Smart Water Management Market to be Worth $69.60 Billion by 2030 - Exclusive Report by Meticulous Research®

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Jun 20, 2024, 10:16 ET

REDDING, Calif., June 20, 2024 /PRNewswire/ -- According to a new market research report titled, 'Smart Water Management Market by Offering (Hardware, Software, Services), Application (Water Management, Leak Detection, Water Quality & Quantity Monitoring, Others), End User (Residential, Commercial, Industrial), & Geography—Forecast to 2030', the smart water management market is projected to reach $69.60 billion by 2030, at a CAGR of 14.7% from 2023 to 2030.

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Smart water management encompasses the planning, development, distribution, and effective administration of water resources through the utilization of various technologies. The primary goal is to enhance transparency and promote rational and sustainable usage of water resources. This approach is applicable across diverse sectors such as agriculture, farming, industry, services, and urban areas. Examples of its practical applications include monitoring household water consumption, assessing water levels, ensuring the quality of drinking water, detecting chemical leaks in proximity to industrial plants, tracking pressure fluctuations along pipelines, and assessing water quality in aquariums, among other valuable applications.

The expansion of this market is propelled by an increasing demand to minimize water loss attributed to non-revenue water, a compelling necessity for the replacement of current water infrastructure, and a surge in investments in smart water management technology. Moreover, the rising governmental initiatives to integrate smart water management and the growth of smart city projects are anticipated to present substantial growth opportunities for stakeholders in the smart water management market.

However, the integration of water systems with modern smart water solutions may impede the market's growth. Moreover, challenges such as high initial and maintenance costs, coupled with insufficient infrastructure to support smart metering, are expected to present potential hurdles to the smart water management market's expansion. Additionally, a significant trend in the smart water management market is the growing adoption of smart water meters.

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The smart water management market is segmented by offering [hardware (meters [AMR meters, AMI meters, water flow meters], smart water sensors, water controllers, smart pumps and drives, smart valves, and other hardware), software (cloud-based and on-premises deployments), services (consulting services, integration and deployment services, support and maintenance services)], application (water quality and quantity monitoring, water management, asset management, leak detection, analytics and data management, rain and stormwater management, and other applications), and end user (residential, commercial, industrial [manufacturing, agriculture, utilities, energy, mining, oil & gas, food & beverage, automotive, pulp & paper, chemical, textile, construction)].

Based on offering, the smart water management market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the global smart water management market. However, the software segment is projected to register the highest CAGR during the forecast period. The increasing demand for smart water management software arises from the necessity to optimize water distribution and analyze water usage data for informed decision-making. Additionally, there is a growing reliance on water management software for identifying, responding to, and reporting incidents related to water and wastewater, highlighting its expanding role in ensuring efficient and responsive water resource management.

Numerous market participants offer smart water management software, and one example is Trimble Inc. (U.S.), which provides Trimble eRespond. This comprehensive and established solution is designed for identifying and handling network incidents, starting from the initial customer call or telemetry alarm and extending to the generation of the final regulatory report.

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Based on application, the smart water management market is segmented into water quality and quantity monitoring, water management, asset management, leak detection, analytics and data management, rain and stormwater management, and other applications. In 2023, the water quality and quantity monitoring segment is expected to account for the largest share of the global smart water management market. However, the water management segment is projected to register the highest CAGR during the forecast period. The growth of this segment is propelled by various factors, including the escalating utilization of water management solutions for intelligent water distribution to mitigate water losses, the increasing adoption of smart water management for operational automation and efficiency, and the growing importance of ensuring reliable water supplies amid the rising scarcity of clean water worldwide.

Numerous nations recognize the significance of water management and are embracing smart water management systems to enhance the efficiency of water distribution operations in urban areas. For instance, as reported by The Government of Dubai Media Office (GDMO), the Water Smart Distribution Management System implemented by the Dubai Electricity and Water Authority (DEWA) plays a crucial role in enhancing field operations through continuous monitoring and remote control of the water distribution network in Dubai.

Based on end user, the smart water management market is broadly segmented into residential, commercial, and industrial. In 2023, the industrial segment is expected to account for the largest share of the global smart water management market. However, the residential segment is projected to register the highest CAGR during the forecast period. The growth of this segment is fueled by the growing uptake of smart water meters for precise meter readings and billing, ongoing advancements in smart meter technology, the continual evolution of smart homes and buildings, and a rise in incidents related to water leaks. As per the Environmental Protection Agency, approximately 10% of properties in the U.S. experience undetected water leaks, each contributing to the wastage of over 90 gallons a day.

Based on geography, the smart water management market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global smart water management market. The large market share of the region is attributed to the increasing adoption of smart water management solutions for identifying water leakages, technological advancements in smart water metering, increasing need for water conservation, coupled with the necessity for improved water management systems. For instance, in August 2023, Oldcastle Infrastructure, Inc. (U.S.), an infrastructure solutions provider, partnered with FIDO Tech, a UK-based artificial intelligence (AI) and technology solutions provider, to deliver leak detection and broader water management and conservation solutions in the U.S. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period.

Key Players:

Some of the key players operating in the global smart water management market are IBM Corporation (U.S.), ABB Ltd. (Switzerland), Honeywell International Inc. (U.S.), Schneider Electric SE (France), Cisco Systems, Inc. (U.S.), Sensus (U.S.), Mueller Water Products, Inc. (U.S.), Trimble Inc. (U.S.), Arad Group (Israel), Oracle Corporation (U.S.), Badger Meter, Inc. (U.S.), Landis+Gyr Group AG (Switzerland), Kamstrup A/S (Denmark), SUEZ SA (France), HydroPoint (U.S.), Siemens AG (Germany), Itron, Inc. (U.S.), Endress+Hauser AG (Switzerland) and Neptune Technology Group Inc. (U.S.).

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Scope of the Report:

Smart Water Management Market Assessment—by Offering

Hardware
- Meters
  - AMR Meters
  - AMI Meters
  - Water Flow Meters
- Smart Water Sensors
- Water Controllers
- Smart Pumps and Drives
- Smart Valves
- Other Hardware
Software
- Cloud-based Deployments
- On-premise Deployments
Services
- Consulting Services
- Integration and Deployment Services
- Support and Maintenance Services

Smart Water Management Market Assessment—by Application

Water Quality and Quantity Monitoring
Water Management
Asset Management
Leak Detection
Analytics and Data Management
Rain and Stormwater Management
Other Applications

Smart Water Management Market Assessment—by End User

Residential
Commercial
Industrial
- Manufacturing
- Agriculture
- Utilities
- Energy
- Mining
- Oil & Gas
- Food & Beverage
- Automotive
- Pulp & Paper
- Chemical
- Textile
- Construction

Smart Water Management Market Assessment—by Country/Region

North America
- U.S.
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
Europe
- Germany
- U.K.
- Italy
- France
- Spain
- Rest of Europe
Latin America
Middle East & Africa

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