MarketsandMarkets forecasts the global Smart Water Management Market size is expected to grow USD 13.8 billion in 2021 to USD 22.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period. The Smart Water Management Market is gaining need for insightful approaches to oversee natural water resources with urban areas becoming increasingly smarter and technologically advanced.
The solution segment to record a larger market share during the forecast period
In Smart water management market by offering the solutions segment is expected to record a larger market share during the forecast period With technology becoming more advanced with time, water utilities are adopting smart solutions to integrate various business processes, accelerating them toward growth. Integrating various advanced technologies with the existing operations helps them increase the operational efficiency of the entire water network even with low infrastructure investment. These technologies and smart infrastructure are used to develop innovative solutions for customers in the smart water industry. During the forecast period, the adoption of smart solutions fare is expected to surge due to the rising awareness about the quality of water, scarcity of natural freshwater resources, rising consumer demands, and technological advancements.
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Residential segment is expected to have higher growth rate during the forecast period
By end user the residential segment is expected to have the highest growth rate during the forecast period. The demand for freshwater in residential areas has shown unprecedented growth due to the world’s growing urban population, changing lifestyles, and eating habits leading to higher water consumption. The increase in water consumption is more pronounced in urban settings with high population density with the presence of production industries that contribute toward major water consumption. The rising demand for quality water services is expected to propel the demand for SWM solutions in residential areas. The solutions for SWM in residential areas are more focused on supplying quality water to the consumers, as water and sanitation access rates are higher in residential areas, leading to the rising demand for improved city planning and infrastructure with an efficient water supply and drainage system. In residential areas, the demand for quality water and improved sanitation services is rising due to concerns, such as poor health conditions resulting from contaminated water consumption
The major vendors covered in the Smart Water Management market include Siemens (Germany), IBM (US), ABB (Switzerland), Honeywell Elster (US), Schneider Electric (France), Itron (US), SUEZ (France), Oracle (US), Landis+Gyr (Switzerland), Trimble Water (US), HydroPoint (US), i2O Water (UK), Xenius (India), Neptune Technology (US), Takadu (Israel), Badger Meter (US), AquamatiX (UK), Fluid (US), Lishtot (Israel), Elentec (UK), Syrinix (UK), CityTaps (France), FREDsense (Canada), Fracta (US), and Xylem (US). These players have adopted various growth strategies, such as partnerships, business expansions, mergers and acquisitions, agreements, and collaborations, new product launches to expand their presence in the digital banking platforms market. Partnerships and new product launches have been the most adopted strategies by major players from 2019 to 2021, which helped them innovate their offerings and broaden their customer base.
ABB Ability, offers an array of solutions to its customers, such as automation and integration with SCADA, distribution automation systems, enterprise asset management, measurement and analytics, cybersecurity, monitoring and control, and water plant optimization. To inculcate full benefits offered by big data and analytics, the ABB Ability platform provides collaborative and remote operations. It also provides a maintenance model to help water companies access the potential of ABB experts by providing them with crucial data insights through analytics. ABB offers a portfolio of solutions, such as leakage management, pump efficiency monitoring system, integrated Geographical Information System (GIS), and ABB Ability Ellipse APM, helping serve its clients in various application areas in SWM, such as flow measurement, temperature measurement, pressure measurement, analytical measurement, and level measurement. In addition, ABB offers the ABB Water Care, a service raising performance of plant’s assets, by offering maintenance and sustainability, performance and reliability, operational improvement, cybersecurity, system life cycle optimization through an integrated suite of applications and tools, and fingerprinting and benchmarking technologies.
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IBM offers strategic water management solutions through its products, IBM Intelligent Water and IBM Enterprise Asset Management for water utilities. IBM Intelligent Water is a platform optimizing water operations by providing data insights into the water utilitys infrastructure, assets, and operations. The platform offers features, such as advanced data management, visualization, correlation, and collaboration; utilizing data received from metering systems, assets, systems, and stakeholders; and transforming the data into actionable information. IBM Intelligent Water consists of IBM Intelligent Operations for Water, a water management software offering functionalities, such as infrastructure visibility, integration with IBM’s Intelligent Water Efficiency Analytics, combined sewer overflow mitigation, water conservation and smart metering, smart irrigation for parks and golf courses, water and wastewater situational awareness and quality management, pressure and leak management, urban flood management, and work scheduling optimization. IBM also offers the IBM Enterprise Asset Management suite built upon the IBM Maximo Asset Management configuration tools, comprising solutions for workforce management, supply chain management, and asset management.
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