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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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.
Smart Water Management Market: Growth Drivers
Escalating demand for replacing outdated water infrastructure facilities is predicted to drive the growth of the global smart water management market.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
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
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
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
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:
Key questions answered in this report:
Market size value in 2021
USD 14.01 Billion
Revenue forecast in 2030
USD 30.01 Billion
CAGR of almost 10.3% 2023-2030
2016 ? 2021
2023 ? 2030
By Offering, By Water Meters, By End-User, and By Region.
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2030
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
ABB Limited, Honeywell International Inc, Arad Group, IBM Corporation, Evoqua Water Technologies LLC, GE Digital, Schneider Electric SE, Siemens AG, Itron Inc., and Sensus.
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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)
Smart Water Management Market: By Water Meters Outlook (2022-2030)
Smart Water Management Market: By End-User Outlook (2022-2030)
Smart Water Management Market: By Region Outlook (2022-2030)
Middle East & Africa
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