The global smart water management market size is expected to reach $18.9 billion in 2028 and register a compound annual growth rate (CAGR) of 12.6% over the forecast period, according to latest analysis by Emergen Research. This steady revenue growth can be attributed to increasing government initiative to establish a smart water management system based on information and communications technology (ICT) to operate and manage water infrastructure more efficiently.
Rising need for enhancement of irrigation systems has been driving rapid adoption of smart water management solutions in the agriculture sector. Increasing adoption of wireless sensors in the agriculture sector to monitor humidity levels and soil moisture is expected to boost demand for smart water management solutions. A combination of mobile communication, internet, wireless sensor technology and GPS helps in monitoring of plant growth, fertilizer usage, and scheduling of irrigation. The ability to ascertain daily water consumption with the help of data gathered and analyzed by sensors prevents both damage due to drought stress and water loss due to excessive watering.
Companies are launching smart irrigation management solutions such as cloud-based high-performance big data computing platforms to calculate local evapotranspiration value for any location. In addition, the ongoing trend of smart cities is another key factor contributing to rising utilization of smart water management systems for better management of water resources and energy.
Highlights from the Report
In January 2021, Itron entered into a partnership with Floresti Communal Services in Moldova in Eastern Europe. Through this partnership, Itron will deploy its Water Operations Management (WOM) solution, wide-area low-power network, and residential and Commercial & Industrial (C&I) water meters to improve operational efficiency and help conserve water in Moldova.
Solution segment accounted for largest revenue share in 2020. Rising need to assess the performance of water infrastructure assets placed at different geographical locations is driving adoption of asset management solutions that are remote monitoring solutions.
Commercial & industrial segment accounted for a relatively larger revenue share in the global smart water management market 2020. Increasing deployment of smart water metering across commercial and industrial sectors to increase water operation management efficiency is expected to continue to drive revenue growth of the smart water management systems market.
Revenue from the smart water management market in Asia Pacific is expected to expand at a rapid rate during the forecast period. Increasing government investment to develop a smart water management system based on ICT in order to operate the infrastructure more efficiently is supporting market growth.
Key players in the market include ABB, IBM, Honeywell Elster, Siemens, Itron, Schneider Electric, SUEZ, Oracle, Landis+Gyr, and SENSUS.
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