The global smart water management market is expected to reach USD 18.35 billion in 2024 and USD 31.20 billion by 2029, growing at a CAGR of 11.2% during the forecast period.
Concerns about water shortages and growing awareness about depleting water reserves worldwide have led the governments of many countries to invest in Smart Water Management techniques. Several organizations and international campaigns have been focusing on educating and informing people about the need to conserve water, leading to many water management techniques being applied at the ground level.
The high cost of many of these equipment(s) is the biggest constraint of the market. Lack of expertise and talent availability in this field is another major constraint.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
11.2% |
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Segments Covered |
By Advanced Water Meters, Solutions, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
ABB Group (Switzerland), IBM Corporation (U.S.), General Electric (U.S.), Itron (U.S.), Schneider Electric (France) and other market players |
Based on the Solution, the SCADA system segment is projected to be the leading segment throughout the forecast period. SCADA solution aims to reduce energy costs in pumping water through the distribution network and streamline water utility operations and wastewater utility infrastructure. Due to these factors, SCADA has become the top choice in the market.
North America has the largest market share of the Smart Water Management market as of 2018 and is projected to remain in the top spot during all of the forecast periods. Development & adoption of innovative technologies, apart from being the R&D hub of Smart Water Management, are driving the growth of North America's Smart Water Management market. Europe has the second largest market share, followed closely by the Asia-Pacific (APAC) region. South America is the fastest-growing market for Smart Water Management, mainly due to the government efforts of Brazil and Argentina.
Asia-Pacific is the second fastest-growing market for Smart Water Management. The growth of the market across the Asia-Pacific region is primarily driven by the recent water crisis in India and China, a huge population coupled with the rise in the standard of living, which has forced the Government to adopt the Smart Water Management Market. Several international organizations have also invested in the APAC region to make their mark in the global domain.
The major market players in the Smart Water Management market include:
By Advanced Water Meters
By Solution
By Region
Frequently Asked Questions
Advancements such as IoT-enabled sensors, data analytics, artificial intelligence, and remote monitoring systems are crucial in enhancing the efficiency and effectiveness of smart water management solutions on a global scale.
AI and machine learning algorithms enable predictive analytics for better water usage forecasting, early detection of system anomalies, and optimization of water distribution networks, thereby improving overall operational efficiency and reducing costs on a global scale.
Smart metering technologies facilitate accurate consumption monitoring, billing automation, and customer engagement, leading to improved revenue management, operational efficiency, and enhanced customer service for water utilities worldwide.
Future trends such as the integration of blockchain technology for secure data management, adoption of edge computing for real-time analytics, and expansion of smart irrigation systems in agriculture are expected to drive innovation and growth in the global smart water management market.
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