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Smart Water Management Market Report Overview
Smart Water Management Market size is analysed to grow at a CAGR of 11.1% during the forecast 2022-2027 to reach $23.6 billion by 2027. The growing global demand for water as a result of population growth, urbanisation, and the need to address the cost implications of maintaining ageing infrastructure are among the major driving factors for the growth of the smart water management market. Water metres, quality/volume/pressure sensors, pipelines, and dispensers/outlets are all part of the water management ecosystem. Remote device management is beneficial throughout the system. Overall, it aids in ensuring safety (from accidents/mishaps as well as theft prevention) and security from cyber-attacks. The growing need to improve irrigation systems has fueled the rapid adoption of smart water management solutions in the agriculture sector. The growing use of wireless sensors in agriculture to monitor humidity and soil moisture is expected to increase demand for smart water management solutions. The use of smart water management systems in rainwater harvesting projects can help to monitor and protect the water by making active measurements to reduce contamination and manage the rising demand for water. Growing technological advancements in water and waste water treatment, such as advanced metering technology and Supervisory Control and Data Acquisition (SCADA), rising water scarcity, and rising demand for water conservation are some of the factors that are expected to drive the growth of the smart water management market.
Smart Water Management Market Segment Analysis – By Offering
By offering, Smart Water Management Market has been segmented into Water Meter, Solution, Services. The solution segment held a largest market share in 2021. Water utilities are adopting smart solutions to integrate various business processes as technology advances, accelerating their growth. Integrating various advanced technologies with existing operations allows them to increase the operational efficiency of the entire water network while investing little in infrastructure. In the smart water industry, these technologies and smart infrastructure are used to create innovative solutions for customers. The adoption of smart solutions is expected to increase during the forecast period due to rising awareness about water quality monitoring, scarcity of natural freshwater resources, rising consumer demands, and technological advancements.
Smart Water Management Market Segment Analysis – By End-User
By End-User, Smart Water Management Market has been segmented into Residential, Commercial, Industrial. The Smart Water Management market’s fastest-growing sector is Residential. Residential water consumption accounts for a large portion of global water consumption, as water is regarded as one of the luxuries that must be conserved efficiently. As a result, technology plays an important role in holding people accountable for water waste. Consumers are modernizing their homes by incorporating smart water management software and hardware. This rate of adoption is rapidly increasing as software and hardware become more affordable. Digitization, in conjunction with the adoption of connected technologies, is having an impact on all applications of smart water management solutions by revolutionising the way smart water management systems interact with their surroundings in the residential sector. WEGoT, a utility solution provider, for example, offers sensor-based Internet of Things (IoT) devices and the VenAqua software platform, which reduces water demand by more than 50%, particularly in residential buildings, by tracking real-time flow. Granular data collected from various installations throughout residential buildings is analysed, and the results are shared with end users via a mobile app. The startup’s solution is subscription-based, in which the company provides the product for free and users pay a monthly fee of INR 149 (Residential) / INR 0.20 per square foot (Commercial) in addition to installation fees.
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Smart Water Management Market Share Segment Analysis – Geography
By geography, Smart Water Management Market has been segmented under North America, Europe, APAC, South America and RoW. APAC is estimated to grow at the highest CAGR during the forecast period. More than 2.1 billion people live in cities in the Asia Pacific region, with more than two-thirds expected to be urban by 2050. The region includes countries with significant non-revenue water (NRW) losses, such as India (which accounts for nearly 60% of total revenue losses from water distribution) and Singapore. Such figures demonstrate the importance of water management and the potential for market growth in the region. Significant initiatives to develop smart water systems are visible in Asian countries such as Malaysia, Vietnam, and Thailand, among others, indicating the market’s potential for growth. Because of the growing number of connected devices and the adoption of IoT technologies for water management, the region is also seeing a surge in demand for IoT platforms. For example, Agua Water Systems, an Indian start-up, is enabling water usage monitoring through the use of smart solutions. The plug-and-play system analyses water usage, measures water level in the pump, and controls water distribution using artificial intelligence (AI). In the process, smart wireless devices such as motor controllers, ultrasonic sensors, and flow sensors are used. The demand for water efficiency and reusability is high in APAC, which is expected to drive the region’s Smart Water Management market growth.
