Future of Water Management: Smart Water Management Market Set to Soar Past USD 31.73 Billion by 2030
The Global Smart Water Management market size is expected to reach USD 31.73 billion by 2030 and exhibit a CAGR of 10.3% in the forecast period (2023−2030), according to Skyquest’s latest research report. The growing water scarcity and increasing demand for efficient water management, the rising need for reducing water losses and optimizing water usage, increasing regulatory requirements and environmental concerns, and advancements in IoT, sensors, and data analytics technologies, are fueling the market’s growth.
Westford USA, July 07, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Smart Water Management market, increasing adoption of Internet of Things (IoT) and sensor technologies, integration of advanced analytics and machine learning in water management systems, emphasis on water quality monitoring and contamination detection, use of real-time data for proactive decision-making and predictive maintenance, implementation of smart metering and water consumption tracking, development of smart irrigation systems for efficient water usage in agriculture, growth of cloud-based platforms for data management and analytics, are the trends that aid in the market’s growth.
Browse in-depth TOC on “Smart Water Management Market”
- Pages – 157
- Tables – 116
- Figures – 77
Smart water management uses information and communication technologies (ICT) to improve water supply and distribution systems’ efficiency, sustainability, and resilience. This can include using sensors to monitor water usage and leaks, data analytics to identify areas where water can be saved, and remote control systems to manage water flow.
Prominent Players in Smart Water Management Market
- ABB
- Aqualogy
- Cisco
- Contech Engineered Solutions
- Doosan Water Technologies
- Endress+Hauser
- General Electric
- Itron
- Laird
- Metris
- Mueller Water Products
- Pentair
- Siemens
- Smarter Planet Solutions
- Sensus
- Suez
- Taqua
- Veolia Water Technologies
- WSP Global
- Xylem
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Meter Data Management Demand to Grow Substantially in the Forecast Period
Meter data management dominated the global online market as they are widely used for their data collection. These solutions facilitate accurate billing and revenue management for water utilities. By capturing and processing consumption data, these solutions enable precise billing calculations, reducing revenue losses and improving financial efficiency.
Commercial Sector is the Leading Application Segment
In terms of application, the commercial sector is the leading segment due to the increasing usage of water in the sector. In addition, commercial entities are often subject to strict regulations and sustainability standards regarding water usage and conservation. Smart water management solutions enable commercial establishments to monitor and manage their water consumption, ensuring compliance with regulations and avoiding penalties.
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North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The region faces various water management challenges, such as aging infrastructure, water scarcity in certain regions, and the need for sustainable water resource management. These challenges drive the demand for smart water management solutions that offer real-time monitoring, leak detection, and efficient water usage capabilities.
A recent report analyzes the major smart water management market players. This comprehensive evaluation has included collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. The report has also highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the demand for Smart Water Management.
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Key Developments in Smart Water Management Market
- In February, Siemens AG announced that it would acquire Wasser- und Abwassertechnologien GmbH (WAT) for an undisclosed amount. WAT is a provider of smart water management solutions for the German market. The acquisition is expected to help Siemens expand its smart water management offerings in Germany.
- In March, Xylem Inc. announced it would acquire Sensus, Inc. for $2.9 billion. Sensus is a provider of smart water meters and other water management solutions. The acquisition will help Xylem expand its smart water management offerings and reach new customers.
Key Questions Answered in Smart Water Management Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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