Smart Water Management Market

[276 Pages Report] The smart water management market size is expected to grow from USD 16.6 billion in 2023 to USD 28.2 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period. The rising challenge of water scarcity and a growing need for effective water resource management will drive the smart water management market.

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Smart Water Management: Market Dynamics

Driver:  Growing rapid urbanization

Rapid urbanization is leading to a significant increase in the water demand. This is putting a strain on existing water resources and infrastructure. Smart water management solutions can help utilities to meet the growing demand for water by improving water efficiency, reducing water loss, and optimizing water distribution. Urbanization is also leading to a decline in water quality. This is due to factors such as pollution and wastewater runoff. Smart water management solutions can help utilities to improve water quality by monitoring water quality in real-time and identifying and addressing potential problems early on.

Restraint: Integration of water systems with modern smart solutions

Legacy water systems may be incompatible with modern smart water management solutions. This can be due to differences in hardware, software, or communication protocols. Itegrating legacy water systems with modern solutions can be expensive, especially if the legacy systems are in poor condition or need to be significantly upgraded. Integrating legacy water systems with modern smart solutions can indeed be a complex and costly process due to several factors. Legacy water systems often rely on older hardware and software that may not easily integrate with newer, smart technology. These legacy systems may use proprietary communication protocols and data formats that are incompatible with modern smart devices and platforms. As a result, significant engineering and customization are required to establish communication and data exchange between the old and new systems. Smart water management relies on the collection and analysis of data from various sources, such as sensors, meters, and remote monitoring devices. Legacy systems may not adhere to modern data standards, making it necessary to standardize and format data for seamless integration. This process can be time-consuming and resource-intensive. The integration of modern technologies with legacy systems is a multifaceted process. It demands careful planning, substantial investments, and technical expertise to overcome compatibility issues, data standardization, and infrastructure upgrades.

Opportunity: Increasing role of smart water management in smart city revolution

The smart city movement is providing a significant opportunity for the smart water management market. Smart water management solutions can help smart cities to improve water efficiency, reduce water costs, optimize water distribution, and adapt to the challenges of climate change. A number of smart cities around the world are implementing smart water management solutions, such as smart water meters, smart water distribution systems, and smart wastewater management systems. As more and more cities adopt smart water management solutions, the demand for smart water management products and services is expected to grow.

Challenge: High initial investments and lower return

Water utilities is a government-controlled and highly regulated industry where technology implementations take place gradually. The installation of smart water meters requires high capital investments. There is no government aid provided for the installation of smart water meters. This makes it difficult for the utilities and end users to install smart water meters. Further, utilities are incapable of making heavy capital expenditures as they face losses due to nonrevenue water, water theft, and leakages. The smart metering infrastructure requires various components, such as measuring and sensing devices, real-time communication devices, data management systems, and control tools. All these components increase the total cost of smart water metering. With heavy capital spending to implement smart technologies, a significant and promising ROI is expected. Technology deployments are slow, with each project implementation taking up to 5 to 7 years, eventually delaying the ROI. Hence, to develop a faster RoI, the cost management steps taken by water utilities must understand the cost to serve customers, workforce spending, capital costs, cost of outsourcing processes, and cost of implementing programs focused on low emissions.

Market Ecosystem

Residential segment is expected to account for a higher CAGR 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.

Industrial  segment is expected to hold the highest market share during  CAGR during the forecast period.

The industrial segment of the Smart Water Management market includes manufacturing, energy and utilities, agriculture, mining, and other industries. The industrial sector stands at the forefront of the Smart Water Management market, playing a pivotal role in revolutionizing the way we manage and utilize this precious resource. With a growing awareness of the environmental and economic implications of water scarcity, industries are increasingly turning to smart technologies to optimize their water usage.

North America to account for the largest market share during the forecast period

North America is estimated to hold the largest share of the overall Smart water management market. Governments in North America are increasingly supporting the adoption of smart water management solutions through initiatives and regulations. Also, much of the water infrastructure in North America is aging and in need of replacement. Smart water management solutions can be used to extend the life of existing infrastructure and improve its performance.

Key Market Players

The Smart water management market vendors have implemented various organic and inorganic growth strategies, such as new product launches, product upgrades, partnerships and agreements, business expansions, and mergers and acquisitions to strengthen their offerings in the market. The major vendors in the global Smart water management market Siemens (Germany), IBM (US), ABB (Switzerland), Honeywell Elster (US), Schneider Electric (France), Itron (US), SUEZ ( France), Oracle (US), Landis+Gyr (Switzerland), Trimble Water (US), Xylem (US), Kamstrup (Denmark), HydroPoint (US), i2O (UK), Xenius (India), Neptune Technology (US), TaKaDu  (Israel), Badger Meter (US), AquamatiX (UK), Lishtot (Israel), CityTaps ( France), FREDsense  (Canada), Fracta (US), Smart Energy Water (US), Ayyeka ((US), Ketos (US).

The study includes an in-depth competitive analysis of these key players in the Smart water management market with their company profiles, recent developments, and key market strategies.

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Scope of the Report

This research report categorizes the smart water management market to forecast revenues and analyze trends in each of the following subsegments:

By Offering:

• Water Meters
  • AMR Meters
  • AMI Meters
• Solutions
• Services
  • Professional Services
    • Consulting Services
    • System Integration and Deployment Services
    • Support and Maintenance Services
  • Managed Services

By Solutions:

• Enterprise Asset Management
  • Asset Condition Monitoring
  • Predictive Maintenance
• Analytics and Data Management
  • Meter Data Management
  • SCADA
• Security
• Smart Irrigation Management
• Advanced Pressure Management
• Mobile Workforce Management
• Network Management
• CIS and Billing
• Leak Detection
• Other Solutions

By End-User

• Residential
• Commercial
• Industrial
  • Manufacturing
  • Energy and Utilities
  • Agriculture
  • Mining
  • Others

By Technology

• IoT
• AI
• Big Data & Analytics
• Cloud Computing
• Others

By Region:

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Rest of Europe*
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • Middle East
  • Africa
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

Recent Developments:

• In July 2023, SUEZ, a leader in digital and circular solutions in waste and water services, and Schneider Electric, the leader in the digital transformation of energy management and automation, joined forces to accelerate the deployment of digital solutions for energy efficiency, resource conservation, and the control of carbon impact of water cycle management systems.
• In June 2023, SUEZ joined forces with Northumbrian Water Ltd. (NWL) as one of the key partners in the groundbreaking Hydro Powered Concentric Smart Meter Project, the recipient of the Ofwat1 Innovation Fund’s Catalyst Stream prize.
• In November 2022, Siemens became a sustaining partner for The Water Tower. As part of the partnership, the conglomerate corporation will sponsor The Water Tower’s Control Center, a learning and demonstration center for emerging digital technologies in the water and wastewater industries.
• In October 2022, Landis+Gyr Pty Ltd., a subsidiary of Landis+Gyr Group AG (SIX: LAND), partnered with Watercare, New Zealand’s largest water utility, to deploy 22,000 of Landis+Gyr’s W350 smart water meters across Auckland.
• In September 2022, Trimble acquired Bilberry, a startup focused on using artificial intelligence for spot spraying. The acquisition of Bilberry builds out Trimble’s crop protection portfolio by adding green-on-green selective spraying capabilities and supports the development of autonomous solutions..

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