Smart Water Management Market Expected to Reach US ~$31.73 Billion and CAGR 10.3% by 2030 – Polaris Market Research
The global smart water management market size is expected to reach USD 31.73 billion by 2030, according to a new study by Polaris Market Research.
Water is regarded as one of the luxuries that must be saved efficiently, and residential water use accounts for a substantial share of world water use. As a result, technology plays a critical role in holding people accountable for water misuse. These software and devices are being used by consumers to upgrade their homes. As software and hardware become more affordable, this adoption rate is rapidly growing. Digitization, combined with the adoption of connected technologies, is transforming the way smart water management systems interact with their surroundings in the residential sector, affecting all these applications.
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For example, WEGoT, a utility solution provider, offers sensor-based Internet of Things (IoT) devices and the VenAqua software platform, which tracks real-time flow and cuts water demand by more than 50%, notably in residential buildings. The granular data gathered from numerous installations throughout residential complexes are processed, and the results are communicated with end-users via a mobile app.
Based on the offering, the solutions segment accounted for the leading share in the market, in 2021. With the advancement of technology, water utilities are implementing smart solutions to combine diverse business operations and accelerate their market growth. With small infrastructure development, integrating various advanced technologies with existing operations enhances the overall operating capacity of the water network. In the smart water sector, these technologies and smart infrastructure are employed to provide novel solutions for clients. Because of increased awareness about water quality, limitation of natural freshwater supplies, rising consumer expectations, and technology improvements, the usage of smart solutions is likely to increase during the forecast period.
Market players such as ABB, General Electric, Itron, IBM Corporation, SAP SE, Schneider Electric, Elster Group SE, SENSUS USA INC, Global Water Management, Neptune Technology Group, Radius Synergies International Pvt Ltd, Trimble Water, TaKaDu, Siemens, Oracle Corporation, i2O Water Ltd, SenzIoT, and SUEZ are some key players operating in the global market. In June 2021, the latest edition of ABB Ability, it uses a scalable advanced analytics platform with the pre-built, and the concerned services to deliver actionable intelligence.
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Polaris Market Research has segmented the smart water management market report based on a water meter, solution, service, end-use, and region:
Smart Water Management, Water Meter Outlook (Revenue – USD Billion, 2017 – 2030)
Smart Water Management, Solution Outlook (Revenue – USD Billion, 2017 – 2030)
- Enterprise Asset Management
- Analytics and data management
- Advanced pressure management
- Network Management
- Smart Irrigation Management
- Customer information system and billing
- Customer information system and billing
- Other solutions
Smart Water Management, Service Outlook (Revenue – USD Billion, 2017 – 2030)
- Consulting services
- System integration and deployment services
- Support and maintenance services
Smart Water Management, End-Use Outlook (Revenue – USD Billion, 2017 – 2030)
- Commercial & Industrial
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