The Smart Water Management market will grow to US$21.2 billion by 2028, according to an exclusive report by Meticulous Research.
The report defines Smart water management as “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.”
It further explains that the smart water management’s growth is due to the following reasons: increasing demands for sustainable water solutions, compelling need to replace the existing water infrastructures, and increasing need for reducing water loss due to non-revenue water, coupled with the government push for more efficient and modernized water management, one aligns with the growing development in smart city initiatives.
Wealthy economies like Europe are projected to command the largest share of the global smart management market. However, the uptake of this technology will be slower in developing countries dues to limited resources, high initial investments, and low return on income.
The smart water management market is segmented into the following:
- automation solutions,
- user type, and
The component segment broadly consists of the hardware, software, and services segment. The growth of this market is due to the growing need to replace existing water distribution systems and associated infrastructures with modernized equipment and the increasing adoption of IoT-based devices for water management.
The automation solutions market covers water quality and quantity monitoring, which includes smart water meter applications. This market segment also covers asset management, advanced water treatment and automation, pressure control and leakage detection, analytics and data management, and other automation solutions.
User types refer to private companies that seek to improve their water supply resources and management and governments worldwide who are keen to improve water management for the local public.
A few players dominate the global smart water management market – companies from Switzerland, Israel, the UK, a few from the United States, France, and Germany.
The report’s projection of smart water management market growth is consistent with the demands for a better, modern, and more efficient water management system today and in the future.
The challenges of COVID-19, rapid urban growth, and climate change demands innovative approaches, proactive decisions, and efficiencies in water management.
Smart water management solutions are made possible by digital technology and high-technology solutions which can change conventional water and wastewater systems into instrumented, interconnected, and intelligent systems.
Replacements or upgrades of water infrastructures, the uptake of new assets, and equipment for smart water management systems will require infrastructure asset management to ensure sufficient maintenance of these assets and infrastructure going in the future.
Installation of smart water management systems also requires the long-term management of this infrastructure to ensure reliability, accuracy, and replacement when required.