Smart Water Management Market by Component, Automation Solution (Water Quality & Quantity Monitoring, Water Treatment & Automation, Pressure Control & Leakage Detection, Analytics & Data Management), User Type, and Region — Global Forecast to 2028
The Smart Water Management market is expected to reach USD 21.2 billion by 2028, at a CAGR of 12.7% during the forecast period of 2021 to 2028. Growing demands for sustainable water solutions, compelling need to replace the existing water infrastructures, and increasing need for reducing water loss due to non-revenue water are key factors contributing to the growth of this market. However, limited resources to implement modernized solutions, particularly in developing nations, high initial investment, and low return on income are some of the factors causing hindrances to the market growth. However, increasing government initiatives to implement smart water management and growing developments in smart city initiatives are expected to offer abundant opportunities to the stakeholders in this market in the forecasted period.
Click here to: Get Free Sample Pages of this Report
Impact of COVID-19 on the smart water management market
The COVID-19 pandemic has adversely hit many economies around the globe. The market for smart water management is projected to witness slow recovery post the COVID-19 pandemic. The combat measures, including lockdowns and quarantine to fight COVID-19, have stopped physical access of the companies to operate with the existing resources. Thus, the commercial segment that includes private companies and industries limited their water usage and postponed their investments for the development of smart water management projects. The governments across the world prioritized the water needs of households over the industries, which triggered the share of the non-commercial segment to some extent.
Moreover, amidst the COVID-19 pandemic, developed countries like the U.S. faced a financial impact of almost a 16.9% decline in the revenue generated by the water industry due to water utilities eliminating shut-offs for non-payment, reductions in non-commercial water demands, and lower customer growth. Moreover, this impact is expected to delay and reduce capital expenditures on new projects to help manage cash-flows due to the crisis. Thus, by considering several insights across the world, this market is projected to witness a slow recovery in the forecasted period.
Compelling need to replace existing water infrastructures
The water infrastructures include mechanized systems for water treatment, supply, storage, flood prevention, and water resource management. These systems have been working for several decades which are currently being pressurized by the growing demands. Thus, consistent attention, repairing, and maintenance is required to smoothen the water supply process. Moreover, these aged structures incur high maintenance costs while simultaneously declining their effectiveness. To address this issue, water managers in different parts of the world have started adopting smart ways to manage water effectively and reduce maintenance costs and provide a satisfactory experience to the consumers.
Several cities have water infrastructures aged around 100 years old. The materials and structures used in the piping systems are exceeding or reaching the end of their life expectancy. Moreover, some water systems are still integrated with wooden storage tanks and asbestos-cement (AC) pipes which are no longer acceptable on the latest systems. Thus, there’s a growing need to replace existing water infrastructures with smart water management solutions. This factor is majorly driving the market at a global level.
Any Question | Speak to Analyst
Key Findings in the global smart water management market study:
Hardware component dominated the global smart water management market in 2021
Based on component, the smart water management market is segmented into hardware, software, and services segments. The growing need to replace the age-old infrastructures with modernized equipment and increasing adoption of IoT based devices for water management are factors driving the segment growth. The software component is consistently engaged with experimentation and innovation, which enables it with the incorporation of new technologies that solve user problems effectively. This factor is majorly driving the growth of this segment and is also expected to grow with the highest growth rate in the forecasted period.
Smart water management for asset management to witness the greater demand through 2028
Based on the automation solution, the smart water management market is further segmented into water quality & quantity monitoring, asset management, advanced water treatment & automation, pressure control & leakage detection, analytics & data management, others segments. In 2021, the water quality & quantity monitoring segment is expected to command the largest share attributing to high investments in water meters for monitoring water quantity and quality to prevent excessive leakages and provide seamless water supply to the consumers. Besides, the asset management segment is projected to grow with the highest CAGR in coming years due to the growing need to replace existing water infrastructure, which is poised to enable water managers to manage their assets effectively.
Commercial segment commanded the largest share of the market in 2021
Based on the user type, the smart water management market is segmented into commercial and non-commercial segments. In 2021, the commercial segment is expected to dominate the segment owing to heavy investments carried out by the private companies to improve their water supply resources by deploying advanced infrastructure for water management. However, as governments all over the world are extensively working on upgrading water management for the public, the non-commercial segment is expected to witness greater opportunities in the forecasted period.
Purchase This Report (Price 3757.5 USD for single user license)
Asia-Pacific: The fastest growing regional market
Europe is expected to command the largest share of the overall smart water management market in 2021, followed by North America, Asia Pacific, Latin America, and the Middle East & Africa. However, Asia-Pacific is expected to witness rapid growth during the forecast period. The rapid growth of this region is mainly attributed to the increasing government initiatives and expenditure on adopting smart solutions for public water distribution systems to provide seamless water supply to the consumers. Also, the increasing need to replace the age-old water infrastructure is expected to enable water managers in this region, to deploy smart solutions by replacing the existing systems for better water management. These factors are anticipated to drive the market growth in the forecasted period.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the smart water management industry over the last three years. The key players profiled in the global smart water management market are ABB (Switzerland), Arad Group (Israel), AquamatiX (U.K.), Badger Meter (U.S.), HydroPoint (U.S.), IBM Corporation (U.S.), i2O (U.K.), Itron (U.S.), Oracle Corporation (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Trimble Water (U.S.), General Electric (U.S.) among others.
Scope of the report
Smart Water Management Market, by Component
- Hardware
- AMR & AMI meters
- Water sensors
- Water flowmeters
- Water controllers
- Motors
- Other Hardware
- Software
- Services
- Consulting
- Integration and deployment
- Support and maintenance
Smart Water Management Market, by Automation Solution
- Water quality & quantity monitoring
- Asset management
- Advanced water treatment & automation
- Pressure control & leakage detection
- Analytics & data management
- Other Solutions
Smart Water Management Market, by User Type
- Non-commercial
- Commercial
Smart Water Management Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- Denmark
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Malaysia
- Indonesia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- The Middle East and Africa
- UAE
- Israel
- Rest of MEA
Enquire Here Get Customization & Check Discounts for Report
Key questions answered in the report-
- What is the historical market for smart water management across the globe?
- What are the market forecasts and estimates from the period of 2019–2027?
- How is the COVID-19 pandemic impacting the growth of the smart water management market?
- What are the key market dynamics affecting the growth of the smart water management market?
- What are the recent developments in the global smart water management market?
- What are the different strategies adopted by the major players in the market?
- What are the geographic trends and high growth countries?
- Who are the local emerging players in the global smart water management market, and how do they compete with the other players?
Comments
Post a Comment