Forecasting the $30 Billion Size of Smart Water Management Market Sector Globally by 2030 Growing At 10.3% CAGR
NEW YORK, June 6, 2023 /PRNewswire/ -- As per Zion Market Research study, The global smart water management market size was evaluated at $14.01 billion in 2022 and is slated to hit $30.01 billion by the end of 2030 with a CAGR of nearly 10.3% between 2023 and 2030.
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Smart Water Management Market: Overview
Smart water management is designed for gathering meaningful and actionable data on the pressure, distribution, and flow of city water. The primary objective of smart water management is to ensure that the infrastructure and energy utilized for water transportation are effectively managed.
Furthermore, it also assists in reducing energy utilization in water pumping in water utilities. Apart from this, it reduces leak detection costs and theft of water, thereby improving customer engagement in conserving water. Precisely, the use of advanced techniques for replacing traditional water conveyance is also termed smart water management.
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Key Industry Insights & Findings of the Smart Water Management Market Reports:
- As per the analysis shared by our research analyst, the global smart water management market is projected to expand annually at an annual growth rate of around 10.3% over the forecast timespan (2023-2030)
- In terms of revenue, the global smart water management market was evaluated at nearly $14.01 billion in 2022 and is expected to reach $30.01 billion by 2030.
- The global smart water management market is anticipated to record massive growth over the forecast period owing to escalating demand for replacing outdated water infrastructure facilities.
- Based on the type, the solutions segment is predicted to contribute majorly toward the global market share over the forecast timeline.
- In terms of the water meters, the AMI meters segment is projected to dominate the global market size over 2023-2030.
- On the basis of the end-user, the commercial & industrial segment is projected to account for a major share of the global market in 2023-2030.
- Region-wise, the Asia-Pacific smart water management market is projected to register the fastest CAGR during the assessment period.
Zion Market Research published the latest report titled "Smart Water Management Market By Offering (Water Meters, Services, And Solutions), By Water Meters (AMR Meters And AMI Meters), By End-User (Commercial & Industrial And Residential), And By Region - Global, And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" into their research database.
Industry Dynamics:
Smart Water Management Market: Growth Drivers
- Humungous Penetration of Smart Water Management Activities In Utilities to Steer the Global Market Surge.
Escalating demand for replacing outdated water infrastructure facilities is predicted to drive the growth of the global smart water management market. The massive need for flood prevention, delivery storage, automated water treatment, and resource management will steer the global market trends.
Smart water management activities help in providing clean water to the customers along with providing repair & maintenance of water reservoirs at reasonable costs. Massive demand for smart technologies will steer the expansion of the market across the globe.
Furthermore, rising digitization in the utility sector and supportive government laws are likely to define the smart water management market growth. In addition to this, water management solutions help in utilizing data and effectively handling challenges occurring in water management activities. The surge in the use of supervisory control as well as data acquisition will boost global market expansion.
Smart Water Management Market: Restraints
- Less Investment in Infrastructural Development can Restrict the Global Industry Expansion.
Low capital funding for strengthening infrastructural facilities and less availability of skilled workforce can create impediments in the growth path of the global smart water management industry. Huge deployment costs of smart water management infrastructure can put brakes on global industry expansion.
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Smart Water Management Market: Opportunities
- Favorable Government Policies to open new growth opportunities for the global market.
A rise in supportive government schemes promoting smart water management activities will generate new growth opportunities for the global smart water management market. Surge in the smart cities and the onset of digital transformation techniques will help the market explore new growth avenues in the near future.
Smart Water Management Market: Challenges
- Deployment of new technologies poses a big challenge to the global industry expansion.
Difficulty in the implementation of new technologies for bringing improvement in the water infrastructure will be a challenging task for the growth of the smart water management industry.
Global Smart Water Management Market: Segmentation
- The global smart water management market is sectored into offering, water meters, end-user, and region.
In terms of the offering, the global smart water management market is sectored into water meters, services, and solutions segments. Furthermore, the solutions segment, which contributed to the largest share of the global market in 2022, is set to establish its segmental dominance during the forecast timeline.
