Oct 31, 2017 SOURCE: BusinessWire

Global Water Crisis to Boost the Smart Water Network Market | Technavio

Technavio’s latest market research report on the global smart water network market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.

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Technavio has published a new report on the global smart water network market from 2017-2021. (Graphic: Business Wire)

The global smart water network market is expected to grow at a CAGR of close to 15% during the forecast period. The development of smart cities is a global trend that will drive the adoption of smart water network during the forecast period. Smart water network is one of the six important sectors that will be necessary for reaching the common goal of making a city habitable, sustainable, and efficient.

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The top three emerging market trends driving the global smart water network market according to Technavio research analysts are:

Demand for clean water
Impact of urbanization
Depletion of freshwater resources

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Demand for clean water

Smart water technologies are gaining importance because of depleting water resources across the world and increasing wastewater disposal costs. In 2014, around 1 in every 10-people lacked access to clean water globally, and 3 in every 10-people lacked access to improved sanitation. In the next decade, regions such as the Middle East, North Africa, and Southeast Asia are likely to face severe water shortage due to improper re-use and bad water management. In 2015, water crisis was ranked the number one global risk by impact, according to the World Economic Forum.

“The anticipation of a global level water crisis has escalated the importance of replacing older technologies with newer ones that involve the use of real-time information flow devices such as smart meters for water quality monitoring. Modernization of water infrastructure will also enable utilities to manage resources better and prevent wastage,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for smart grid research.

Impact of urbanization

Globally there is growing demand for clean water due to increasing population and rapid urbanization and industrialization. This is increasing the stress on the water infrastructure and the utilities, prompting effective management of water supply. The population increase coupled with water security concerns is driving the integration of ICT solutions into water networks.

The addition of smart sensors and meters enable utilities and the end-users to have real-time information on water consumption. Real-time information flow will enable utilities to have tight control over the operations, conduct predictive analysis to manage water supply and to prevent or predict anomalies at the point of use. The increased demand for water has escalated the importance of adopting new measures for efficient management of water consumption and supply.

Depletion of freshwater resources

Water security is one of the fastest-growing concerns across the world as the demand for water is continuously increasing across all sectors, while the number of water reserves has remained the same. Freshwater resources are depleting with time because of the rise in the extraction of water from aquifers. The rate of extraction of water from underground sources is higher than the rate of it being replenished.

“Against the backdrop of shrinking water resources, the need to adopt smart water management systems is expected to gain importance among utilities and municipalities. Moreover, the development of smart cities will further escalate the growth of the smart water network market during the forecast period,” says Thanikachalam.

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