Smart Water Management Market Set for Major Growth with New Innovations
United States/WA: The global smart water management market was valued at US$ 15,232.6 Mn in 2019 and is estimated to reach US$ 49,694.4 Mn by 2027 exhibiting a CAGR of 16.4% between 2020 and 2027.
Report Pages:[130 Pages]
The Global Smart Water Management Market, By Component (Hardware (AMR, AMI, and Others), Solutions, and Services), and by Geography (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) – Global Forecast to 2027, was valued at US$ 15,232.6 million in 2019, witnessing a CAGR of 16.4% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Competitive Landscape:
Major players operating in the global smart water management market include, ABB Ltd., Arad Metering Technologies, ET Water Systems, LLC, Evoqua Water Technologies (Siemens), Emerson Electric Corporation., General Electric Company, Itron, Inc., i2O Water Ltd., IBM Corporation, Sensus USA Inc., Schneider Electric SA, and TaKaDu Ltd.
Market Overview:
Smart water management and information technology go hand in hand. Many vendors are utilizing the latest information technology solutions to study water transmission mechanisms, optimize water distribution systems and bring down overall operating costs. One such vendor is GE Appliances, which is looking at how to improve water transport and distribution via a new ‘smart’ water platform. This is due to the fact that the delivery, collection and treatment of treated water can now be done at a much more economical cost than previously.
Key Market Drivers:
Increasing adoption of smart water management is expected to propel growth of the global smart water management market over the forecast period. For instance, in June 2021, Ministry of Environment, South Korea, announced to conduct six water management projects reflecting discussion results on carbon-neutral water management for climate resilience.
Moreover, launch of smart meter projects is also expected to aid in growth of the global smart water management market over the forecast period. For instance, in January 2020, Vodafone Ukraine launched smart meter projects with water companies. The project was carried out on the basis of the NB-IoT network of the operator in the city of Sumi and in the town of Vishneve outside Kiev.
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Covid-19 Impact Analysis
The COVID-19 pandemic has significantly impacted water management, wastewater, and associated sectors such as agriculture. Globally, as of 5:56pm CEST, 24 August 2021, there have been 212,357,898 confirmed cases of COVID-19, including 4,439,843 deaths, reported to WHO. The outbreak of COVID-19 is projected to slow down investments in the water sector worldwide. According to Global Water Intelligence, capital expenditures in the water sector will decline during the 2020–21 period.
Key Takeaways
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The smart water management market is expected to exhibit a CAGR of 16.4% over the forecast period, owing to launch of new products. For instance, in October 2019, Sensus launched Cordonel, its new ultrasound static water meter.
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Among regions, Asia Pacific is expected to witness significant growth in the smart water management market, owing to adoption of drones for smart water management in the region. For instance, in May 2019, Terra Drone India, a subsidiary of Japan-based Terra Drone Corp., completed the aerial survey of 4,200 sq km of agricultural land for the Water Resources Department of the Maharashtra Krishna Valley Development Corp in India.
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