The Global Smart Water Management Market size is expected to reach $23.46 billion by 2027, rising at a market growth of 10.4% CAGR during the forecast period.
Water regulatory authorities around the globe must realize the importance of being proactive to deploy smart water technologies to effectively manage their distribution channels, upgrade their operations, bring down maintenance costs, and increase the awareness among the customers regarding water conservation and decrease non-revenue water losses due to the increase in thefts and water leakage cases.
Smart water management is considered as the water management which shifts traditional water conveyance with the latest technologies. A number of assembling firms and synthetic-based companies are implementing smart water management to reduce the wastage of water and to use their energy efficiently. Smart water management suggests the utilization of data and corresponding innovations to tackle different challenges in water management.
Smart water management uses a broad range of instruments and programming devices such as water meters, sensors, and programming examination. This system can be used to monitor and regulate the water stream, supply, and its usage across various hubs from a distant location.
During the global pandemic, the IT and telecom sector had been crucial to boosting the digital transformation and infrastructure of the nations. Every person, governmental bodies as well as the private body tried to stay connected with one another in order to stay updated and gain real-time information on the COVID-19 pandemic. In the present scenario, healthcare, utilities, telecommunication, and government sectors are striving hard to manage the devastating condition and provide required services to each person.
In the 2nd and 3rd quarter of 2020, the cases of COVID-19 infections increased rapidly. Along with severely affecting the people, the global pandemic has had a huge impact on every kind of businesses. Core industries like textile, manufacturing, automotive, travel & hospitality, transportation & logistics, and consumer goods, have been shut down because of the stringent COVID-19 restrictions.
The water infrastructure involves automated systems for water treatment, storage, supply, flood prevention, and management of water resources. These systems have been installed for many years which are presently overwhelmed by the increasing demands. Hence, constant attention, repairing, and maintenance are needed to streamline the process of water supply. Additionally, these outdated structures take high costs of maintenance while eventually decreasing their efficiency. To tackle these challenges, the water utilities have begun to embrace smart methods to effectively manage water and cut down the costs of maintenance, and offer a superior experience to the consumers.
Governments across the globe are aiming to integrate smart technologies to drive economic growth as a major part of their urban planning strategy. Smart city initiatives, which began in 2013, comprise several aspects like smart mobility, smart energy, smart buildings, smart infrastructure, smart technology, and smart healthcare. Moreover, smart water management is one of the crucial components of a smart city. Additionally, the smart city initiatives open lucrative business avenues for the vendors of smart water management with the drastic rise in population, rising demand for food, fast-paced urbanization, and overutilization of resources.
To fulfill the demand for an extremely volatile and competitive industry, the market of water utilities is constantly evolving and changing to address the challenges of the water sector which are appearing from climate change, droughts, and infrastructure issues that are creating a massive scarcity of water. Several components of technology like hardware, software, and network components, need appropriate integration with smart meters, sensors, network switches, and valves over the conventional system infrastructures that can pose a major challenge for the market vendors to force water utilities to install smart water management solutions.
The Smart Water Management Market is segregated into Water Meters, Solutions, and Services. The solutions segment is expected to display a promising growth rate in the smart water management market during the forecasting period. With the technological developments over time, water utilities are embracing smart solutions to incorporate several business processes, pushing them towards further development.
The Smart Water Management Market is segmented into Commercial & Industrial and Residential. The commercial and industrial segment would emerge as the leading segment of the market over the forecast period. Water supply and distribution fall under the ambit of municipal bodies directly managed by the government authorities in any nation.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 12.4 Billion |
| Market size forecast in 2027 | USD 23.46 billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 10.4% from 2021 to 2027 |
| Number of Pages | 337 |
| Number of Tables | 554 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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The Smart Water Management Market is analyzed across North America, Europe, APAC, and LAMEA. APAC would exhibit the highest growth in the overall market during the forecasting period. Factors such as the growing adoption rate of smart grid solutions, rising urbanization resulting in increased water demands, agricultural production, integration of technology in the utility sector, and a drastic increment in the population are responsible for the massive growth of the regional market.
Free Valuable Insights: Global Smart Water Management Market size to reach USD 23.46 billion by 2027
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Siemens AG, Oracle Corporation, ABB Group are the forerunners in the Smart Water Management Market. Companies such as Schneider Electric SE, Itron, Inc., Xylem, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Oracle Corporation, Schneider Electric SE, Xylem, Inc. (Sensus), Siemens AG, ABB Group, Itron, Inc., Landis+Gyr Group AG, Honeywell International, Inc., and Badger Meter, Inc.
By Component
By End User
By Geography
The smart water management market size is projected to reach USD 23.46 billion by 2027.
The growing requirement to substitute current and outdated water infrastructures are driving the market in coming years, however, challenges in the installation of technology over the traditional infrastructure limited the growth of the market.
IBM Corporation, Oracle Corporation, Schneider Electric SE, Xylem, Inc. (Sensus), Siemens AG, ABB Group, Itron, Inc., Landis+Gyr Group AG, Honeywell International, Inc., and Badger Meter, Inc.
The expected CAGR of the smart water management market is 10.4% from 2021 to 2027.
Based on Water Meters, the Smart Water Management Market is bifurcated into AMR Meters and AMI Meters. AMR Meters segment showcased the highest market share.
North America would garner the maximum revenue share of the market during the forecasting period. The regional market is witnessing rapid adoption of smart water management solutions to tackle the effects of climate change, water utilization patterns, and the management of new man-made contaminants.
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