Smart Water Management Market Size, Share, Growth Analysis, By Offering (water meters, solutions), By Technology (IoT, Artificial Intelligence), By End User (Residential, Commercial), By Region - Industry Forecast 2024-2031

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• The growing need to replace existing and outdated water infrastructure is driving the global smart water management market.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

• The lack of digitally trained workers in the water utilities industry is one of the main constraints in this technological age. The lack of knowledge among millennials about the expansion of the water utilities sector for pursuing a profession is another problem. These constraints also limit market expansion.
• During the projected period, high installation costs for advanced metering infrastructure (AMI) are anticipated to limit market growth for smart water management globally. Advanced metering infrastructure (AMI) installation demands a sizable upfront cost. The implementation of smart water technology is further hampered by its lengthy payback period.