Global Smart Water Management Market

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

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

Global Smart Water Management Market News

  • In September 2022, Veolia Water Technologies and Orange Business Services agreed to work together to promote the expansion of Hubgrade, the company's smart digital platform, and provide cutting-edge digital services for its clients throughout the world. Customers of Veolia Water Technologies may remotely watch, predict, and improve water treatment facilities and equipment thanks to the Hubgrade digital platform. Municipalities and businesses may enhance the functionality of their websites using this platform while sustainably protecting water resources.
  • In February 2022, Takadu collaborated with Asystom, a specialist in universal smart monitoring for predictive maintenance to provide water utility customers with an integrated and improved central event/asset management system.
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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).

Global 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 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.

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 Global 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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