The “Global Smart Water Management Market, By Component (Hardware (AMR, AMI, and Others), Solutions, and Services), and by Geography (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) - Global Forecast to 2027”, was valued at US$ 15,232.6 million in 2019, witnessing a CAGR of 16.4% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Smart water management (SMW) facilitates a reduction in repair and maintenance costs, reduction of NRW (Non-revenue water). Smart water solutions and services are still struggling for rapid adoption in major parts of the globe owing to regulatory support from the governments, lack of funds, and fragmented technology solutions from various vendors without an integrated platform. Aging water infrastructure especially in developed economies such as the U.S.A., Canada, and Germany among others is a major driver for adoption of smart water technology solutions and technologies.
The global smart water management market is estimated to account for US$ 15,232.6 Mn in terms of value by the end of 2019.
Stringent government regulation regarding water supply are expected to drive growth of the global smart water management market during the forecast period
Many countries across the world are focused on sustainable water management policies. Since climate change is leading to adverse effects such as rising sea levels and the risk of flooding, it has become vital to manage water supply efficiently. For instance, since the 1960s, Singapore’s Public Utilities Board (PUB) has faced scarce water sources, polluted rivers, and high rate of non-revenue water (NRW) to develop water supply strategy. Moreover, in 2013, the British Columbia government developed an irrigation scheduling calculator for agriculture irrigators and landscapes to improve irrigation management by using real-time climate data. Therefore, these factors are expected to drive growth of the global smart water management market over the forecast period.
Rising smart city initiatives worldwide can present lucrative growth opportunities
Governments of many countries around the world are implementing smart city initiatives. As a result of this, the demand for smart water management is increasing. For instance, in June 2015, the Government of India launched ‘100 Smart Cities Mission’, allocating a fund of US$ 14 million. Thus, such factors can present lucrative growth opportunities in the near future.
Lack of skilled personnel is expected to hamper the global smart water management market growth over the forecast period
Operating and managing a smart water management system requires skilled personnel. Since advanced equipment and technology is used in SMW, it is critical to have skilled personnel to monitor and manage the necessary operations. Therefore, these factors are expected to hamper the global smart water management market growth over the forecast period.
Among regions, North America is expected to witness significant growth in the global smart water management market during the forecast period. This is owing to the rapid replacement of aging water infrastructure across the region. Furthermore, rising urbanization, industrialization, and rising population are expected to boost the North America smart water management market growth in the near future.
Asia Pacific is expected to register a robust growth rate in the global smart water management market during the forecast period. This is owing to rising smart city projects across emerging economies such as India and China. Furthermore, increasing urban population is expected to propel the regional market growth in the near future.
Major companies operating in the global smart water management market are IBM Corporation, TaKaDu Ltd., Arad Metering Technologies, Sensus USA Inc., i2O Water Ltd, ABB Ltd, ET Water Systems, LLC, Schneider Electric SA, General Electric Company, Evoqua Water Technologies (Siemens), Emerson Electric Corporation, and Itron, Inc.
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