PUBLISHER: The Business Research Company | PRODUCT CODE: 1246059
PUBLISHER: The Business Research Company | PRODUCT CODE: 1246059
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“Smart Water Management Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart water management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart water management? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The smart water management market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the smart water management market are: Honeywell International Inc., Siemens AG, ABB Ltd., IBM Corporation, Itron, Schneider Electric SE, SUEZ Group, Sensus, Trimble Water, Elentec, HydroPoint Data Systems, TaKaDu, AquamatiX, Nalco Water India Ltd., and Xenius.
The global smart water management market grew from $13.01 billion in 2022 to $15.14 billion in 2023 at a compound annual growth rate (CAGR) of 16.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The smart water management market is expected to grow to $26.02 billion in 2027 at a CAGR of 14.5%.
The smart water management market includes revenues earned by providing smart water management systems, pressure management, better leakage techniques for water networks, smart network operations and water cycle maintenance, smart water meter technologies, and smart water quality monitoring. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Smart water management refers to the integration of systems and methods for monitoring, controlling, and regulating the usage and quality of water resources, as well as the maintenance of connected equipment.
North America was the largest region in the smart management water market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart water management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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 network and is used in various sectors such as residential, commercial, industrial.
Increasing 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.
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 September 2020, Syrinix, a UK-based utility company and TaKaDu, an Israel-based water management company announced a partnership to merge their two top technologies to deliver a broader smart water solution for water utilities. Working together, the companies aimed to save money and improve utility network operations. Additionally, 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.
In June 2021, Mueller Water Products, Inc., a US-based manufacturer of fire hydrants, gate valves, and other water infrastructure products, acquired I20 Water Solutions Ltd for an amount of $20 million. Mueller's ability to speed its software solutions has been enhanced by the acquisition of i2O Water. Mueller's digital services platform, SentryxTM, and existing Mueller technology-enabled products for metering, leak detection, pipe condition assessment, and water quality are all enhanced by i2O's intelligent network solutions. i20 Water Ltd is a UK-based company that provides smart pressure water management solutions.
The countries covered in the smart water management market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The smart water management research report is one of a series of new reports from The Business Research Company that provides smart water management statistics, including smart water management industry global market size, regional shares, competitors with smart water management share, detailed smart water management segments, market trends and opportunities, and any further data you may need to thrive in the smart water management industry. This smart water management research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.