Hyderabad, July 28, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Smart Water Management Market Report (2023-2028),” the market is estimated at USD 16.08 billion in 2023. It is expected to register a CAGR of 13.89% during the forecast period.
Smart water management (SWM) utilizes ICT and real-time data and responses, which is an integral part of the solution for water management challenges. The promising application of smart systems in water management is vast and includes solutions for water quality, water quantity, efficient irrigation, leaks, pressure and flow, floods, droughts, etc. Smart data-driven approaches for detecting water losses in public networks are becoming popular. Such solutions are based on the application of IoT and AI techniques.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 16.08 billion |
| Market Size (2028) | USD 30.80 billion |
| CAGR (2023-2028) | 13.89% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increasing focus on investing in water loss solutions. |
| Growing need for water management. |
Who are the Top Companies in the Smart Water Management Market?
The international smart water management market comprises several global players and emerging new players competing for attention in a fairly-contested market space. The firm concentration ratio is anticipated to record higher growth during the forecast period since several firms consider this market a lucrative opportunity to consolidate their offerings.
The noteworthy players holding the global smart water management industry are:
- ABB Ltd
- IBM Corporation
- SUEZ Group
- Honeywell International Inc.
- Schneider Electric SE (+AVEVA)
- Siemens AG
- Sebata Holdings Limited
- Hitachi Ltd
- Arad Group
- TaKaDu Limited
- Sensus Inc. (Xylem Inc.)
- Itron Inc.
- i2O Water Ltd
- Huawei Technologies Co. Ltd
- Esri Geographic Information System Company
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Key Highlights from the Smart Water Management Market Report:
Growing Adoption of Water Management
- As per UN-Water’s data, by 2025, 1.8 billion people are expected to be living in countries or regions with absolute water scarcity. Developing countries are most affected by water shortages, flooding, and poor water quality.
- The World Water Council has stated that nearly four billion people are expected to face water stress by 2025. Contaminated drinking water is a significant threat to public health. Failing dams and outdated water infrastructure are also harming people.
APAC to Witness Significant Growth
- Asia-Pacific encompasses over 2.1 billion urban residents, with over two-thirds estimated to live in cities by 2050. It comprises countries with substantial non-revenue water (NRW) losses. Various studies signify the need for water management and indicate the potential for market growth in the region.
- APAC is also witnessing demand for IoT platforms, owing to the growing number of connected devices and the adoption of IoT technologies for water management.
What are the Latest Developments in the Smart Water Management Market?
- In July 2022, TasWater (the Tasmanian water and sewage utility) joined hands with TaKaDu to deploy its Central Event Management (CEM) analytics software for leak detection.
- In April 2022, Suez Group publicized the launch of AssetAdvanced, a decision-support platform. Deploying this platform enables water service and sanitation managers to expand their knowledge of current assets and reduce risks and cost overruns from infrastructure failures.
Mordor Intelligence has Segmented the Smart Water Management Market Based on Type, End-user, and Geography:
- By Type
- By Solution
- Asset Management
- Distribution Network Monitoring
- Supervisory Control and Data Acquisition (SCADA)
- Meter Data Management (MDM)
- Analytics
- Other Solutions
- By Services Managed/Professional
- By Solution
- By End-user
- Residential
- Commercial
- Industrial
- By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Smart Water Management Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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