Smart Water Management Market Drivers
Cities are becoming smarter and more technologically advanced, there is a greater need for insightful approaches to managing natural water resources, which may have a positive impact on the growth of the Smart Water Management market:
Factors such as increased population, economic development, and continued urbanisation, as well as rising per-capita food consumption, have resulted in a global challenge of meeting the rising demand for (renewable) water resources. Over 2 billion people live in water-stressed areas, according to the UN World Water Development Report 2021. Approximately 3.4 billion people, or 45% of the global population, lack access to safe sanitation facilities. According to their projections, the world will face a 40% global water deficit by 2030. Countries are unable to provide water in sufficient quantities and of acceptable quality using traditional water management systems due to limited water resources and rising demand. Existing water sources are also over-exploited or mismanaged, posing problems for water utilities such as NRW losses, water contamination, and the inability to provide an uninterrupted water supply. This scenario prompts water utilities to quickly investigate innovative solutions for efficiently utilising available water resources in a sustainable manner.
The growing importance of smart water management in the smart city revolution is expected to drive market growth:
Governments around the world are emphasising the importance of smart technologies for economic development as a key component of their urban planning strategy. One of the major components that define a smart city is smart water. SWM is a component of smart infrastructure that deploys digital water and wastewater treatment solutions. With a growing population, rapid urbanisation, soaring food demand, and resource overexploitation, smart city initiatives create enormous business opportunities for SWM solution providers. According to the United Nations Department of Economic and Social Affairs, cities will house 68% of the world’s population by 2050. This has created a vast business landscape for smart water solution providers, where accurate measurement of consumption and forecasting of water use is critical. This increases the demand for smart water systems, which are designed to collect actionable data about a city’s water flow, pressure, and distribution. For example, from July 2020 to December 2023, the IWRA collaborates on Smart Water Management (SWM) projects with K-water (the Korea Water Resources Corporation), the Asia Water Council (AWC), and water experts from around the world.
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Smart Water Management Market Challenges
A wide range of challenges in implementing technology over legacy infrastructure are expected to impede market growth:
To meet the demands of a highly dynamic and competitive market, the water utilities industry is evolving to address water sector challenges such as climate change, infrastructure issues, and droughts, which are causing water scarcity. As a result, water utilities have shifted their focus to digital transformation, which ensures that water consumption trends are optimised and that sustainable solutions are provided. However, one of the challenges that water utilities face when adapting to new business and technology requirements over legacy infrastructures is change management. Various technology elements, such as hardware, software, and network components, necessitate integration with sensors, smart metres, network switches, and valves over legacy system infrastructure, which can make it difficult for solution providers to persuade water utilities to implement SWM solutions.
Smart Water Management Industry Outlook
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Smart Water Management market. In 2021, the market of Smart Water Management Market share has been fragmented by several companies. Smart Water Management top 10 companies include
In October 2021, ABB collaborated with DHI Group, a Danish water environment specialist. ABB and DHI Group planned to collaborate on the development of a suite of digital solutions to help water and wastewater utilities make faster and more accurate decisions.
In June 2021, Mueller Water Products, Inc. announced the acquisition of i2O Water Ltd. in order to expand its software offerings. Mueller also intends to introduce i2O’s products and solutions in North America, where the company currently has no presence.
In January 2021, Aquify, an Exelon company based in Chicago, IL, and TaKaDu have announced a strategic alliance to bring advanced water technologies, as well as digital solutions and services, to the US water utility market. TaKaDu’s CEM platform was combined with Aquify’s water distribution network monitoring services to form an end-to-end shared-service offering that includes sensors, a software platform, a cyber-secure communications network, field operations, and a professionally staffed 24/7 operations and engineering centre.
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The solution segment in the Smart Water Management market accounted for the largest market share. Water utilities are adopting smart solutions to integrate various business processes as technology advances, accelerating their growth.
APAC is estimated to grow at the highest CAGR during the forecast period. Factors such as increased adoption of smart grid solutions, increased urbanisation leading to an increase in water demands, agricultural production, technological incorporation in the utility sector, and an exponential rise in population can all be attributed to the rapid growth.
As cities become smarter and more technologically advanced, there is a greater need for insightful approaches to managing natural water resources, which may have a positive impact on the growth of the Smart Water Management market.
The growing need to improve irrigation systems has fueled the rapid adoption of smart water management solutions in the agriculture sector. The growing use of wireless sensors in agriculture to monitor humidity and soil moisture is expected to increase demand for smart water management solutions.
Relevant Report Titles:
Smart Water Bottle Market
Smart Irrigation Market
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