources. According to the United Nations Department of Economic and Social Affairs results, 68% of the world’s population will live in cities by 2050. This has created vast business opportunities for smart water solution providers, where it has become critical that consumption and forecasting of water use should be measured appropriately. This also creates a demand for smart water systems to gather actionable data about the flow, pressure, and distribution of a city’s water. For instance, the IWRA collaborates with K-water (the Korea Water Resources Corporation), the Asia Water Council (AWC), and water experts from around the world on its Smart Water Management (SWM) projects from July 2020 to December 2023.
The rising emergence of the solution segment is to account for the largest share of the Smart water management market
With technology becoming more advanced over time, water utilities are adopting smart solutions to integrate various business processes and accelerate them towards growth. Integration of various advanced technologies with the existing operations helps them increase the operational efficiency of the whole water network even with low investments in infrastructure. These technologies and smart infrastructure are used to develop innovative solutions for customers in the smart water industry. The implementation of smart solutions fare is expected to rise due to the rising awareness about the quality of water, scarcity of natural freshwater resources, rising consumer demands, and technological advancements.
Recent strategic developments in the Smart Water Management Market
The market has undergone several significant developments, and a few of these have been mentioned below:
Several players drive the Smart Water Management market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships, ABB Ltd, Arad Group, Evoqua Water Technologies LLC, GE DIGITAL, Honeywell International Inc, IBM Corporation, Itron, Inc, Schneider Electric, Sensus, Siemens are among the prominent players operating in the market.
The target audience for the report:
Scope of the report:
In this report, the market has been segmented based on:
The List of Companies
- ABB Ltd
- Arad Group
- Evoqua Water Technologies LLC
- GE DIGITAL
- Honeywell International Inc
- IBM Corporation
- Itron, Inc
- Schneider Electric
- Sensus
- Siemens