Smart Water Management Market by Component, Automation Solution (Water Quality & Quantity Monitoring, Water Treatment & Automation, Pressure Control & Leakage Detection, Analytics & Data Management), User Type, and Region – Global Forecast to 2028
Redding, California, Sept. 28, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Smart Water Management Market by Component, Automation Solutions (Water Quality & Quantity Monitoring, Water Treatment & Automation, Pressure Control & Leakage Detection, Analytics & Data Management), User Type, and Region – Global Forecast to 2028”, published by Meticulous Research®, the smart water management market is expected to grow at a CAGR of 12.7% from 2021 to 2028 to reach $21.2 billion by 2028.
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Smart water management refers to a system that provides a more efficient and resilient water supply system, improving sustainability and reducing costs. These systems are capable of providing accurate and real-time data that enable systematic and informed decision-making compared to ad-hoc decision-making by the water managers. The smart water management market is primarily driven by the growing demand for sustainable water solutions, compelling need to replace the existing water infrastructures, and increasing need for reducing water loss due to non-revenue water. Additionally, progressive government initiatives to implement smart water management and growing developments in smart city initiatives are expected to offer abundant opportunities to the stakeholders in this market during the forecast period. However, limited resources to implement modernized solutions, particularly in developing nations, high initial investment, and low return on income are some of the key factors causing hindrances to the market growth.
Impact of COVID-19 on the smart water management market
The market for smart water management is projected to witness slow recovery post the COVID-19 pandemic. The combat measures, including lockdowns and quarantine to fight COVID-19, have stopped physical access of the companies to operate with the existing resources. Thus, the commercial segment that includes private companies and industries limited their water usage and postponed their investments for the development of smart water management projects. The governments across the world prioritized the water needs of households over the industries, which triggered the share of the non-commercial segment to some extent.
Moreover, amidst the COVID-19 pandemic, developed countries like the U.S. faced a financial impact with almost a 16.9% decline in the revenue generated by the water industry due to water utilities eliminating shut-offs for non-payment, reductions in non-commercial water demands, and lower customer growth. This impact is expected to delay and reduce capital expenditures on new projects to help manage cash-flows due to the crisis. Thus, by considering several insights across the world, this market is projected to witness a slow recovery in the forecast period.
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The overall smart water management market is segmented on the basis of component, automation solutions, user type, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the overall smart water management market is broadly classified into hardware, software, and services segment. In 2021, the hardware segment is expected to account for the largest share of the market. The growing need to replace the existing water distribution systems and associated infrastructures with modernized equipment, and increasing adoption of IoT based devices for water management are the key factors triggering the segment growth. The software component is consistently engaged with experimentation and innovation, which enables it with the incorporation of new technologies that solve user problems effectively. This factor is majorly driving the growth of this segment and is also expected to grow with the highest growth rate in the forecast period.
Based on automation solution, in 2021, the water quality and quantity monitoring segment is estimated to command the largest share of the overall smart water management market. The large share of this segment is mainly attributed to the increasing adoption of smart water meters that detect and help prevent water loss due to excessive leakages caused while water transmission. Besides, the asset management segment is poised to grow with the fastest CAGR over the coming years and offer significant opportunities to the marketers owing to the growing need to replace age-old infrastructure with modernized equipment, which would require sufficient maintenance in the future.
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Based on the automation solution, the smart water management market is broadly segmented into water quality & quantity monitoring, asset management, advanced water treatment & automation, pressure control & leakage detection, analytics & data management, and other automation solutions. In 2021, the smart water management for water quality and quantity monitoring segment is expected to account for the largest market share. The large share of this segment is attributed to the heavy investments carried out by the private companies to improve their water supply resources by deploying advanced water distribution systems for effective water management. However, as governments all over the world are keenly working on improving the water management for the local public, the non-commercial segment is expected to witness greater opportunities during the forecast period.
Geographically, Europe is estimated to command the largest share of the global smart water management market in 2021. However, Asia-Pacific region is expected to witness rapid growth during the forecast period, driven by the factors such as increasing adoption of IoT devices which are available at affordable prices for water management, growing spending capacity of companies on water-based services, and the emergence of start-ups offering innovative solutions at reasonable prices.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past three to four years. The global smart water management market is consolidated and dominated by few major players, namely ABB (Switzerland), Arad Group (Israel), AquamatiX (UK), Badger Meter (US), HydroPoint (US), IBM Corporation (US), i2O (UK), Itron (US), Oracle Corporation (US), Schneider Electric SE (France), Siemens AG (Germany), Trimble Water (US), and General Electric (U.S.) among others.
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Scope of the Report:
Smart Water Management Market, by Component
AMR & AMI meters
Integration and deployment
Support and maintenance
Smart Water Management Market, by Automation Solution
Water quality & quantity monitoring
Advanced water treatment & automation
Pressure control & leakage detection
Analytics & data management
Smart Water Management Market, by User Type
Smart Water Management Market, by Geography
Rest of Europe
Rest of Asia-Pacific
Rest of Latin America
The Middle East and Africa
Rest of MEA
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