Global Industrial market was valued at US$ 8.83 Billion in 2016, according to report Global Smart Water Management Market, by Advanced Water Meters (Water Read Technology, Meter Type), by Service (Managed Services, Professional Services), by Solution (Advanced Analytics, Advanced Pressure Management, Network Monitoring, Residential Water Efficiency, Others), published by Coherent Market Insights. The Global Smart Water Management Market is expected to register a CAGR of 20.5% over the forecast period (2017-2025) to reach US$ 46.65 billion by 2025.
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The major drivers that are responsible for the growth of smart water management market are the innovation in the technology of water management. Technologies such as geographical information system (GIS), web-enable sensors and communication networks are used to obtain the information about the weather, soil moisture level, temperature and many other. Along with this smart metering technology helps business, water companies and individuals with information in real time about their own water use. This also helps to locate leakages, offering better control over water demand and creating awareness about the usage of water.
Some of the major factors that affect the growth of smart water management market include high initial investment cost, lack of expertise and low rate of returns.
Key Trends and Analysis of Smart Water Management Market:
On the basis of solution, SCADA Systems for Water and Wastewater Utilities segment held a dominant position in the global smart water management market. Supervisory Control and Data Acquisition (SCADA) for water and wastewater system is the emerging software technology which provides monitoring and distribution and collation and treatment facilities. Furthermore, it supervises the operations and manages the information generated throughout the water management process.
North America led the smart water management market and is expected to lead the market and valued at US$ 2.90 billion in 2016 and the region is projected to witness a CAGR of 19.3% in terms of revenue during the forecast period. Demand for sustainable energy management solutions such as Canadian Industry Program for Energy Conservation (CIPEC), which in involved in energy management capabilities in the companies, along with government regulations is the major reason promoting growth of smart water management market in North America.
Europe is a second largest market for smart water management. Major driver propelling the growth in this region is the EU directives on energy end use and energy services on the implementation of smart metering. Along with the high adoption of the technology such as advancement in water mapping and weather forecasting technology such as geographical information system (GIS) and satellite communication system, helps in analyzing environmental problems, identifying fresh water resources and building models for water management. European Space Agency provides the web-based interface for accessing and searching the data, satellite imagery, remote sensing and application, and services.
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Asia Pacific is the fastest growing market for smart water management market. Increasing privatization of industries such as waste water management industries and stringent government regulation, many countries in Asia Pacific are implementing the advanced water management technologies. Along with the development of smart cities projects in China and India, boosting demand for smart water management systems in the region. According to China-Britain Business Council (CBBC), there were 285 smart pilot cities as well as 41 special pilot projects that commenced in 2015.
Some of the major players in the smart water management market are General Electric, ABB Group, Itron, Schneider Electric, International Business Machines (IBM) Corporation, Sensus, Elster Group Se, and Siemens Ag.