REDDING, Calif., June 20, 2024 /PRNewswire/ -- According to a new
market research report titled, 'Smart Water Management
Market by Offering (Hardware, Software, Services),
Application (Water Management, Leak Detection, Water Quality &
Quantity Monitoring, Others), End User (Residential,
Commercial, Industrial), & Geography—Forecast to
2030', the smart water management market is
projected to reach $69.60 billion by
2030, at a CAGR of 14.7% from 2023 to 2030.
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Smart water management encompasses the planning, development,
distribution, and effective administration of water resources
through the utilization of various technologies. The primary goal
is to enhance transparency and promote rational and sustainable
usage of water resources. This approach is applicable across
diverse sectors such as agriculture, farming, industry, services,
and urban areas. Examples of its practical applications include
monitoring household water consumption, assessing water levels,
ensuring the quality of drinking water, detecting chemical leaks in
proximity to industrial plants, tracking pressure fluctuations
along pipelines, and assessing water quality in aquariums, among
other valuable applications.
The expansion of this market is propelled by an increasing
demand to minimize water loss attributed to non-revenue water, a
compelling necessity for the replacement of current water
infrastructure, and a surge in investments in smart water
management technology. Moreover, the rising governmental
initiatives to integrate smart water management and the growth of
smart city projects are anticipated to present substantial growth
opportunities for stakeholders in the smart water management
market.
However, the integration of water systems with modern smart
water solutions may impede the market's growth. Moreover,
challenges such as high initial and maintenance costs, coupled with
insufficient infrastructure to support smart metering, are expected
to present potential hurdles to the smart water management market's
expansion. Additionally, a significant trend in the smart water
management market is the growing adoption of smart water
meters.
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The smart water management market is segmented by offering
[hardware (meters [AMR meters, AMI meters, water flow meters],
smart water sensors, water controllers, smart pumps and drives,
smart valves, and other hardware), software (cloud-based and
on-premises deployments), services (consulting services,
integration and deployment services, support and maintenance
services)], application (water quality and quantity monitoring,
water management, asset management, leak detection, analytics and
data management, rain and stormwater management, and other
applications), and end user (residential, commercial, industrial
[manufacturing, agriculture, utilities, energy, mining, oil &
gas, food & beverage, automotive, pulp & paper, chemical,
textile, construction)].
Based on offering, the smart water management market is
segmented into hardware, software, and services. In 2023, the
hardware segment is expected to account for the largest share of
the global smart water management market. However, the software
segment is projected to register the highest CAGR during the
forecast period. The increasing demand for smart water
management software arises from the necessity to optimize water
distribution and analyze water usage data for informed
decision-making. Additionally, there is a growing reliance on water
management software for identifying, responding to, and reporting
incidents related to water and wastewater, highlighting its
expanding role in ensuring efficient and responsive water resource
management.
Numerous market participants offer smart water management
software, and one example is Trimble Inc. (U.S.), which provides
Trimble eRespond. This comprehensive and established solution is
designed for identifying and handling network incidents, starting
from the initial customer call or telemetry alarm and extending to
the generation of the final regulatory report.
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Based on application, the smart water management market
is segmented into water quality and quantity monitoring, water
management, asset management, leak detection, analytics and data
management, rain and stormwater management, and other applications.
In 2023, the water quality and quantity monitoring segment is
expected to account for the largest share of the global smart water
management market. However, the water management segment is
projected to register the highest CAGR during the forecast period.
The growth of this segment is propelled by various factors,
including the escalating utilization of water management solutions
for intelligent water distribution to mitigate water losses, the
increasing adoption of smart water management for operational
automation and efficiency, and the growing importance of ensuring
reliable water supplies amid the rising scarcity of clean water
worldwide.
Numerous nations recognize the significance of water management
and are embracing smart water management systems to enhance the
efficiency of water distribution operations in urban areas. For
instance, as reported by The Government of Dubai Media Office
(GDMO), the Water Smart Distribution Management System implemented
by the Dubai Electricity and Water Authority (DEWA) plays a crucial
role in enhancing field operations through continuous monitoring
and remote control of the water distribution network in
Dubai.
Based on end user, the smart water management market is
broadly segmented into residential, commercial, and industrial. In
2023, the industrial segment is expected to account for the largest
share of the global smart water management market. However, the
residential segment is projected to register the highest CAGR
during the forecast period. The growth of this segment is fueled by
the growing uptake of smart water meters for precise meter readings
and billing, ongoing advancements in smart meter technology, the
continual evolution of smart homes and buildings, and a rise in
incidents related to water leaks. As per the Environmental
Protection Agency, approximately 10% of properties in the U.S.
experience undetected water leaks, each contributing to the wastage
of over 90 gallons a day.
Based on geography, the smart water management market is
segmented into North America,
Asia-Pacific, Europe, Latin
America, and the Middle
East & Africa. In 2023,
North America is expected to
account for the largest share of the global smart water management
market. The large market share of the region is attributed to the
increasing adoption of smart water management solutions for
identifying water leakages, technological advancements in smart
water metering, increasing need for water conservation, coupled
with the necessity for improved water management systems. For
instance, in August 2023, Oldcastle
Infrastructure, Inc. (U.S.), an infrastructure solutions provider,
partnered with FIDO Tech, a UK-based artificial
intelligence (AI) and technology solutions provider, to
deliver leak detection and broader water management and
conservation solutions in the U.S. However, the Asia-Pacific region is projected to register
the highest CAGR during the forecast period.
Key Players:
Some of the key players operating in the global smart water
management market are IBM Corporation (U.S.), ABB Ltd.
(Switzerland), Honeywell
International Inc. (U.S.), Schneider Electric SE (France), Cisco Systems, Inc. (U.S.), Sensus
(U.S.), Mueller Water Products, Inc. (U.S.), Trimble Inc.
(U.S.), Arad Group (Israel),
Oracle Corporation (U.S.), Badger Meter, Inc. (U.S.), Landis+Gyr
Group AG (Switzerland), Kamstrup
A/S (Denmark), SUEZ SA
(France), HydroPoint (U.S.),
Siemens AG (Germany), Itron, Inc.
(U.S.), Endress+Hauser AG (Switzerland) and Neptune Technology Group Inc.
(U.S.).
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Scope of the Report:
Smart Water Management Market Assessment—by
Offering
- Hardware
- Meters
- AMR Meters
- AMI Meters
- Water Flow Meters
- Smart Water Sensors
- Water Controllers
- Smart Pumps and Drives
- Smart Valves
- Other Hardware
- Software
- Cloud-based Deployments
- On-premise Deployments
- Services
- Consulting Services
- Integration and Deployment Services
- Support and Maintenance Services
Smart Water Management Market Assessment—by
Application
- Water Quality and Quantity Monitoring
- Water Management
- Asset Management
- Leak Detection
- Analytics and Data Management
- Rain and Stormwater Management
- Other Applications
Smart Water Management Market Assessment—by End
User
- Residential
- Commercial
- Industrial
- Manufacturing
- Agriculture
- Utilities
- Energy
- Mining
- Oil & Gas
- Food & Beverage
- Automotive
- Pulp & Paper
- Chemical
- Textile
- Construction
Smart Water Management Market Assessment—by
Country/Region
- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- Italy
- France
- Spain
- Rest of Europe
- Latin America
- Middle East & Africa
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