According
to a market research report "Smart Water Management Market by Water Meter (AMR, AMI), Solution (Enterprise Asset
Management, Network Management, Smart Irrigation), Service (Professional,
Managed), End User (Commercial & Industrial, Residential), and Region -
Global Forecast to 2026" published by MarketsandMarkets, the global Smart Water
Management Market size to grow from USD 13.8 Billion in 2021 to USD 22.4
Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.1% during the
forecast period.
The presence of various key players in the ecosystem has led
to competitive and diverse market. The growth of the SWM market is expected to
gain traction in the next five years, which can be attributed to factors, such
as rapid urbanization generating enormous pressure on water utilities for quality
and continuous water supply and related services; rapid adoption of advanced
technologies for innovating smart solutions to cater to the growing water
industry challenges; rising concern for sustainable living leading to the
development of regulations and laws by governments across the globe to reduce
water consumption; and developing water treatment solutions. Developed
economies across the globe are facing a major challenge in the form of aging
infrastructure, which generates a huge demand for its replacement with smart
water infrastructure solutions, offering precise control over water resources
through real-time data.
Browse and in-depth TOC on “Smart Water
Management Market”
283 - Tables
48 - Figures
258 – Pages
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The solution segment to record a
larger market share during the forecast period
In
Smart water management market by offering the solutions segment is expected to
record a larger market share during the forecast period With technology
becoming more advanced with time, water utilities are adopting smart solutions
to integrate various business processes, accelerating them toward growth.
Integrating various advanced technologies with the existing operations helps
them increase the operational efficiency of the entire water network even with
low infrastructure investment. These technologies and smart infrastructure are
used to develop innovative solutions for customers in the smart water industry.
During the forecast period, the adoption of smart solutions fare is expected to
surge due to the rising awareness about the quality of water, scarcity of
natural freshwater resources, rising consumer demands, and technological
advancements.
Residential
segment is expected to have higher growth rate during the forecast period
By
end user the residential segment is expected to have the highest growth rate
during the forecast period. The demand for freshwater in residential areas has
shown unprecedented growth due to the world’s growing urban population,
changing lifestyles, and eating habits leading to higher water consumption. The
increase in water consumption is more pronounced in urban settings with high
population density with the presence of production industries that contribute
toward major water consumption. The rising demand for quality water services is
expected to propel the demand for SWM solutions in residential areas. The solutions
for SWM in residential areas are more focused on supplying quality water to the
consumers, as water and sanitation access rates are higher in residential
areas, leading to the rising demand for improved city planning and
infrastructure with an efficient water supply and drainage system. In
residential areas, the demand for quality water and improved sanitation
services is rising due to concerns, such as poor health conditions resulting
from contaminated water consumption.
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AMI
Meters segment is expected to have a higher growth rate during the forecast
period
By
Watermeter Type, AMI meters is expected to have a higher growth rate. AMI is a
network-based technology that uses two-way communication to communicate data
from water meters to a remote metering master office, providing similar
benefits to AMR systems. The AMI system comprises a head-end system that
combines hardware and software to bring water utility data up to date. It also
includes digital smart water meters. However, the fundamental communications
network in AMI is bidirectional. AMI supports the collection of meter data more
frequently than AMRs, where the data is utilized by the utility for billing,
consumption, and usage analysis, and meter control, such as Meter Data
Management MDM) and Master Client Index (MCI). In addition to these, AMI also
offers water utilities the ability to turn on and off the services from one
central location. AMI systems can tie together more utility departments, from
engineering and operations departments to asset management and planning
departments. AMI is an advanced and smarter system that has built-in tools for
the enhancement of customer service and satisfaction. In the coming five years,
AMI is set to replace legacy systems in residential, commercial, and industrial
setups due to the increasing demand for advanced functionalities and
technologies to analyze, store, and utilize a large amount of data.
North
America to hold the largest market size during the forecast period
North
America is expected to hold the largest market size in the global Smart Water
Management market during the forecast period. Factors responsible for the
growth of the North American market are fast technology adoption, a large urban
population with rising demands for quality services, and aging infrastructure,
which is in serious need of replacement or upgrades. In North America, SWM
solutions are being deployed at a rapid pace to address the effects of climate
change, water usage patterns, and the management of new man-made contaminants.
According to findings by the US Water Alliance, more than 1.6 million Americans
face a shortage of running water, indoor plumbing, and wastewater treatment.
Along with this, the most pressing issue in the region is the aging
infrastructure, which has led cash-strapped water utilities to deploy smart
water solutions due to acute water losses from a large number of pipeline
leakages, bursts, and outage incidents.
The
key and emerging market players in the Smart Water Management Market
include Siemens (Germany), IBM (US), ABB (Switzerland), Honeywell Elster (US),
Schneider Electric (France), Itron (US), SUEZ (France), Oracle (US), Landis+Gyr
(Switzerland), Trimble Water (US), HydroPoint (US), i2O Water (UK), Xenius
(India), Neptune Technology (US), Takadu (Israel), Badger Meter (US), AquamatiX
(UK), Fluid (US), Lishtot (Israel), Elentec (UK), Syrinix (UK), CityTaps
(France), FREDsense (Canada), Fracta (US), and Xylem (US). These players have
adopted several organic and inorganic growth strategies, including new product
launches, partnerships and collaborations, and acquisitions, to expand their
offerings and market shares in the global Smart Water Management.
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