New York, May 01, 2023 (GLOBE NEWSWIRE) -- Market.us has projected that the Smart Water Management Market will exceed USD 45.1 billion by 2032, up from USD 15.6 billion in 2022, with a registered compound annual growth rate (CAGR) of 11.5% from 2023 to 2032.
The smart water management market is rapidly improving market which includes a range of technologies and solutions targeted at improving the efficiency and sustainability of water management systems. The market is driven by increased demand for efficient water management solutions, which need to reduce water wastages and leakages, and the increasing awareness about the importance of sustainable water management practices. The market is segmented based on technology, solutions, service, and geography. The main technology used in smart water management solutions includes advanced metering infrastructure (AMI), sensors and monitoring devices, and network management software. The key solutions offered by smart water management vendors include leak detection & management, water quality management, meter data management, and smart irrigation.
Get additional highlights on major revenue-generating segments, Request a smart water management market sample report at https://market.us/report/smart-water-management-market/request-sample/
Key Takeaway:
- Based on offering, in 2022, the smart water management market was dominated by the services segment owing to its growing consumer demand, and technological advancements.
- Based on a water meter, in 2022, the AMI meter segment accounted for the largest market share.
- By application, in 2022, the water consumption & distribution segment dominated the largest market share.
- Based on end-user, the commercial & industrial segment holds a significant share in 2022.
- In 2022, North America dominated the market with the highest revenue share of 41.4%.
- APAC is expected to have the highest CAGR among all regions, owing to urbanization, and technological incorporation in the utility sector.
Factors affecting the growth of the Smart Water Management Industry
There are several factors that can have an impact on the growth of the smart water management industry including:
- Growing population: World’s population is now continuously growing which led to an increase in the demand for fresh water. This will put pressure on water resources and the need for efficient water management will become more important.
- Climate change: Climate change is projected to have a major impact on water resources with changes in rainfall patterns & more extreme weather conditions like droughts & floods, which will make it more crucial to manage water resources in a smart and sustainable way.
- Urbanization: As the population moves into cities, then the demand for water in urban areas will increase. Smart water management can help cities in managing their water resources efficiently and with minimizing wastage.
- Aging infrastructure: Many water supply systems are old and need to repair or replace, smart water management technologies can help to find problems early and improve the efficiency of the system.
- Cost saving: Smart water management technologies will help to reduce water wastage and improve the efficiency of water supply systems, which will lead to cost saving for water utilities and customers.
To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/smart-water-management-market/#inquiry
Market Growth
The market growth is driven by several factors, such as an increasing need for efficient water management solutions, the need to reduce water wastage and leakage, and growing awareness regarding sustainable water management practices. Furthermore, government regulations aim at decreasing water wastage while improving the efficiency of water management systems. The water management market is segmented based on technology, solution, service, and geography. Key technologies used in smart water management solutions include advanced metering infrastructure (AMI), sensors and monitoring devices as well as network management software. Vendors offer solutions such as leak detection/management, water quality management, meter data management, and smart irrigation to meet varying customer demands.
Regional Analysis
North America is accounted as the most dominant market in the global smart water management market with a market share of 41.4%, during the forecasted period. Due to the growing government initiatives and the growing number of technological advancements in the agriculture sector Also, due to many agriculture organizations have come together for creating the North America Climate Smart Agriculture (NACSA), which is a platform for equipping and educating cultivators for sustainable agriculture.
Have Queries? Speak to an expert or Click Here To Download/Request a Sample
Scope of Report
| Report Attribute | Details |
| Market Value (2022) | USD 15.6 billion |
| Market Size (2032) | USD 45.1 billion |
| CAGR (from 2023 to 2032) | 11.5% |
| North America Revenue Share | 41.4% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Major market players are engaging in product launches, mergers, and acquisitions as well as geographic expansion. ABB, DHI Group & a Danish H2O specialist joined forces in October 2021 to develop digital solutions that would facilitate faster decision-making. Itron and United Utilities England have recently signed an agreement to enhance their operations through Temetra - its cloud-based meter data collection & management technology - which will assist with distribution and administration tasks. The smart liquid administration market is expected to experience tremendous growth due to key player acquisitions and product innovations within software programs. IoT-based metering infrastructure with real-time visualization and detection of leaks, as well as machine-to-machine interactions, are in high demand. In January 2020, Esri announced a partnership with Open Systems International (OSI).
Market Restraints
According to a 2017 Workforce Renewal and Skills Strategy released by Energy & Utility Skills, water utilities will experience an acute shortage of 221,000 workers over the next ten years. The reasons behind the shortage are an aging workforce, a tight labor market, and a shortage of technical skills among employees. The pandemic has presented the ultimate test for utility sector resilience measures, necessitating more adaptable, responsive working methods that leverage current technologies. One major challenge facing today's technologically driven environment is a shortage of digitally skilled personnel in water utilities. Additionally, millennials lack insight into how this sector could provide them with career opportunities; thus, these factors further restrict growth within the smart water management market.
