Rising Demand Drives Water Leak Sensors Market: CAGR of 6.9% and US$ 3,462.4 Million Forecast by 2032

The Water Leak Sensors Market is poised to witness substantial growth, driven by key factors such as the proliferation of Internet of Things (IoT) technology, the integration of artificial intelligence (AI), the utilization of cloud or edge-based services, and the increasing adoption of smart homes. These factors are expected to significantly boost the demand for water leak sensors.

The market for water leak sensors is projected to grow at a CAGR of 6.9 percent over the forecast period, from US$ 1,777.6 Million in 2022 to US$ 3,462.4 Million in 2032.

It is anticipated that the Internet of Things (IoT), artificial intelligence (AI), cloud or edge-based services, and the growing use of smart homes will be the main factors driving the sales of water leak sensors. The development of the market, however, is likely to be constrained by inefficient water systems and a lack of knowledge regarding the importance of water leak sensors.

Instead, companies are enhancing their research and development (R&D) initiatives in an effort to look into novel applications and develop lucrative market opportunities.

In developed nations like the U.S., the U.K., etc., the intricate water infrastructure can withstand pipe corrosion, breakage, or formation due to ageing. The need for water leak sensors to be used grows as a result. Furthermore, the market trends are likely to grow as a result of advancements and innovation in leak detection technology.

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The market is anticipated to grow as a result of several infrastructure renovations, new residential and non-residential construction projects, and other factors. The market's numerous established and up-and-coming players help to fuel the expanding demand.

Connected systems are expected to contribute significantly to the projects' sustainability goals and rank among the most crucial elements of smart water management software. This broadens the appeal and use of water leak detectors.

Market participants of the water leak sensors:

• RLE Technologies
• Yash Global Electronics Security Solution Private Limited
• Leaksense Company Limited
• Honeywell International Inc.
• PA Vision Sdn Bhd
• Honeywell International
• Vivint Inc.
• Samsung Electronics
• Glentronics, Inc.
• SimpliSafe
• Fibar Group
• D-Link Corporation
• Insteon, Inc.
• SDI Technologies Inc. (iHome)

Some of the recent developments in the Water Leak Sensors market are:

• In October 2021, ABB collaborated with a Danish water environment specialist to develop the next generation of smart water solutions that encourage more careful water use. With this, client will be able to better control water availability and boost plant operational efficiency in both process and energy optimization with these technologies.

• In 2020, Primayer announced its support to Beacon Project in Nepal which aims to bring decent toilets, clean water, and good hygiene to people residing in Lahan, in Southeast Nepal.

• In 2019, Gutermann AG launched the world's first Zonescan NB-IoT leak logger for permanent monitoring of water distribution mains, which is a fully correlating system that can identify quiet leaks.

• In December 2021, ABB launched an electromagnetic flowmeter with bidirectional communication to power intelligent water loss management. The AquaMaster 4 Mobile Communication units can communicate through 4G-LTE and NB-IoT networks, allowing plant engineers to stay up to date on the status of the water systems.

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Key Segments Profiled In The Water Leak Sensors Market Survey

By Test Type:
• Electroretinogram (ERG)
• Multifocal Electroretinogram (mfERG)
• Electro-Oculogram (EOG)
• Visual-Evoked Responses (VER)

By Modality:
• Fixed
• Portable

By End User:
• Hospitals
• Clinics
• Ambulatory Surgical Centers
• Diagnostic Imaging Centers

By Region:
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

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This release was published on openPR.