Global Smart Water Management Market 2022-2028

Global Smart Water Management Market 2022-2028

Global smart water management market was valued at $13.0 billion in 2021, exhibiting a CAGR of 12.8% during the forecast period. The introduction of smart meters which use two-way communications for monitoring and controlling water flow has further spurred the growth of the global smart water management market. These advanced meters feature properties such as pressure control, security, and quality sensors to meet the needs for clean and sanitized water. Moreover, the major factors that affect the growth of the market positively include increased scarcity of water coupled with increasing demands for water conservation, several initiatives taken by government across the globe, and implementation of various smart water management solutions for effective management of distributions by various regulatory bodies. The market is growing on the backdrop of increasing water scarcity coupled with the increasing need for water conservation across the globe. Government across the globe is under immense pressure for meeting the rising demand for water. In addition, various organizations across the globe have started implementing smart water management solutions for efficiently managing distribution channels, updating their operations, reducing maintenance cost, and reducing non-revenue water losses. For instance, International Water Resources Association (IWRA) has started various projects for water management. In 2017, IWRA established a partnership with the Korea Water Resources Corporation (K-Water) for a smart water management project that is aimed at promoting the use of smart water management for dealing with current water challenges.

The smart water management market has been segmented on the basis of product and applications. The market has been further sub-segmented to hardware and software. Hardware includes automated meter reading (AMR) meters, advanced meter infrastructure (AMI) meters, and other network meters. AMI meters are anticipated to have considerable share in the market during the forecast period attributed to its features such as accurate meter readings, energy voltage detection and reaction to power outgas, financial, and security. Additionally, the utilization of AMI meters allows users to control electricity consumptions, costs, and bills. On the basis of application, the market has been categorized into residential, commercial, and industrial.

The smart water management market is segmented on the basis of regions includes North America, Europe, Asia-Pacific, and Rest of the world (RoW). North America is expected to have considerable market share attributed to its prolonged efforts in conducting awareness programs across countries such as the US and Canada to preserve water resources. Asia-Pacific region is anticipated to witness significant growth in the market attributed to government efforts in countries such as China and India in order to maintain water resources. Furthermore, many international organizations have brought up investments in the region to improve the crisis of water management in the region.

Some of the major players in the smart water management market include Schneider Electric SA, Honeywell International, Inc., SUEZ Group, Badger Meter, i2O Water Ltd., ET Water Systems LLC, TaKaDu Ltd., and Itron Inc. The increasing number of international firms has led to increased competition and high initial investment. Company acquisitions and partnerships are the business strategies undertaken by various companies to stay competitive in the market.