The segmental growth in the coming eight years can be subject to a rise in the acceptance of smart solutions in the water utilities sector. Moreover, smart solutions improve the operational efficiency of the water network and require less investment in infrastructure.
Based on the end-user, the smart water management industry across the globe is divided into commercial & industrial and residential segments. Moreover, the commercial & industrial segment, which garnered nearly 65% of the global industry share in 2022, is projected to lead the global industry expansion even during the forecast timeline. The growth of the segment in the ensuing years can be due to a rise in the use of smart water solutions by commercial & industrial segments in the coming years.
On the basis of water meters, the global smart water management market is sectored into AMR meters and AMI meters segments. Moreover, the AMI meters segment, which accounted for a major share of over 53% of the global market in 2022, is slated to lead the global market share in the forecast timeline. The segmental expansion over the projected timeframe can be owing to providing of real-time information by AMI meters pertaining to water usage In addition to this, AMI meters make use of two-way communication for automatic billing, thereby further steering the segmental surge.
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List of Key Players in Smart Water Management Market:
- ABB Limited
- Honeywell International Inc
- Arad Group
- IBM Corporation
- Evoqua Water Technologies LLC
- GE Digital
- Schneider Electric SE
- Siemens AG
- Itron Inc.
- Sensus.
Key questions answered in this report:
- What are the growth rate forecast and market size for Smart Water Management Market?
- What are the key driving factors propelling the Smart Water Management Market forward?
- What are the most important companies in the Smart Water Management Market Industry?
- What segments does the Smart Water Management Market cover?
- How can I receive a free copy of the Smart Water Management Market sample report and company profiles?
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Recent Developments
- In the second half of 2021, Xylem Inc., a major U.S.-based water technology provider, made an acquisition of Anadolu Egypt, a key Turkish player providing pump & water treatment system supply, deployment, and after-sales solutions. The move will proliferate the growth of the former in the Middle East region as well as in Europe.
- In the first half of 2021, Itron, a U.S.-based technology firm, signed a strategic partnership deal with United Utilities, a water supply firm based in the UK. Furthermore, the two firms joined hands for executing Temetra, Itron's new cloud-driven meter management service, aimed at enhancing water delivery & water management solutions.
- In the first quarter of 2021, Schneider Electric SE, a French multinational firm, along with Suez SA, a key industrial water & process treatment tech firm, helped water operators in accelerating digital transformation by offering various software solutions for operation, optimization, and maintenance.
Regional Dominance:
- North America Smart Water Management market to accrue massive returns over the forecast timeframe.
North America, which accounted for a major share of the global smart water management market in 2022, is anticipated to continue its dominance over the analysis period. The regional market expansion over 2023-2030 can be due to growing awareness about the benefits offered by smart water management services to the end-users. Massive demand for reducing water wastage, enhancing water quality, and controlling water leakage will expand the growth of the market in the region. The presence of key manufacturers in countries such as the US will contribute sizably towards the expansion of the market in the region.
Furthermore, the smart water management industry in Asia-Pacific, which registered lucrative growth in 2022, is set to record the fastest CAGR over the anticipated timespan. The factors that are likely to spearhead the growth of the regional market include a surge in the number of smart cities in the countries such as Japan, China, and India.
Apart from this, smart water management is the key priority in smart city ventures in the region. Furthermore, smart water management is likely to assist the state authorities in determining the water leakages and monitoring water distribution across the cities along with enabling them in their decision-making process related to water management.
Global Smart Water Management Market is segmented as follows:
Smart Water Management Market: By Offering Outlook (2022-2030)
- Water Meters
- Services
- Solutions
Smart Water Management Market: By Water Meters Outlook (2022-2030)
- AMR Meters
- AMI Meters
Smart Water Management Market: By End-User Outlook (2022-2030)
- Commercial & Industrial
- Residential
Smart Water Management Market: By Region Outlook (2022-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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