Global Trends in Smart Water Management System Market to Gain USD 31.6 Billion By 2024
Global smart water management system market was valued at approximately USD 9.6 billion in 2017 and is expected to generate revenue of around USD 31.6 billion by the end of 2024, growing at a CAGR of around 18.5% between 2018 and 2024.
23 July, New York -- According to the recent report published by research firm Zion Market Research, global smart water management system market was valued at approximately USD 9.6 billion in 2017 and is expected to generate revenue of around USD 31.6 billion by the end of 2024, growing at a CAGR of around 18.5% between 2018 and 2024.
Smart water management systems are experiencing rapid technological advancements. Increasing adoption rate of information and communication technologies (ICT) and real-time data generation by water and wastewater management industries to improve process transformation are expected to drive the smart water management market growth over the forecast period. Smart water management system is mostly focusing on advanced information technologies to decrease expenses, loss of water, and carbon footprint, in order to increase management and operational efficiency. Furthermore, development of smart irrigation practices would increase the demand for smart water management in the coming years. Implementation of smart monitoring technologies, Internet of Things based technology which is used to examine water treatment system and control water management in terms of real-time is further expected to drive industry growth over the forecast period.
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Increasing scarcity of water coupled with rising demand for water conservation across the world is expected to drive the smart water management market growth over the forecast period. Numerous organizations and governments across the world are taking initiatives to meet the rising demand for water. Moreover, regulatory bodies are implementing smart water technologies for the efficient management of distribution channels, updating water management solutions, decreasing the cost of maintenance, increasing awareness among people regarding conservation of water, and are reducing non-revenue losses of water which is taking place due to thefts and leakage of water. Such factors are anticipated to drive the smart water management market growth over the forecast timeframe.
Some of the industry players operating in smart water management market include Aclara, Mueller, Neptune Technology Group, Arad Technologies/Master Meter, Sensus, Airborne Underwater Geophysical Signals, Schneider Electric, Global Water Resources, Cambrian Innovation, Arcadis, and Oracle.
The smart water management market is segmented on the basis of product into the cellular network, advanced water meters, and meter read technology. Advanced water meters are further divided into Advanced Metering Infrastructure (AMI) and Automated Metering Reading (AMR). Advanced Metering Infrastructure (AMI) is expected to contribute for major revenue in 2017, owing to the operational benefits such as accuracy in meter reading, detection of energy theft and response to power outages along with security and financial advantages.
Based on the solution, the smart water management market has been segmented into advanced pressure management, SCADA systems, data management system, residential water efficiency, advanced analytics. Supervisory Control and Data Acquisition (SCADA) systems are expected to account for highest revenue share in smart water management in 2017. SCADA program is particularly designed to provide remote alert function, real-time historical database, alarm management, optimization and notification with open integration platform and powerful Human Machine Interface (HMI). Such characteristics of SCADA systems are expected to drive segment growth in the future.
Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa are the major regional segments of the global smart water management market. North America is expected to account for major revenue share in 2017. The growth is attributed to the demand for sustainable energy, advancements in technology, and stringent government regulations regarding smart water management in the region. The Asia Pacific is predicted to exhibit the fastest growth over the forecast period. The shortage of potable water resources and a large amount of water loss in the agriculture sector due to overwatering are the factors which are expected to drive industry growth over the forecast period.
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