Press release
Smart Water Management Market: Soaring Demand and Growth Analysis for 2024-2029
Unraveling the Manifest Growth of Global Smart Water Management MarketWhat Is The Projected Market Size Of The Global Smart Water Management Market And Its Growth Rate?
The smart water management market is displaying accelerated expansion driven by factors such as increasing urbanization, and public demand for efficient water management.
•2024 Market Size: $20.85 billion
•2025 Market Size: $25.24 billion (CAGR 21.1%)
•2029 Market Size: $56.22 billion (CAGR 22.2%)
Key factors attributing to this growth are aging water infrastructure, increased awareness about water wastage, and future growth can be attributed to growing smart city initiatives, funding and incentives, rising concern over climate change, and advancements in technologies like AI, Internet of Things, Augmented Reality, Virtual Reality, cloud-based solutions, and remote sensing and satellite technology.
What Is Driving The Growth In The Smart Water Management Market?
The escalating global population and the correlated clean water demand surge are paving the path for smart water management market growth. Both industrial and domestic sectors are posed to exhibit increased water demand with population expansion. Smart water management systems can expedite response plans through crucial area identification and tailoring prioritized interventions, which will consequently improve clean water access in urban, peri-urban, and rural areas. Reports forecast the world's population to reach an estimated 8.6 billion by 2030 and 9.8 billion by 2050. Adding to this, global water demand is projected to increment 1% yearly, resulting in a 20 to 30% increase by 2050, which can be ascribed to a rise in demand from domestic and industrial sectors.
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Who Are the Key Players Driving Smart Water Management Market Growth?
Prominent organizations 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.
What Are The Key Trends In The Smart Water Management Market?
Dominant trends in the smart water management market are:
•Application of tools like artificial intelligence (AI) and machine learning.
•Integration of internet of things (IoT) and connectivity.
•A dive into augmented reality (AR) and virtual reality (VR).
•Adoption of cloud-based solutions.
•Inclusion of remote sensing and satellite technology.
What Are The Segments Of The Global Smart Water Management Market?
The smart water management market has been segmented into various offerings, product types, and end user categories:
1) By Offering: Water Meters, Solutions, Services.
2) By Product Type: Advanced Water Meters, Meter Read Technology, Cellular Network.
3) By End User: Residential, Commercial, Industrial.
Which Region Leads The Smart Water Management Market?
North America held the foremost position in the smart water management market in 2024. However, during the forecast period, Asia-Pacific is anticipated to emerge as the fastest-growing region. The regions included in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Smart Water Management Market Global Market Report?
- Market Size Analysis: Analyze the Smart Water Management Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Smart Water Management Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Smart Water Management Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Smart Water Management Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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