World Smart Water Management Market Share Will Surpass USD 31.73 Billion By 2030, at 10.3% CAGR

According to the research report, the global smart water management market was valued at USD 13.73 billion in 2021 and is expected to reach USD 31.73 Billion By 2030, growing at a CAGR of 10.3% during the forecast period.

There is an increasing demand for perceptive ways to handle natural resources, particularly as cities become more intelligent. The surge in the global population and urbanization are two prominent donors to the considerable imbalance between demand and supply of water resources. Further, worsening water infrastructure is causing stress on the global water supply. For these reasons, smart water management has become a crucial requirement.

Smart water management is crafted to accumulate meaningful and functional data on a city's water pressure, flow, and distribution. Its main objective is to guarantee that the energy infrastructure to transport water is handled efficiently. Some of the critical characteristics of water management involve smart leakage techniques, pressure management, maintenance of water cycle, smart network operations, smart water meter technology, and smart water quality monitoring.

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High maintenance costs are compelling for revamping smart water management
The infrastructure of water involves systems that are mechanized for water treatment, storage, supply, water resource management, and flood prevention. These systems have been functioning for many years and are currently being prodded by increasing demands. Therefore, continual repairing, attention, and maintenance are required to level the process of water supply. Additionally, these old structures sustain maintenance costs that are high while at the same time diminishing their advantages. To confront these issues, water managers in distinct parts of the world have begun adopting smart ways to handle water, lessen maintenance costs, and offer an excellent experience to consumers.

Various cities have water infrastructure aged around 100 years old. The structure and materials utilized in piping systems are outpacing or reaching the end of their life expectancy. Additionally, some water systems are still consolidated with wooden storage tanks and asbestos cement pipes, which debunk the acceptability mark on the latest systems. Therefore, the an increasing requirement to restore prevalent water infrastructures with smart water management solutions. These factors if prominently driving the market at a global level.

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The Asia Pacific is emerging as the fastest-growing fastest-growing regional market
The Asia Pacific is anticipated to observe speedy growth in the forecast period. The fast development of this region is because of increasing initiatives by the government and the disbursement of adopting smart solutions for public water distribution systems to offer a water supply that is seamless. Also, the growing requirement to reinstate the ancient water infrastructure is anticipated to sanction water managers in this region to position smart solutions by reinstating the prevailing systems for efficient water management.

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Deployment of advanced infrastructure driving the smart water management market

Depending on the end-user, the commercial segment is anticipated to dominate the market owing to substantial investments executed by private companies to enhance their water supply resources by deploying progressive infrastructure of water management. But the governments globally are considerably working on refining water management for the consumers.

Covid-19 impact

During the covid-19 pandemic, municipalities were globally agonized due to losing funds. These losses are driving the water sector's digitalization. The new project at Duke University, the internet of water, connects the United States communities into a national framework of users, producers, and hubs to commission to normalize water usage know-how and contemporary technologies to fabricate a modern water data infrastructure.

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Key players

Some of the major players operating in the global market include ABB, General Electric, Itron, Neptune Technology Group, IBM Corporation, SAP SE, Schneider Electric, Elster Group SE, SENSUS USA INC, Global Water Management, Radius Synergies International Pvt Ltd, Trimble Water, TaKaDu, Siemens, Oracle Corporation, i2O Water Ltd, SenzIoT, SUEZ among others.

Recent developments

• In October 2021, ABB endorsed the partnership agreement with a Danish water environment expert to collectively create the next generation of smart water solutions to inspire more observant water usage. These solutions will warrant clients in this market to better regulate the availability of water to escalate plant water functionality in both energy and process optimization.

• In June 2021, Muller Water Products Inc. announced that it had gained i2O Water Ltd. around USD 20 million in cash. The acquisition will give the i2O approach more crucial financial resources to assist it initiates its products and solutions in North America with minimal presence of i2O.

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