CHICAGO, Oct. 2, 2023 /PRNewswire/ -- Future trends in the Smart Water Management Market include greater digitalization, data-driven decision-making, resiliency to climate change, and an emphasis on sustainability and water conservation. These developments will aid in addressing the challenging water management concerns that affect communities, businesses, and governments throughout.
The Smart Water Management Market size is expected to grow from USD 16.6 billion in 2023 to USD 28.2 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period, according to a new report by MarketsandMarkets™.
Smart water management is the use of information and communication technologies (ICT) to improve the efficiency and effectiveness of water management. It involves collecting and analyzing data from water sensors and other devices to monitor water quality, quantity, and pressure. This data can then be used to make informed decisions about water management, such as allocating water resources, optimizing water distribution networks, and predicting and preventing leaks. The driving factors for smart water management are diverse and compelling. Concerns about water scarcity, aging infrastructure, and stringent environmental regulations motivate governments, utilities, and industries to adopt innovative solutions that optimize water resources and reduce waste.
Browse in-depth TOC on "Smart Water Management Market"
307 - Tables
48 - Figures
276 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2018-2028 |
Base year considered | 2022 |
Forecast period | 2023-2028 |
Forecast units | Value (USD Million/ Billion) |
Segments covered | By offering, end-user, technology and region |
Regions covered | North America, Europe, Asia Pacific, Latin America, and Middle East and Africa |
Companies covered | Siemens (Germany), IBM (US), ABB (Switzerland), Honeywell Elster (US), Schneider Electric (France), Itron (US), SUEZ ( France), Oracle (US), Landis+Gyr (Switzerland), Trimble Water (US), Xylem (US), Kamstrup (Denmark), HydroPoint (US), i2O (UK), Xenius (India), Neptune Technology (US), TaKaDu (Israel), Badger Meter (US), AquamatiX (UK), Lishtot (Israel), CityTaps ( France), FREDsense (Canada), Fracta (US), Smart Energy Water (US), Ayyeka ((US), Ketos (US). |
The professional services segment is expected to lead the Smart Water Management Market during the forecast period.
The professional services segment in the SWM market comprises planning, designing, and deploying systems and solutions to water utilities. The growth of the professional services segment is mainly governed by the complexity of operations and the increasing deployment of smart solutions in the water industry.
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Support and maintenance segment is expected to hold the largest market share during the forecast period
Support and maintenance refer to post-sales services offered to customers for monitoring the usage of assets and solutions to ensure maximum benefits. The need to ensure regular monitoring of systems and proactive addressing of issues in performance will drive the market.
Asia Pacific likely to emerge as the fastest-growing segment during the forecast period.
The growth of the Smart Water Management Market in the Asia Pacific is highly driven by rapid digitalization. Governments in the Asia Pacific are increasingly supporting adopting smart water management solutions through initiatives and regulations. Also, rapid urbanization and population growth are increasing pressure on water resources and infrastructure.
Top Key Companies in Smart Water Management Market:
The major vendors covered 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), Xylem (US), Kamstrup (Denmark), HydroPoint (US), i2O (UK), Xenius (India), Neptune Technology (US), TaKaDu (Israel), Badger Meter (US), AquamatiX (UK), Lishtot (Israel), CityTaps ( France), FREDsense (Canada), Fracta (US), Smart Energy Water (US), Ayyeka ((US), Ketos (US)
Recent Developments:
- In July 2023, SUEZ, a leader in digital and circular solutions in waste and water services, and Schneider Electric, the leader in the digital transformation of energy management and automation, joined forces to accelerate the deployment of digital solutions for energy efficiency, resource conservation, and the control of carbon impact of water cycle management systems.
- In June 2023, SUEZ joined forces with Northumbrian Water Ltd. (NWL) as one of the key partners in the groundbreaking Hydro Powered Concentric Smart Meter Project, the recipient of the Ofwat1 Innovation Fund's Catalyst Stream prize.
- In November 2022, Siemens became a sustaining partner for The Water Tower. As part of the partnership, the conglomerate corporation will sponsor The Water Tower's Control Center, a learning and demonstration center for emerging digital technologies in the water and wastewater industries.
- In October 2022, Landis+Gyr Pty Ltd., a subsidiary of Landis+Gyr Group AG (SIX: LAND), partnered with Watercare, New Zealand's largest water utility, to deploy 22,000 of Landis+Gyr's W350 smart water meters across Auckland.
- In September 2022, Trimble acquired Bilberry, a startup focused on using artificial intelligence for spot spraying. The acquisition of Bilberry builds out Trimble's crop protection portfolio by adding green-on-green selective spraying capabilities and supports the development of autonomous solutions.
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Smart Water Management Market Advantages:
- In times of growing water shortage, smart water management maximises water consumption while minimising waste and protecting this priceless resource.
- Real-time leak detection is made possible by cutting-edge sensors and analytics, reducing expenses by stopping water loss and infrastructure damage.
- Water treatment facilities, distribution networks, and wastewater treatment procedures are more effective thanks to smart technology, which also result in lower operating costs.
- Informed decision-making is facilitated by smart water solutions, which also improve resource allocation and planning.
- Smart water management lessens non-revenue water, or water lost before it reaches users and earns income, by finding leaks and keeping an eye on water flow.
- Monitoring water quality in real time helps to protect the public's health by ensuring that laws are followed and that contamination situations are responded to quickly.
- Water infrastructure maintenance expenses are decreased and downtime is minimised with predictive maintenance based on sensor data.
- Customers may track and manage their water consumption with the help of smart metres and data-sharing systems, which promotes water conservation.
- Water infrastructure may last longer with effective management and upkeep, which lowers the need for expensive replacements.
Report Objectives
- To determine and forecast the global smart water management (SWM) market by offering (water meter, solution, and service), technology, end user, and region from 2018 to 2028, and analyze various macro and microeconomic factors that affect the market growth.
- To forecast the size of the market segments with respect to five key regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA)
- To provide detailed information related to the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the SWM market
- To analyze each sub-segment for individual growth trends, prospects, and contribution to the total SWM
- To analyze the impact of the recession on the SWM
- To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the SWM
- To profile key market players comprising top vendors and start-ups; provide comparative analysis based on business overview, regional presence, product offerings, business strategies, and key financials; and illustrate the market's competitive landscapes
- To track and analyze competitive developments, such as mergers & acquisitions, product developments, partnerships & collaborations, and Research and Development (R&D) activities
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