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 Insights

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 is a water management system with a smart design used for monitoring, controlling, and regulating the use and quality of a city's water Smart water management (SWM) is being used by several governments and companies all over the world to reduce water waste and effectively control energy use. Sensors, water metres, and programming examination tools are some of the programming tools and equipment that this system contains. SWM is utilised to improve consumer participation in water conservation, lower costs associated with leak detection and the energy needed to pump water at water utilities. Smart water management technology helps many organisations diagnose network issues, boost water conservation among consumers, and—most importantly—reduce non-revenue water losses brought on by deteriorating infrastructure. Smart water management has been designed to gather data on the pressure, flow, and distribution of a city's water supply that is both relevant and helpful. SWM's primary objective is to ensure the efficient management of the infrastructure and energy needed for the transportation of water. Information and communication technology (ICT) and real-time data and answers are key components of smart water management (SWM), which is used as a solution to water management issues. Smart systems have a wide range of possible applications in water management, including solutions for floods, droughts, leaks, pressure and flow issues, effective irrigation, water quality, quantity, and many other issues.

US Smart Water Management Market is poised to grow at a sustainable CAGR for the next forecast year.

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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).

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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