Mar 7, 2022   SOURCE: BusinessWire

Global Smart Water Management Market (2021 to 2027) - Deployment of Smart Water Management Solutions in Smart Cities is Driving Growth - ResearchAndMarkets.com

The "Global Smart Water Management Market By Component (Solution, Water Meters, and Services), By End User (Commercial & Industrial and Residential), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.

The global smart water management market size is expected to reach $ 23.46 billion by 2027, rising at a market growth of 10.4% CAGR during the forecast period.

Water regulatory authorities around the globe must realize the importance of being proactive to deploy smart water technologies to effectively manage their distribution channels, upgrade their operations, bring down maintenance costs, and increase the awareness among the customers regarding water conservation and decrease non-revenue water losses due to the increase in thefts and water leakage cases.

Smart water management is considered as the water management which shifts traditional water conveyance with the latest technologies. A number of assembling firms and synthetic-based companies are implementing smart water management to reduce the wastage of water and to use their energy efficiently. Smart water management suggests the utilization of data and corresponding innovations to tackle different challenges in water management.

Smart water management uses a broad range of instruments and programming devices such as water meters, sensors, and programming examination. This system can be used to monitor and regulate the water stream, supply, and its usage across various hubs from a distant location.

COVID-19 Impact Analysis

During the global pandemic, the IT and telecom sector had been crucial to boosting the digital transformation and infrastructure of the nations. Every person, governmental bodies as well as the private body tried to stay connected with one another in order to stay updated and gain real-time information on the COVID-19 pandemic. In the present scenario, healthcare, utilities, telecommunication, and government sectors are striving hard to manage the devastating condition and provide required services to each person.

In the 2nd and 3rd quarter of 2020, the cases of COVID-19 infections increased rapidly. Along with severely affecting the people, the global pandemic has had a huge impact on every kind of businesses. Core industries like textile, manufacturing, automotive, travel & hospitality, transportation & logistics, and consumer goods, have been shut down because of the stringent COVID-19 restrictions.

Market Growth Factors:

The growing requirement to substitute current and outdated water infrastructures

The water infrastructure involves automated systems for water treatment, storage, supply, flood prevention, and management of water resources. These systems have been installed for many years which are presently overwhelmed by the increasing demands. Hence, constant attention, repairing, and maintenance are needed to streamline the process of water supply. Additionally, these outdated structures take high costs of maintenance while eventually decreasing their efficiency. To tackle these challenges, the water utilities have begun to embrace smart methods to effectively manage water and cut down the costs of maintenance, and offer a superior experience to the consumers.

Deployment of smart water management solutions in the smart cities

Governments across the globe are aiming to integrate smart technologies to drive economic growth as a major part of their urban planning strategy. Smart city initiatives, which began in 2013, comprise several aspects like smart mobility, smart energy, smart buildings, smart infrastructure, smart technology, and smart healthcare. Moreover, smart water management is one of the crucial components of a smart city. Additionally, the smart city initiatives open lucrative business avenues for the vendors of smart water management with the drastic rise in population, rising demand for food, fast-paced urbanization, and overutilization of resources.

Marketing Restraining Factor:

Challenges in the installation of technology over the traditional infrastructure

To fulfill the demand for an extremely volatile and competitive industry, the market of water utilities is constantly evolving and changing to address the challenges of the water sector which are appearing from climate change, droughts, and infrastructure issues that are creating a massive scarcity of water. Several components of technology like hardware, software, and network components, need appropriate integration with smart meters, sensors, network switches, and valves over the conventional system infrastructures that can pose a major challenge for the market vendors to force water utilities to install smart water management solutions.

Scope of the Study

Market Segments Covered in the Report:

By Component

  • Solution
  • Water Meters
  • Services

By End User

  • Commercial & Industrial
  • Residential

By Geography

  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Key Market Players

  • IBM Corporation
  • Oracle Corporation
  • Schneider Electric SE
  • Xylem, Inc. (Sensus)
  • Siemens AG
  • ABB Group
  • Itron, Inc.
  • Landis+Gyr Group AG
  • Honeywell International, Inc.
  • Badger Meter, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/ntrtb1