Press release
Smart Water Management Market Share, Trend Analysis, Key Drivers, Size And Forecast To 2033
Smart Water Management Market
The smart water management market size is expected to see rapid growth in the next few years. It will grow to $31.02 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to growing investment in smart cities, increasing adoption of smart water management systems, funding and incentives, climate change impact, remote monitoring and control. Major trends in the forecast period include artificial intelligence (AI) and machine learning (ml), internet of things (iota) and connectivity, augmented reality (AR) and virtual reality (VR), cloud-based solutions, remote sensing and satellite technology.
Market Overview -
Smart water management refers to the integration of systems and methods for monitoring, controlling, and regulating the usage and quality of water resources, as well as the maintenance of connected equipment.
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Rising Global Population Drives Demand For Smart Water Management Solutions
The increase in demand for clean water due to the increasing global population is likely to drive the growth of the smart water management market. As the population grows, there will be greater demand for water for domestic, industrial, agricultural, and municipal purposes. The importance of clean water for health, food and nutrition security has been highlighted during COVID-19. Smart water management systems can help to accelerate response plans by identifying vulnerable food value chains, including market locations, and critical areas, and designing tailored and prioritized interventions to improve access to clean water in urban, peri-urban, and rural areas. For instance, according to IntechOpen, a UK-based publisher of open books and journals report, the world's population is expected to reach 8.6 billion by 2030 and 9.8 billion by 2050. Further, as per UN World Water Development Report, global water demand is expected to grow 1% every year, accounting for an increase of 20 to 30% by the end of 2050, attributing to rising demand from domestic and industrial sectors.
Competitive Landscape -
Major companies operating in the smart water management market include Honeywell International Inc., Siemens Aktiengesellschaft, ABB Ltd., International Business Machines Corporation., Itron Inc., Schneider Electric SE, SUEZ Group SA, Sensus USA Inc., Trimble Inc., Elentec Co. Ltd., HydroPoint Data Systems Inc., TaKaDu Ltd., AquamatiX Limited, Nalco Water India Limited, Xenius GmbH, Xylem Inc., Badger Meter Inc., A. O. Smith Corporation, Aclara Technologies LLC, IDEX Corporation, Mueller Water Products Inc., Kamstrup A/S, Elster Group SE, Landis+Gyr Group AG, Echologics Engineering Inc., Neptune Technology Group Inc., Innovyze Inc., Aquatic Informatics Inc., Syrinix Ltd., Zenner International GmbH & Co. KG, WaterSmart Software Inc., Utilis Corp.
Strategic Collaborations Reshaping The Smart Water Management Market
Strategic collaborations among the companies are shaping the smart water management market. Companies in the smart water management market are undergoing partnerships to develop advanced solutions for their customer. For instance, in May 2021, Grundfos, a Denmark-based provider of pumps and water solutions, and Baseform, a Portugal-based technology leader in online software for water utilities, have announced a strategic partnership to provide powerful digital services to all water utilities around the world. The Grundfos worldwide value offering has been expanded to service the water digital market with Grundfos Utility Analytics, a cutting-edge artificial intelligence (AI), machine-learning utility management solution provided by Baseform.
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Key Segments -
The smart water management market covered in this report is segmented -
1) By Offering: Water Meters, Solutions, Services
2) By Product Type: Advanced Water Meters , Meter Read Technology, Cellular Network
3) By End User: Residential, Commercial, Industrial
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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