Smart Water Management Market
Report ID: SQMIG55D2023
Report ID:
SQMIG55D2023 |
Region:
Global |
Published Date: November, 2024
Pages:
242
|Tables:
116
|Figures:
77
Smart Water Management Market size was valued at USD 16.6 Billion in 2023 and is poised to grow from USD 18.48 Billion in 2024 to USD 43.51 Billion by 2032, growing at a CAGR of 11.3% during the forecast period (2025-2032).
Smart water management is a water management system with a smart design used for monitoring, controlling, and regulating the use and quality of a city's water Smart water management (SWM) is being used by several governments and companies all over the world to reduce water waste and effectively control energy use. Sensors, water metres, and programming examination tools are some of the programming tools and equipment that this system contains. SWM is utilised to improve consumer participation in water conservation, lower costs associated with leak detection and the energy needed to pump water at water utilities. Smart water management technology helps many organisations diagnose network issues, boost water conservation among consumers, and—most importantly—reduce non-revenue water losses brought on by deteriorating infrastructure. Smart water management has been designed to gather data on the pressure, flow, and distribution of a city's water supply that is both relevant and helpful. SWM's primary objective is to ensure the efficient management of the infrastructure and energy needed for the transportation of water. Information and communication technology (ICT) and real-time data and answers are key components of smart water management (SWM), which is used as a solution to water management issues. Smart systems have a wide range of possible applications in water management, including solutions for floods, droughts, leaks, pressure and flow issues, effective irrigation, water quality, quantity, and many other issues.
US Smart Water Management Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Smart Water Management Market is segmented by offering, technology, end user and region. Based on offering, the market is segmented into water meters, solutions, services. Based on technology, the market is segmented into IoT, artificial intelligence, big data & analytics, cloud computing, other technologies. Based on end user, the market is segmented into residential, commercial, industrial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Smart Water Management Market Analysis by Offering
The hardware offering segment held largest market share in global smart water management market in 2021. The hardware segment is further divided into AMI meters, AMR Meters, Water sensors, Water flowmeters, Water controllers, Motors, and others. Rising use of IoT-based devices for water management and growing need to replace ageing infrastructure with updated equipment are the key drivers boosting the segment growth.
The solution segment is expected to grow at a high CAGR during the forecast period. Water utilities are using smart solutions to combine multiple business operations as technology advances, increasing their growth. Even with minimal physical investment, they are able to boost the operating efficiency of the whole water network by integrating a variety of cutting-edge technology with the current processes. The smart water sector uses these technologies and smart infrastructure to create cutting-edge solutions for clients. Due to increased consumer demands, a shortage of natural freshwater supplies, growing awareness of water quality, and technical improvements, the use of smart solutions is anticipated to soar throughout the projected period.
Smart Water Management Market Analysis by End Use
Commercial & Industrial segment dominated the market share in 2021. This can be caused due to significant expenditures made by private enterprises to enhance their water supply resources by using cutting-edge water management infrastructure. Industries must address a variety of water-related issues, such as maintaining suitable water pressure and quality, disposing of industrial wastewater safely and in accordance with regulations, and preventing process downtime and production interruptions caused by faulty equipment. Commercial and industrial end users are anticipated to increasingly use smart water solutions in order to address issues including optimising water consumption, reducing billing errors, putting in place cost-effective fixes, and lowering water costs.
As governments throughout the globe work diligently to improve water management for the general population, the non-commercial sector is anticipated to see increasing prospects in the anticipated period. Over the projected period, demand for smart water management systems for home and building automation is anticipated to rise as consumers in residential applications become more aware of the advantages of such solutions in terms of decreased water waste.
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North America dominated the Global Smart Water Management Market in 2021. This can be attributed to stronger government regulations and rising demand for clean energy options across the region. People in North American residential regions are starting to understand the advantages of all smart water management technologies, such as how they help to decrease water waste, enhance water quality, prevent leaks, and help control water use. Because of this, the market for smart water management is likely to develop as demand for these solutions rises in the North American region.
Asia Pacific smart water management market is expected to grow the fastest during the forecast period. The rapid growth can be largely attributed to a number of factors, including an increase in the adoption of smart grid solutions, an increase in urbanisation levels leading to an increase in water demands, agricultural production, technological integration in the utility sector, and an exponential increase in population. Due to these elements, the region's industrial activities are expanding and government laws are favourable, leading to the large-scale deployment of technology compared to the western areas. The rising need for water efficiency and reusable water resources in APAC is anticipated to fuel the region's Smart Water management market expansion. Growing smart cities in the region are also anticipated to generate considerable economic prospects for providers of smart water management technologies. By 2022, India intends to invest around $500,000 in the construction of over 100 smart cities, which are estimated to benefit close to 1 billion people. Additionally, Singapore invested more than USD 1 billion in smart city projects in 2019. These regional smart city projects should open up a lot of opportunities for the adoption of improved metering infrastructure.
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Smart Water Management Market Driver
The growing need to replace existing and outdated water infrastructure is driving the global smart water management market. Water management encompasses flood control, automated water treatment, delivery, storage, and resource management. Due to an increase in the demand for clean water, these long-standing water systems are now being decommissioned. As a result, continuous care, repair, and upkeep are required to streamline the water supply process. Water utilities have begun to implement smart technologies to address these issues, which will reduce maintenance costs while providing customers with high-quality water management services.
Population increase, economic expansion, increasing urbanisation, and rising per-capita food consumption are all contributing factors to the worldwide issue of meeting the growing demand for (renewable) water resources. Over 2 billion people live in water-stressed regions, and nearly 45 percent of the world's population lacks access to safe sanitation facilities, according to the UN World Water Development Report 2021. Countries are unable to deliver water in adequate amounts and of acceptable quality by employing conventional water management techniques because of the limited water resources and the growing demand. This situation prompts water companies to look into creative ways to use the available water supplies effectively and sustainably.
Smart Water Management Market Restraint
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Global Smart Water Management Market is fragmented and highly competitive as a lot of regional, national, and international businesses are competing for customers' attention in a highly competitive market. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations, and partnerships are adopted by these players to thrive in the competitive market. Major players include IBM Corporation, Honeywell International Inc., ABB Limited, Schneider Electric SE and Siemens AG. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Smart Water Management Market Top Player's Company Profiles
Smart Water Management Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Smart Water Management Market analysis, due to inadequate funding and inadequate regulatory backing from the governments, smart water management services are not being adopted in many regions of the world. The market is expanding as a result of rising urbanisation and the quick use of cutting-edge technology for creatively smart water management solutions. Growing government initiatives to establish smart water management and rising advancements in smart city projects are also anticipated to open up opportunities for market growth during the projected period.
Report Metric | Details |
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Market size value in 2023 | USD 16.6 Billion |
Market size value in 2032 | USD 43.51 Billion |
Growth Rate | 11.3% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Smart Water Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Water Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Water Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Water Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG55D2023
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