Smart Water Management Market Expected to Reach $53.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Smart Water Management Market," The smart water management market was valued at $14.3 billion in 2021, and is estimated to reach $53.6 billion by 2031, growing at a CAGR of 14.2% from 2022 to 2031.

Smart water management is a smartly designed system to collect meaningful and actionable data on the pressure, flow, and distribution of a city’s water. In addition, the primary objective is to ensure that the infrastructure and energy used for transport of water are efficiently managed. Furthermore, it helps to minimize energy usage in pumping of water at water utilities, the cost of detection of leaks & theft, enhances customer engagement in water conservation. Additionally, increase in usage of supervisory control and data acquisition drives the growth of the smart water management market. In addition, rise in number of smart cities and increase in use of digital transformation technology is boosting the smart water management market size. However, lack of capital investments to install infrastructure and lack of digitally skilled workforce are expected to impede the smart water management market growth. Furthermore, increase in government initiatives to implement smart water management is expected to offer remunerative opportunities for expansion during the smart water management market forecast.

By end user, the smart water management market share was dominated by the large public sector due to how it helps in detection of leaks, conservation, and monitoring of water quality. However, residential is expected to witness growth at the highest rate during the forecast period due to increase in demand for advanced technology for operational efficiency and adoption of IoT technology, which can influence its market demand further.

On the basis of region, the smart water management market was dominated by North America in 2021 and is expected to retain its position during the forecast period owing to increased demand for sustainable energy solutions and strong government guidelines in various countries in the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the requirement to replace the old water infrastructure by deploying smart solutions for better water management.

With the rapid spread of COVID-19, majority of people faced sudden surges in demand for financial resources, owing to a sudden increase in panic among public, which eventually increased the high usage at a time. This successively augmented the demand for AI and advanced machine learning in smart metering to smoothly regulate the delay. Furthermore, various companies are collaborating with tech institutes to improve their digital capabilities. For instance, in October 2021, ABB Ltd partnered with DHI to develop a suite of digital solutions to enable faster and more accurate decision-making for water and wastewater utilities. These solutions is anticipated to empower customers in this segment to better control water availability and improve plant operational efficiency from both a process and energy optimization perspective. Thus, these are the factors that are driving the growth of the market during COVID-19 pandemic.

Moreover, with the enforcement of lockdown, the difficulty of companies calculating the usage increased owing to travel restrictions, which consecutively is driving the growth of Artificial Intelligence (AI) and big data analytics with other technologies. For instance, in February 2021, Honeywell launched the Honeywell E-Mon Class 6000 product range, a new generation of multi-protocol-capable energy meters to provide fast, accurate tenant billing or to optimize a building’s energy use. The initial offering, Honeywell E-Mon Class 6200 Pulse Meter, is a compact submeter that is versatile, field configurable, and reliable with revenue-grade accuracy for better cost distribution. Furthermore, these meters are easy to use, with an app-guided installation process, commissioning and troubleshooting, as well as built-in cybersecurity to protect against attacks. Thus, such developments are expected to drive the growth of the smart water management industry.

KEY FINDINGS OF THE STUDY

• On the basis of offering, the solution segment accounted for the largest share of smart water management market in 2021.
• By region, North America generated the highest revenue in 2021.
• According to end user, the public sector segment generated the highest revenue in 2021.

The key players profiled in the smart water management market analysis are ABB Ltd., Badger Meter, Honeywell International Inc., Hydropoint, IBM Corporation, Itron, Landis+Gyr, Neptune Technology, Oracle Corporation, Schneider Electric SE, Siemens AG, Suez, Takadu, Trimble Inc., and Xenius, Ayyeka, Ketos. These players have adopted various strategies to increase their market penetration and strengthen their position in the smart water management industry.