Market Opportunities
Governments around the globe are stressing the crucial role which smart technologies can play in economic development & urban planning. Since 2013, smart city initiatives have taken shape across various sectors such as energy efficiency, buildings that use IoT technologies, mobility solutions, technological advancements, infrastructure upgrades, and healthcare upgrades. Smart water management (SWM) is one of the fundamental elements which define a smart city. According to estimates from the United Nations Department of Economic & Social Affairs, 68% of the world's population will reside in cities by 2050. Smart water solution providers now face a vast business opportunity, as accurate measurement of consumption and forecasting of usage are now necessary for successful operations. To meet this need, engineers are developing systems that collect actionable data regarding cities' water flow patterns, pressure, and distribution.
Grow your profit margin with Market.us - Purchase This Premium Report at https://market.us/purchase-report/?report_id=19355
Report Segmentation of the Smart Water Management Market
Offering Insight
Based on offering the smart water management market is dominated by the service segment with a market share of 56.7% in 2022, due to its increasing awareness regarding the quality of water, rising consumer demands, technological advancements, and scarcity of natural freshwater resources. Additionally, its ability to increase the operational efficiency of the whole water network even with low infrastructure investment.
Water Maters Insight
Based on water meters the smart water management market is dominated by the livestock monitoring segment with a market share of 63.7%, due to AMI meters offering real-time data on water consumption, enabling water utilities and end users to monitor their usage more effectively and making data-driven decisions for optimal water management strategies. AMI meters utilize two-way communication between the meter and the central data collection system for automated billing in real-time.
Application Insight
Based on application the market for smart water management was dominated by the water consumption & distribution segment with a market share of 32.7% in 2002, due to the rising demand for water, coupled with the need for efficient distribution systems, is driving growth in this segment. Smart water management systems help reduce losses in the system, optimize distribution networks, and boost overall water efficiency.
End-Use Insight
Based on end-use the smart water management market is dominated by the commercial & industrial segments with a revenue share of 62.5% in 2022. This is due to the Lack of privatization in this sector causes system efficiency issues. Furthermore, the lack of consistent public sector oversight of smart H2O delivery networks globally has led to a high frequency of leakage incidents as well as losses related to H2O usage. Industries must address many water issues.
Recent Developments of the Smart Water Management Market
- In July 2022, TaKaDu and TasWater joined forces to deploy TaKaDu's Central Event Management (CEM), analytics software for leak detection. Now TasWater can take advantage of TakaDu's CEM analytics program which uses statistical techniques and machine-learning algorithms to detect leaks and bursts in real-time.
- In April 2022, Suez Group launched AssetAdvanced, an online decision-support platform. This will give water service and sanitation managers access to in-depth knowledge, as well as reduce their vulnerability to infrastructure failure.
- In March 2022, Ecopetrol SA, Accenture, and Amazon Web Services (AWS) today announced the launch of an innovative water intelligence and management solution designed to boost sustainability and operational efficiency in energy companies.
For more insights on the historical and Forecast market data from 2016 to 2032 - download a sample report at https://market.us/report/smart-water-management-market/request-sample/
Key Market Segments:
Based on Offering
- Solutions
- Services
Based on Water Meters
- AMR Meters
- AMI Meters
Based on Applications
- Water Pipeline Monitoring & Leak Detection
- Water Level Monitoring and Dam Management
- Water Consumption & Distribution
- Irrigation Management
- Waste Water Monitoring
- Other Applications
By End-Use
- Residential
- Commercial & Industrial
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The smart water management market is a complex market with many players worldwide and emerging players competing for attention. Due to the fact that this market is a major opportunity to consolidate its offerings, the firm’s concentration ratio will likely record higher growth over the forecasted period.
Key Market Players:
Listed below are some of the most prominent smart water management industry players.
- ABB Ltd.
- Badger Meter Corporation
- Honeywell International Inc.
- Hydropoint Data Systems Inc.
- IBM Corporation
- Itron Inc.
- Landis+Gyr Corporation
- Neptune Technology Group
- Oracle Corporation
- Schneider Electric SE
- Siemens AG
- Suez Water Technologies & Solutions
- TaKaDu
- Trimble Inc.
- Xenius Corporation
- Ayyeka Services
- KETOS
- Elster Group SE
- Global Water Management LLC
- i2O Water Ltd
- Other Key Players
- Farmers Edge Inc.
- Grownetics Inc.
- Granular Inc.
- Gamaya Inc.
- GEA Group Aktiengesellschaft
- Raven Industries Inc.
- Trimble Inc.
- Topcon Positioning Systems Inc.
- Other Key Players
Browse More Related Reports:
- Water and Wastewater Treatment Market size is expected to be worth around USD 89.7 Billion by 2032 from USD 54.7 Billion in 2023, growing at a CAGR of 5.2% during the forecast period from 2022 to 2032.
- Underwater Drone Market was valued at USD 3.9 Billion in 2022, this market is estimated to register the highest CAGR of 12.4% and is expected to reach USD 12.2 Billion during the forecast period of 2023 to 2032.
- Atmospheric Water Generator Market was valued at USD 1,589.8 Mn in 2018 and is projected to increase significantly at a CAGR of 20.3% from 2019 to 2028.
- Water Pump Market was valued at USD 53.20 Billion in 2022 and is projected to reach USD 91.88 Billion by 2032, growing at a CAGR of 5.6% from 2022 to 2032.
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us On LinkedIn Facebook Twitter
Our Blog:
