Smart water management refers to the techniques, systems, and devices used to optimize the consumption of water and reduce the impact of polluted water on health, environment, and equipment at minimum cost investment. Rise in urbanization is projected to be a major driver for the smart water management market, which is expected to expand at a significant CAGR over the forecast period.
Existence of outdated infrastructure and rising operating costs for water management to fuel the market growth
According to the Water Environment Research Foundation, the energy potential of wastewater and biogases/bio solids exceeds by over 10 times the energy required for its treatment. Furthermore, according to National Energy Technology Laboratory, thermoelectric power plants use around 41% of the available fresh water for the production of electricity. Over a time period of 2005-2030, the dependence on thermoelectric power generation is expected to increase by over 1.2x, compelling the authorities to manage resources efficiently. This, in turn, is expected to drive the demand for smart water management market. Aging distribution infrastructure, requirement to limit capital costs, increasing cost of energy, and limited finances for optimal management of available resources are projected to create significant growth opportunities for the smart water management market over the forecast period.
Smart Water Management Market Taxonomy
On the basis of smart water meter, the global smart water management market is classified into:
On the basis of solution, the global smart water management market is classified into:
On the basis of services, the global smart water management market is classified into:
On the basis of application, the global smart water management market is classified into:
Changing climatic conditions, high pollution level, and significant investments for efficient treatment, distribution, and utilization to propel market growth
Singapore was largely dependent on rainfall and Malaysia to fulfill water requirement of its population. Natural calamities such as flood and rising sea level in the Netherlands, large desert areas of Israel, and severe drought conditions in California are a few among the issues that have driven the demand for a technology like smart water management all over the world. Changing climatic conditions, owing to factors such as global warming also augment the need for smart water management over the forecast period.
The U.S. is expected to drive high demand for smart water management, owing to high awareness and user inclination toward advanced technologies
Europe and North America are expected to experience significant demand over the forecast period. However, owing to the availability of natural resources, slow growth is expected in the Asia Pacific smart water management market.
Some of the market participants identified across the value chain of smart water management market are ABB, Arad Metering Technologies, AVEA, General Electric, Honeywell, IBM Corporation, Schneider Electric, Takadu, Topcon, and Trimble.
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