Global Smart Water Management Market

Smart Water Management Market Size, Share, Growth Analysis, By Offering(Hardware, Solution, services), By Solution(Enterprise Asset Management, Network Management, Smart Irrigation, others), By Services(Professional, Managed), By End Use(Commercial & Industrial, Residential), By Region - Industry Forecast 2024-2031


Report ID: SQSG55D2001 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 116 | Figures: 77

Smart Water Management Market Dynamics

Smart Water Management Market Driver

  • The growing need to replace existing and outdated water infrastructure is driving the global smart water management market. Water management encompasses flood control, automated water treatment, delivery, storage, and resource management. Due to an increase in the demand for clean water, these long-standing water systems are now being decommissioned. As a result, continuous care, repair, and upkeep are required to streamline the water supply process. Water utilities have begun to implement smart technologies to address these issues, which will reduce maintenance costs while providing customers with high-quality water management services.
  • Population increase, economic expansion, increasing urbanisation, and rising per-capita food consumption are all contributing factors to the worldwide issue of meeting the growing demand for (renewable) water resources. Over 2 billion people live in water-stressed regions, and nearly 45 percent of the world's population lacks access to safe sanitation facilities, according to the UN World Water Development Report 2021. Countries are unable to deliver water in adequate amounts and of acceptable quality by employing conventional water management techniques because of the limited water resources and the growing demand. This situation prompts water companies to look into creative ways to use the available water supplies effectively and sustainably.

Smart Water Management Market Restraint

  • The lack of digitally trained workers in the water utilities industry is one of the main constraints in this technological age. The lack of knowledge among millennials about the expansion of the water utilities sector for pursuing a profession is another problem. These constraints also limit market expansion.
  • During the projected period, high installation costs for advanced metering infrastructure (AMI) are anticipated to limit market growth for smart water management globally. Advanced metering infrastructure (AMI) installation demands a sizable upfront cost. The implementation of smart water technology is further hampered by its lengthy payback period.
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FAQs

Smart Water Management Market size was valued at USD 13.73 billion in 2019 and is poised to grow from USD 15.15 billion in 2023 to USD 31.73 billion by 2031, growing at a CAGR of 10.3% in the forecast period (2024-2031).

Smart Water Management Market is fragmented and highly competitive as a lot of regional, national, and international businesses are competing for customers' attention in a highly competitive market. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations, and partnerships are adopted by these players to thrive in the competitive market. Major players include IBM Corporation, Honeywell International Inc., ABB Limited, Schneider Electric SE and Siemens AG. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'TaKaDu Ltd.', 'ABB Ltd', 'IBM Corporation', 'Honeywell International Inc.', 'General Electric', 'Schneider Electric', 'Siemens AG', 'Cisco Systems Inc.', 'Oracle Corporation', 'Sensus', 'Itron', 'Aquamatix Ltd', 'Arad Group', 'Badger Meter Inc.', 'Elster Group GmbH', 'Landis+Gyr', 'Mueller Water Products', 'Neptune Technology Group Inc.', 'Trimble Inc.', 'Xylem Inc.'

The growing need to replace existing and outdated water infrastructure is driving the smart water management market. Water management encompasses flood control, automated water treatment, delivery, storage, and resource management. Due to an increase in the demand for clean water, these long-standing water systems are now being decommissioned. As a result, continuous care, repair, and upkeep are required to streamline the water supply process. Water utilities have begun to implement smart technologies to address these issues, which will reduce maintenance costs while providing customers with high-quality water management services.

Given that there is a severe water shortage in many areas of the world, it is imperative to find effective ways to distribute water. An successful multi-partner system to monitor, control, and monetize water distribution may be set up by a water utility using 5G and internet of things (IoT)-based technologies in conjunction with specialist BSS capabilities. Water utilities may use a number of smart water solutions that 5G, together with IoT and BSS platforms, can enable to proactively manage water, monitor the distribution network, and monetize the value across the service chain. A high-efficiency two-way monitoring and management system that may be installed on a water distribution network is made possible by 5G and IoT. If done correctly, this prevents water loss, enhances portable water supply, promotes transparency in distribution and charging, and boosts overall effectiveness.

North America dominated the Smart Water Management Market in 2021. This can be attributed to stronger government regulations and rising demand for clean energy options across the region. People in North American residential regions are starting to understand the advantages of all smart water management technologies, such as how they help to decrease water waste, enhance water quality, prevent leaks, and help control water use. Because of this, the market for smart water management is likely to develop as demand for these solutions rises in the North American region.

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Global Smart Water Management Market

Report ID: SQSG55D2001

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