Rise in use of supervisory control and data acquisition, increase in number of smart cities, and surge in use of digital transformation technology have boosted the growth of the global smart water management market.
PORTLAND, Ore., Sept. 6, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, 'Smart Water Management Market by Offering (Solution, Service), by Application (Water Pipeline Monitoring & Leak Detection, Water Level Monitoring and Dam Management, Water Consumption & Distribution, Irrigation Management, Wastewater Monitoring, Others), by Application (Commercial, Public Sector, Residential): Global Opportunity Analysis and Industry Forecast, 2021-2031.' As per the report, the global smart water management industry was accounted for $14.3 billion in 2021, and is expected to reach $53.6 billion by 2031, growing at a CAGR of 14.2% from 2022 to 2031.
Drivers, restraints, and opportunities
Rise in use of supervisory control and data acquisition, increase in number of smart cities, and surge in use of digital transformation technology have boosted the growth of the global smart water management market. However, dearth of capital investments to install infrastructure and lack of skilled workforce hinder the market growth. On the contrary, increase in government initiatives to implement smart water management would open new opportunities in the future.
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Covid-19 scenario:
- During the Covid-19 pandemic, the smart water management industry witnessed growth as it helped researchers find the Covid-19 patterns from waste water.
- Moreover, in November 2021, researchers from several universities and the U.S. Centers for Disease Control and Prevention detected the Omicron variant in wastewater from Northern California, New York City, and Houston as early as it was detected first in a person in the U.S.
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The solution segment held the largest share
By offering, the solution segment held the largest share in 2021, accounting for nearly two-thirds of the global smart water management market and is projected to maintain its leading position throughout the forecast period. Since smart water management processes and analyzes massive amounts of data that an organization regularly collects into actionable insight that impacts operational benefits and outcomes. However, the service segment is expected to register the highest CAGR of 15.0% during the forecast period, as these services reduce the time and costs associated with optimizing systems in the initial phase of deployment.
The water consumption & distribution segment dominated the market
By application, the water consumption & distribution segment held the lion's share in 2021, contributing to nearly one-third of the global smart water management industry, and is anticipated to maintain its dominance in terms of revenue by 2031, since it is a cost-effective and sustainable that can optimize all water management solutions and predict potential damages. However, the irrigation segment is estimated to manifest the highest CAGR of 16.0% from 2022 to 2031, as it is helping water available and accessible to small and medium farmers in particular and benefitted other farmers as well.
The residential segment to manifest the highest CAGR through 2031
By application, the residential segment is expected to register the highest CAGR of 15.9% during the forecast period. However, the public sector segment held the largest share in 2021, accounting for nearly half of the global smart water management market, and is projected to maintain its leading position during the forecast period.
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North America held the largest share
By region, the global smart water management market across North America dominated in 2021, holding more than one-third of the market. This is due to higher spending on water usage and reducing water wastage in the region. However, the market across Asia-Pacific is projected to portray the highest CAGR of 16.2% during the forecast period, owing to growing awareness regarding water wastage in developing nations.
Major market players
- ABB Ltd.
- Badger Meter
- Honeywell International Inc.
- Hydropoint
- IBM Corporation
- Itron
- Landis+Gyr
- Neptune Technology
- Oracle Corporation
- Schneider Electric SE
- Siemens AG
- Suez
- Takadu
- Trimble Inc.
- Xenius
- Ayyeka
- Ketos
The report analyzes these key players of the global smart water management market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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