Global Smart Leak Detection Solutions Market For Water and Wastewater Industries-Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Global Smart Leak Detection Solutions Market For Water and Wastewater Industries-Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Global Smart Leak Detection Solutions Market for Water and Wastewater Industries is expected to grow at a CAGR of 12.92% over the forecast period (2022-2027). Water leaks are a major source of operating costs in the industrial sector. Aside from industrial facilities, better monitoring through smart leak detection allows for accurate and near-real-time monitoring of public water and wastewater.

· A smart water leak detection solution mainly uses IoT technology. It utilizes sensor abilities to detect the presence of leakages. If the leakages are left undetected, they might cause infrastructural dampness, leading to accidental slips. Innovative water flowmeters with smart instrument technology can help even the most remote water networks operate efficiently.

· The transformation of cities into metropolitan cities increases pressure on water resources. The rising demand for water to meet domestic needs and the impact of wastewater discharge on receiving waterways have a cumulative effect on receiving water quality.

· With the growth of the Internet of Things (IoT) sensors, machine learning (ML), artificial intelligence (AI), and cloud- or edge-based data analytics platforms, the leak detection market has seen a considerable rate of innovation and digital transformation. Leak detection systems are expected to grow faster owing to cellular LPWAN technologies such as NB IoT and LTE-M, notably among advanced utilities in Europe, Asia-Pacific, and North America.

· Furthermore, the 2020 COVID-19 pandemic has revived awareness of leak detection technology, with customers being reminded that increasing water supply is a definite method to satisfy the growing need for private and public sanitation.

· Consumers are using smart water management solutions to upgrade their homes. This adoption rate is rapidly growing as software and hardware become more affordable. Digitization, combined with the adoption of connected technologies, is transforming how smart water management systems interact with their surroundings in the residential sector, affecting all applications of smart water management solutions.

· The demand for smart water management solutions for home and building automation is predicted to rise over the forecast period as customers in residential applications become more aware of the benefits of smart water management solutions in terms of reduced water wastage. For instance, in July 2021, RealPage Inc., a global provider of real estate software and data analytics, announced Smart Water, the first multifamily solution to leverage submeter technology to dramatically reduce the cost of water management for both residential units and common areas.

· Government initiatives to save water contribute to the growing demand for smart household water management technologies. Connected systems are expected to become one of the most important components of smart water management software, contributing primarily to the projects' sustainability aims.

· In addition, an increase in the popularity of smart home appliances is expected to boost the given market. In 2021, there were 258.54 million smart homes across the world.

· Significant efforts to construct smart water systems are evident in Asian nations such as Malaysia, Vietnam, Thailand, and others, highlighting the market's potential for growth. Japan has invested in water management infrastructure despite having a lower NRW (US-24%). Japan plans to bring out 100 percent smart water meters by 2025 with the help of its Japan Water Research Center (JWRC).

· Additionally, digitization, combined with the adoption of connected technologies in developing countries, is changing how smart water management systems interact with their surroundings in the residential sector, affecting all applications of smart water management solutions.

· The growing number of connected devices and IoT technologies for water management are driving demand for IoT platforms in the region. For instance, Agua Water Systems, an Indian start-up, uses smart solutions to enable water usage monitoring. Artificial intelligence (AI) is used in the plug-and-play system to assess water usage, the measure water level in the pump, and control water distribution. Motor controllers, ultrasonic, and flow sensors are the smart wireless devices used.

· Furthermore, in several parts of this region, water leaks pose a serious threat to an already limited water supply considering the scarcity of fresh water. Thus, the need to save usable water drives the growth of smart leak detection solutions for water and wastewater industries.

The Global Smart Leak Detection Solutions Market for Water and Wastewater Industries is fragmented, as the market comprises several global players and emerging new players vying for attention in a somewhat contested market space. The market is witnessing intensifying competitive rivalry due to new startups in IoT and AI-based offerings, which are expected to rise through the forecast period.

· In October 2021, ABB collaborated with a Danish water environment specialist to develop the next generation of smart water solutions encouraging more careful water use. Clients in this sector could better control water availability and boost plant operational efficiency in both process and energy optimization with these technologies.

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