Press release
Analysis of Key Market Segments Driving the Smart Water Management Market
Smart Water Management Market
Projected Expansion and Market Value of the Smart Water Management Sector
The smart water management market is anticipated to grow significantly over the coming years, reaching a value of $40.67 billion by 2030. This growth reflects a strong compound annual growth rate (CAGR) of 15.3%. Factors contributing to this expansion include rising worries about water shortages, the effects of climate variability, initiatives promoting smart city development, increasing demand for real-time water monitoring, and greater adoption of digital utility platforms. Key trends expected to influence the market include the rollout of smart water metering systems, broadening programs for leak detection and loss reduction, enhanced use of data-driven water usa*ge analytics, integration of remote monitoring and control technologies, and heightened attention to water quality and regulatory compliance.
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Key Players Leading the Smart Water Management Market
Several prominent companies hold leadership positions in the smart water management sector. These include Honeywell International Inc., Siemens Aktiengesellschaft, ABB Ltd., International Business Machines Corporation, Itron Inc., Schneider Electric SE, SUEZ Group SA, Sensus USA Inc., HydroPoint Data Systems Inc., TaKaDu Ltd., AquamatiX Limited, Xylem Inc., Badger Meter Inc., 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., and Utilis Corp.
Strategic Moves by ABB Ltd. to Strengthen Market Position
In January 2024, ABB Ltd., a global leader in automation and electrification technologies based in Switzerland, acquired Realtech, though the financial terms of the deal were not disclosed. This acquisition is intended to enhance ABB's smart water management offerings by incorporating sophisticated optical sensor technology alongside artificial intelligence-driven data analytics. These enhancements aim to improve the monitoring of water quality in real time and support global sustainability efforts.
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Emerging Technologies and Innovations Shaping the Smart Water Management Industry
Industry leaders are increasingly investing in cutting-edge technologies like hybrid cloud computing and artificial intelligence to improve scalability and project outcomes, especially for vulnerable populations facing environmental risks. Hybrid cloud represents a computing system that blends on-site infrastructure with public and private cloud services, providing the flexibility and expansion needed for large-scale water management initiatives. Artificial intelligence, by mimicking human cognitive functions, enables machines to learn, reason, and make informed decisions based on data.
Focus on Vulnerable Populations Through Smart Technologies
An example of this innovative drive occurred in March 2023 when the US-based International Business Machines Corporation (IBM) launched a Request for Proposals (RFP) aimed at accelerating global water management solutions tailored for populations most susceptible to environmental threats. The initiative emphasizes incorporating smart technologies such as the Internet of Things (IoT) and AI to monitor and optimize water resource use, thereby boosting resilience in regions affected by climate change and other pressures.
Detailed Segmentation of the Smart Water Management Market
This report breaks down the smart water management market into key segments for a comprehensive understanding:
By Offering:
- Water Meters
- Solutions
- Services
By Product Type:
- Advanced Water Meters
- Meter Read Technology
- Cellular Network
By End User:
- Residential
- Commercial
- Industrial
Further subsegments include:
Water Meters: smart water meters, wireless water meters, multi-jet and single-jet meters.
Solutions: water quality monitoring solutions, leak detection solutions, smart irrigation systems, water usa*ge analytics and management solutions.
Services: installation and integration services, maintenance and support services, consulting services for water management, and data management and analysis services.
This detailed classification highlights the diverse range of products and services that drive growth and innovation in the smart water management market.
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