Mordor IntelligenceSignificant initiatives to develop smart water systems are evident in the Asian areas, like Malaysia, Vietnam, and Thailand, among others, indicating the scope for the growth of the market. Japan, which has relatively lower non-revenue water (NRW) has been investing in water management infrastructure. With the aid of its Japan Water Research Center (JWRC), Japan has planned to achieve a 100% smart water meter rollout by 2025.Smart Water Management Market Overview
The global smart water management market is expected to register a CAGR of approximately 12.5% over the forecast period (2021 - 2026). The worldwide demand for water, as a result of the growing population, increasing urbanization, and the need to address the cost implications of maintaining an aging infrastructure, is among the major driving factors for the growth of the smart water management market. The growth of IoT, smart cities across various locations are expected to promote the growth of the market. Technological advancements related to smart meters and their integration with communication solutions (SCADA, GIS, etc.) have transformed water management systems to address the challenges faced by water utilities, residents, and industries erroneous billing and water management.
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Smart Water Management Market - Geographical Overview
The Asia Pacific region is expected to register the fastest growth
The region comprises countries with substantial non-revenue water (NRW) losses, like India (with almost 60% of revenue losses from the total water distributed) and Singapore. Such figures signify the need for water management and indicate the potential for market growth in the region. Significant initiatives to develop smart water systems are evident in Asian countries, like Malaysia, Vietnam, and Thailand, among others, indicating the scope for the growth of the market. The rising number of smart cities in the region is expected to create substantial business opportunities for smart water management solution providers.
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Key Highlights of the Smart Water Management Market
- The smart water management market is quite fragmented as the market comprises several global players and emerging new players vying for attention in a fairly contested market space. Owing to the emergence of new startups in IoT and AI-based offerings, the market is witnessing intensifying competitive rivalry, which is expected to increase during the forecast period. Some of the significant companies include IBM, Siemens, Schneider Electric, Honeywell, etc.
- As customers in the residential applications are becoming increasingly aware of the benefits of smart water management solutions, in terms of reduced water wastage, the demand for such solutions for home and building automation is expected to increase over the forecast period. For instance, in July 2021, RealPage Inc., a global provider of real estate software and data analytics, has launched Smart Water, the first multifamily solution to use submeter technology, to drastically lower the cost of water management for both residential units and common areas.
Recent Developments in the Smart Water Management Market
- June 2021 - Mueller Water Products, Inc. announced the acquisition of i2O Water Ltd. to enhance its ability to accelerate its software offerings. Additionally, Mueller plans to introduce i2O’s products and solutions in North America, where i2O currently has no presence.
- March 2021 - SUEZ and Schneider Electric established a joint venture to strengthen their position in developing innovative digital water solutions. This joint venture would support municipal water operators and industrial players in accelerating their digital transformations by providing a unique range of software solutions for planning, maintenance, operation, and optimization of water treatment infrastructure.
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List of Key Players in the Smart Water Management Market
- ABB Ltd
- IBM Corporation
- Suez group
- Honeywell International Inc
- Schneider Electric (+ Aveva)
- Siemens AG
- Utility Systems (Micro Mega Holdings Limited)
- Hitachi Ltd
- Arad Group
- TaKaDu Limited
- Sensus Inc. (Xylem Inc.)
- Itron Inc.
- i2O Water Ltd
- Huawei Technologies Co. Ltd
- Esri Geographic Information System Company
*List Not Exhaustive
Mordor Intelligence has segmented the global smart water management market on the basis of type, end-user industry, and geography:
- Type (Market Size & Forecast based on Revenue (USD million), 2019-2026)
- Solution
- Asset Management
- Distribution Network Monitoring
- Supervisory Control and Data Acquisition (SCADA)
- Meter Data Management (MDM)
- Analytics
- Other Solutions
- Service
- Managed Services
- Professional Services
- End-user Vertical (Market Size & Forecast based on Revenue (USD million), 2019-2026)
- Residential
- Commercial
- Industrial
- Geography (Market Size & Forecast based on Volume (million liters), 2016-2026)
- Asia-Pacific
- North America
- Europe
- South America
- Middle-East and Africa
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