Dublin, Dec. 06, 2021 (GLOBE NEWSWIRE) -- The "Global Smart Water Management Market Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Smart water management Market size to grow from USD 13.8 Billion in 2021 to USD 22.4 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period.
The presence of various key players in the ecosystem has led to competitive and diverse market. The growth of the SWM market is expected to gain traction in the next five years, which can be attributed to factors, such as rapid urbanization generating enormous pressure on water utilities for quality and continuous water supply and related services; rapid adoption of advanced technologies for innovating smart solutions to cater to the growing water industry challenges; rising concern for sustainable living leading to the development of regulations and laws by governments across the globe to reduce water consumption; and developing water treatment solutions.
Developed economies across the globe are facing a major challenge in the form of aging infrastructure, which generates a huge demand for its replacement with smart water infrastructure solutions, offering precise control over water resources through real-time data.
The solution segment to record a larger market share during the forecast period
In the smart water management market by offering the solutions segment is expected to record a larger market share during the forecast period With technology becoming more advanced with time, water utilities are adopting smart solutions to integrate various business processes, accelerating them toward growth. Integrating various advanced technologies with the existing operations helps them increase the operational efficiency of the entire water network even with low infrastructure investment.
These technologies and smart infrastructure are used to develop innovative solutions for customers in the smart water industry. During the forecast period, the adoption of smart solutions fare is expected to surge due to the rising awareness about the quality of water, scarcity of natural freshwater resources, rising consumer demands, and technological advancements.
Residential segment is expected to have a higher growth rate during the forecast period
By end-user the residential segment is expected to have the highest growth rate during the forecast period. The demand for freshwater in residential areas has shown unprecedented growth due to the world's growing urban population, changing lifestyles, and eating habits leading to higher water consumption. The increase in water consumption is more pronounced in urban settings with high population density with the presence of production industries that contribute toward major water consumption.
The rising demand for quality water services is expected to propel the demand for SWM solutions in residential areas. The solutions for SWM in residential areas are more focused on supplying quality water to the consumers, as water and sanitation access rates are higher in residential areas, leading to the rising demand for improved city planning and infrastructure with an efficient water supply and drainage system. In residential areas, the demand for quality water and improved sanitation services is rising due to concerns, such as poor health conditions resulting from contaminated water consumption.
Key Topics Covered:
The Increasing Need for Insightful Approaches to Oversee Natural Water Resources with Urban Areas Becoming Increasingly Smarter and Technologically Advanced
Need for a Significant Reduction in Loss due to Non-revenue Water
Stringent Regulatory and Sustainability Mandates Concerning the Environment
Rising Need to Replace the Aging Water Infrastructure
Lack of Digitally Skilled Workforce
Reduced Shelf-Life of Smart Meters
Increasing Role of Smart Water Management in the Smart City Revolution
Government Initiatives and Regulatory Implementations for Promoting SWM Solutions
Difficulty in Technology Implementation Over the Legacy Infrastructure
High Initial Investments and Lower Return on Investment
For more information about this report visit https://www.researchandmarkets.com/r/m9x27d
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