Press release
Smart Water Management Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Honeywell International Inc., Siemens Aktiengesellschaft, ABB Ltd., International Business Machines Corporation
Smart Water Management Market Size
The Business Research Company offers in-depth market insights through Smart Water Management Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The smart water management market size has grown rapidly in recent years. It will grow from $15.13 billion in 2023 to $17.51 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to aging water infrastructure, increased awareness and public demand for efficient water management, increased urbanization and smart city initiatives, rising demand for a significant reduction in loss due to nonrevenue water, increased awareness about water wastage.
The smart water management market size is expected to see rapid growth in the next few years. It will grow to $31.02 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to growing investment in smart cities, increasing adoption of smart water management systems, funding and incentives, climate change impact, remote monitoring and control. Major trends in the forecast period include artificial intelligence (AI) and machine learning (ml), internet of things (iota) and connectivity, augmented reality (AR) and virtual reality (VR), cloud-based solutions, remote sensing and satellite technology.
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Market Segmentation:
The main types of offerings in smart water management are water meters, solutions, and services. Smart water management solutions include enterprise asset management, network monitoring, advanced pressure management, supervisory control and data acquisition, advanced analytics, and others. The different types of products include advanced water meters, meter reading technology, cellular networks, and is used in various sectors such as residential, commercial, and industrial.
Major Driver - Rising Global Population Drives Demand For Smart Water Management Solutions
The increase in demand for clean water due to the increasing global population is likely to drive the growth of the smart water management market. As the population grows, there will be greater demand for water for domestic, industrial, agricultural, and municipal purposes. The importance of clean water for health, food and nutrition security has been highlighted during COVID-19. Smart water management systems can help to accelerate response plans by identifying vulnerable food value chains, including market locations, and critical areas, and designing tailored and prioritized interventions to improve access to clean water in urban, peri-urban, and rural areas. For instance, according to IntechOpen, a UK-based publisher of open books and journals report, the world's population is expected to reach 8.6 billion by 2030 and 9.8 billion by 2050. Further, as per UN World Water Development Report, global water demand is expected to grow 1% every year, accounting for an increase of 20 to 30% by the end of 2050, attributing to rising demand from domestic and industrial sectors.
Competitive Landscape:
Major companies operating in the smart water management market include Honeywell International Inc., Siemens Aktiengesellschaft, ABB Ltd., International Business Machines Corporation., Itron Inc., Schneider Electric SE, SUEZ Group SA, Sensus USA Inc., Trimble Inc., Elentec Co. Ltd., HydroPoint Data Systems Inc., TaKaDu Ltd., AquamatiX Limited, Nalco Water India Limited, Xenius GmbH, Xylem Inc., Badger Meter Inc., A. O. Smith Corporation, Aclara Technologies LLC, IDEX Corporation, Mueller Water Products Inc., Kamstrup A/S, Elster Group SE, Landis+Gyr Group AG, Echologics Engineering Inc., Neptune Technology Group Inc., Innovyze Inc., Aquatic Informatics Inc., Syrinix Ltd., Zenner International GmbH & Co. KG, WaterSmart Software Inc., Utilis Corp.
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Top Trend - Strategic Collaborations Reshaping The Smart Water Management Market
Strategic collaborations among the companies are shaping the smart water management market. Companies in the smart water management market are undergoing partnerships to develop advanced solutions for their customer. For instance, in May 2021, Grundfos, a Denmark-based provider of pumps and water solutions, and Baseform, a Portugal-based technology leader in online software for water utilities, have announced a strategic partnership to provide powerful digital services to all water utilities around the world. The Grundfos worldwide value offering has been expanded to service the water digital market with Grundfos Utility Analytics, a cutting-edge artificial intelligence (AI), machine-learning utility management solution provided by Baseform.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Water Management Market Characteristics
3. Smart Water Management Market Trends And Strategies
4. Smart Water Management Market - Macro Economic Scenario
5. Smart Water Management Market Size And Growth
…..
27. Smart Water Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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