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The Smart Water Management Market size is estimated to grow at a CAGR of 13.97% between 2022 and 2027. The market size is forecast to increase by USD 14.48 billion. The growth of the market depends on several factors, including the growing demand for smart water management in the agriculture sector, the increasing global water scarcity, and the technological advancements in water management solutions. Smart water management is defined as the use of advanced technologies, data analytics, and real-time monitoring to optimize the distribution, consumption, and conservation of water resources. It involves the integration of sensors, communication networks, data analytics, and software to gather insights and enable informed decision-making for efficient water usage. The goal of smart water management is to address water scarcity, reduce water wastage, improve infrastructure resilience, and enhance overall sustainability.
This smart water management market report extensively covers market segmentation by end-user (commercial, industrial, and residential), product (solutions, hardware, and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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One of the key factors driving the smart water management market growth is the growing demand for smart water management in the agriculture sector. Smart water management is an essential component of precision agriculture, where technology is extensively utilized to optimize farming practices at a granular level. This comprises data-driven decisions for planting, fertilizing, and harvesting.
Moreover, factors such as the need to address water scarcity, optimize irrigation practices, enhance crop yield and quality, and promote sustainable farming practices are significantly fuelling the demand for smart water management in the agriculture sector. The main advantage of a smart water management system is that it helps to prevent overwatering or underwatering, resulting in healthier plants and higher yields. Hence, such factors are expected to drive the growth of the smart water management market size during the forecast period.
A key factor shaping the smart water management market growth is the smart water management using IoT. The use of the Internet of Things (IoT) in smart water management includes the integration of sensors, devices, data analytics, and connectivity to monitor and optimize the usage of water resources in various applications, including urban water supply, agriculture, and industry. In addition, several IoT-enabled sensors are deployed at different points within water distribution systems, including pipes, reservoirs, pumps, and meters.
Moreover, the main advantage of the deployment of these IoT-enabled sensors is that they collect data on parameters such as water flow, pressure, temperature, and water quality. Furthermore, these sensors can track other parameters such as pH, turbidity, dissolved oxygen, and contaminants. Hence, such factors are positively impacting the market which in turn will drive the growth of the smart water management market share during the forecast period.
High initial investment costs are one of the key challenges hindering the smart water management market growth. Several organizations and municipalities find it difficult to implement smart water management systems due to the high initial investment costs associated with them. This cost comprises different components, technologies, and considerations that add up to the overall expense. In addition, it requires upfront investments in hardware, sensors, software, and infrastructure.
Moreover, the high initial investment required for smart water management can be a significant barrier to several municipalities and organizations with a limited budget. Furthermore, as smart water management systems depend on a network of sensors, meters, and hardware to collect data, there is a high cost associated with the deployment of these components. Hence, such factors are negatively impacting the market which in turn will hinder the market growth during the forecast period.
The commercial and industrial segment is estimated to witness significant growth during the forecast period. One of the crucial aspects of maintaining public health is ensuring safe and clean water. Therefore there is an increasing adoption of smart water management solutions as they can continuously monitor water quality parameters, detect contamination, and trigger alerts when quality standards are compromised. Additionally, there is a growing awareness regarding the need for efficient and sustainable water usage which is fuelling the high demand for smart water management in industrial settings.
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The commercial and industrial segment was the largest segment and was valued at USD 6.16 billion in 2017. Industries consume huge volumes of water for different processes including fabricating, processing, washing, diluting, and cooling, therefore optimizing water management has become essential for both economic and environmental reasons. Thus, the adoption of smart water management solutions helps in precise monitoring, efficient distribution, and reduction of wastage, leading to improved resource utilization. Additionally, many strict regulations are enforced on several industries such as pharmaceuticals and F&B regarding water usage and discharge. Therefore, the deployment of smart water management enables industries to stay compliant by providing accurate data, monitoring, and reporting. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The growing importance of the solution segment will increase the market growth during the forecast period. There is an increase in demand for smart water management solutions as communities and industries recognize the importance of efficient and sustainable water usage. This solution segment utilizes several advanced technologies to monitor control, and optimize water resources, leading to improved water conservation, reduced costs, and better environmental outcomes. Thus such kind of monitoring of the smart water management solutions enables the quick identification of leaks, anomalies, and inefficiencies. Hence, such factors are expected to fuel the growth of the segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that is significantly contributing to the growth of the global smart water management market in North America is the increasing focus on sustainability, water conservation, regulatory compliance, and technological advancements.
Additionally, there is a growing concern regarding the environment among people in the region, leading both industries and communities to seek solutions that minimize their ecological footprint. Furthermore, the immense availability of technologies such as advanced sensors, IoT technology, data analytics, and cloud computing fuels the adoption of smart water solutions. In addition, there is an increasing concern among people regarding water-related issues which fuels the demand for smarter water management practices. Therefore factors such as f environmental awareness, technological innovation, and regulatory requirements drive the market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global smart water management market witnessed a significant slowdown due to the temporary closure of end-user industries in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of end-user industries activities. Such factors are expected to drive the market during the forecast period.
The smart water management market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Smart Water Management Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company offers smart water management solutions to automate, electrify, and digitize water and wastewater plants and infrastructure.
Aquamatix Ltd: The company offers smart water management such as WaterWorX Water Management which aims to ensure access to clean potable water to people in need.
Badger Meter Inc: The company offers smart water management solutions that combine measurement, communication, and data, empowering customers to be efficient, effective, and sustainable.
The research report also includes detailed analyses of the competitive landscape of the market and information about 16 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The smart water management market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Smart Water Management Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.97% |
Market growth 2023-2027 |
USD 14.48 billion |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
13.49 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 35% |
Key countries |
US, China, Japan, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Aquamatix Ltd., Badger Meter Inc., Cisco Systems Inc., General Electric Co., Honeywell International Inc., HydroPoint Data Systems Inc., International Business Machines Corp., Itron Inc., Landis Gyr AG, Oracle Corp., Schneider Electric SE, Siemens AG, SUEZ SA, and TAKADU LTD |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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