Meticulous ResearchÂ® â€“ leading global market research company published a research report titled â€œSmart Water Management Market by Component, Automation Solutions (Water Quality & Quantity Monitoring, Water Treatment & Automation, Pressure Control & Leakage Detection, Analytics & Data Management), User Type, and Region â€“ Global Forecast to 2028â€.
According to this latest publication from Meticulous ResearchÂ®, the smart water management market is expected to grow at a CAGR of 12.7% from 2021 to 2028 to reach $21.2 billion by 2028. The global smart water management market is majorly driven by the factors such as rising population and subsequent growing demands for freshwater supply, compelling need to replace the existing water infrastructures, growing demands for sustainable water solutions, and increasing need for reducing water loss due to non-revenue water. In addition, progressive government initiatives to implement smart water management and growing developments in smart city initiatives are further expected to offer abundant opportunities to the stakeholders in this market in the forecasted period. However, limited resources to implement modernized solutions, particularly in developing nations, high upfront investment & maintenance, along with low return on income, are some of the factors causing hindrances to the market growth.
The global smart water management market study presents historical market data in terms of value (2019 and 2020), estimated current data (2021), and forecasts for 2027. The market is segmented on the basis of component, automation solutions, user type, and geography. The study also evaluates industry competitors and analyses the market at a country level.
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Scope of the report
Smart Water Management Market, by Component
o AMR & AMI meters
o Water sensors
o Water flowmeters
o Water controllers
o Other Hardware
o Integration and deployment
o Support and maintenance
Smart Water Management Market, by Automation Solution
â€¢ Water quality & quantity monitoring
â€¢ Asset management
â€¢ Advanced water treatment & automation
â€¢ Pressure control & leakage detection
â€¢ Analytics & data management
â€¢ Other Solutions
Smart Water Management Market, by User Type
Smart Water Management Market, by Region
â€¢ North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
â€¢ Latin America
o Rest of Latin America
â€¢ The Middle East and Africa
o Rest of MEA
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Based on component, the global smart water management market is broadly classified into hardware, software, and services segment. In 2021, the hardware segment is expected to account for the largest share of the market. The large share of the segment is majorly attributed to the factors such as the growing need to replace the age-old infrastructures with modernized equipment and increasing adoption of IoT based devices for water management. Prevention of unwanted wastage and reduction of periodic maintenance is another key factor promoting segment growth. However, the software segment is expected to witness the fastest growth over the forecasted period. The fast growth of the segment is based on its consistent engagement with experimentation and innovation, which enables it with the incorporation of new technologies that solve user problems effectively. Besides, software plays a vital role in system automation and proper water resource management.
Based on the automation solutions, the market is broadly segmented into water quality & quantity monitoring, asset management, advanced water treatment & automation, pressure control & leakage detection, analytics & data management, and other automation solutions. In 2021, smart water management for water quality and quantity monitoring is expected to report for the largest market share. The large share is mainly attributed to the increasing investments carried out in order to deploy smart water meters at a large scale to measure water utilization and wastage, reduce excessive flow and detect leakages from water systems. However, the asset management segment is projected to grow with the highest CAGR over the coming years due to the growing need to replace existing water infrastructure, which is poised to enable water managers to manage their assets effectively.
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Based on user type, the market is segmented into non-commercial and commercial. In 2021, the commercial user segment comprising of private organizations, utility companies, and industries is expected to account for the largest share owing to their heavy investments in improving their water infrastructure. Existing water infrastructure is causing several issues in management and supply chain operations. However, as governments all over the world are keenly working on improving water management for the public, the non-commercial segment is expected to witness greater opportunities in the forecasted period. Besides, huge investments in smart city projects across the globe are further encouraging the growth of the non-commercial smart water management market.
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Geographically, the smart water management market is broadly segmented into North America, Europe, Asia-Pacific, Lain America, and the Middle East & Africa. In 2021, Europe is expected to command the largest share of the overall smart water management market. The large share of Europe is primarily attributed to the presence of major smart water management companies and their focus on developing advanced smart water management technology, along with increasing funding by the government for smart water management advancements. However, Asia-Pacific is expected to grow significantly with high CAGR in the forecast period owing to growth in high-tech infrastructure compatible with smart city initiatives, increasing adoption of IoT devices at affordable prices, and growing number of start-ups offering smart water management solutions and services in the region. The region has a high concentration of population, and the water required to cater to such a huge population is a grave challenge for the local governments. Owing to this, countries in the region have started to incorporate smart water management on a considerable scale and hence, driving the market.
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 (2018-2021). The key players profiled in the global smart water management market are ABB (Switzerland), Arad Group (Israel), AquamatiX (UK), Badger Meter (US), HydroPoint (US), IBM Corporation (US), i2O (UK), Itron (US), Oracle Corporation (US), Schneider Electric SE (France), Siemens AG (Germany), Trimble Water (US), General Electric (U.S.) among others.
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