Global Smart Water Grid Market Size, Share & Trends Analysis Report, By Product, By Application, By Region Forecasts, 2024-2032

Global Smart Water Grid Market Size, Share & Trends Analysis Report, By Product, By Application, By Region Forecasts, 2024-2032

Global Smart Water Grid Market was valued at US $ 23.86 Billion in 2023 and is expected to reach US $ 93.24 Billion by 2032 growing at a CAGR of 18.57% during the forecast period 2024 – 2032.

A few of these major factors influencing market expansion are customer acceptance, fresh product introductions, evolving lifestyle trends, as well as obstacles and limitations in the industry. The highly developed technical grids have improved fault detection and self-restoring network functionality. By implementing a variety of laws and regulations, the government is supposed to raise public awareness of energy saving, which will accelerate market expansion. The need for smart grid technology in commercial, residential, and industrial settings has been fueled by these laws. With the aid of smart grid technology, the market is anticipated to expand in the supply and intelligent grid domains. The market is developing because of the increasing transmission capacity for temperature monitoring of power lines. But the rising need for electricity and effective power grids during electrification campaigns and the construction of deep infrastructures has propelled this market's expansion. Numerous nations, including China and India, have widespread use of intelligent sensor technologies. In addition, governments are supporting the creation of contemporary smart grids as a substitute for replacing outdated power systems in order to reduce waste in transmission and distribution lines. Smart grid operations are incredibly efficient and productive when IoT devices are used. Power-generation processes are optimised when renewable energy sources are integrated with IoT and environmental data to maximise the use of green energy.

Despite the fact that the market for smart grid sensors is growing globally, security worries and a lack of knowledge about smart grid solutions are causing bottlenecks in the industry. In addition, because these technologies are capital demanding, their extremely high starting costs will impede the growth of the smart grid business. Even after disposal, expensive operation and maintenance costs may still be a barrier to the market. However, inadequate supply of power, particularly in developing nations, and a lack of government rules to expand and improve grid infrastructure are impeding the market's growth. The goals of contemporary software implementation strategies for SCADA and smart grid distribution management include efficiency, adaptability, and dependability. As a result, several chances present themselves for its advancement. In order to enhance lives, many smart city initiatives in developing nations combine transportation, environmental, sustainable lifestyle, and technology policies to support the expansion of the green economy. In fact, over the projected time, the Smart Water Grid Market may benefit from increased prospects brought about by intensive study on smart solution creation.

“Utility segment, by application, to be dominating market from 2023 to 2030.”

As per the end-user segment, the market is divided into three categories: utility, residential, and commercial. Over the forecast years, the market is expected to witness an outstanding increase in the Utility category. The governments have imposed regulatory norms regarding carbon emissions that are expected to stimulate market growth, in response to the expanding population, industrialization, and environmental concerns caused by fossil fuel-based power plants.

“Asia Pacific to be fastest growing region in smart water grid market.”

With rapid urbanization, population growth, and increasing water stress, countries in the Asia Pacific region, particularly China, India, and Japan, are witnessing growing interest in smart water grid solutions. Governments and utilities in these countries are investing in modernizing water infrastructure and implementing advanced technologies to address water management challenges effectively.

Smart water grid Competitive Landscape

The competitive landscape of the Smart water grid market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Smart water grid technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

Also, the United States and Canada have been at the forefront of adopting smart water grid technologies. Factors such as aging infrastructure, stringent regulations, and the need for water conservation have driven the deployment of advanced water management solutions in this region. Companies in North America have also been leading innovation in the smart water sector, contributing to its growth.

Moreover, the countries within the European Union have been investing in smart water grid initiatives to improve water management efficiency, reduce water losses, and enhance sustainability. European directives and regulations aimed at water conservation and environmental protection have further accelerated the adoption of smart water technologies in this region.

The Smart water grid market is highly competitive, with numerous companies vying for market share. Prominent companies in the Smart water grid Market include:

Major Players:

ABB, Trilliant, Aclara Technologies LLC, Landis+Gyr, Sentient Energy, Inc., Siemens, S&C electric company, Ge grid solutions, Echelon Corporation, Itron, Inc.

Recent Developments:

Schneider Electric purchased DC solutions BV, a significant provider of intelligent solutions, in January 2021. The acquisition made it easier to advance advancements in the field of electricity distribution.

In May 2021, Hitachi ABB and Benifici Solar, a power firm based in Thailand, joined to provide electricity grids.

The Public Utilities Board (PUB) of Singapore and SUEZ Environnement, a resource management corporation, have decided to work together on a smart water grid project in Southeast Asia.In accordance with the agreement, SUEZ and Singapore PUB will use analytical software, information and communication technologies, and storm water management to produce a decision support tool for automated meter reading, tracking water consumption, and storm water management. The project will additionally prioritize motivating customers to adopt water-saving practices. The aforementioned relationship is expected to enhance the water industry relations between Singapore and France, revitalize the local water research and development scene, and elevate Singapore's standing as a worldwide hydro hub. Additionally, the board and Suez will collaborate on a pilot project that combines sophisticated control and smart monitoring to create an energy-efficient waste water treatment system. This collaboration between SUEZ and PUB is in line with Singapore's goal of serving as a testing ground for innovative and sustainable urban solutions developed by multinational corporations in collaboration with local authorities, with the ultimate goal of implementing these solutions throughout the region.