The global Smart Water Management Market is expected to grow from USD 11.7 billion in 2019 to USD 21.4 billion by 2024 at a Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period. Major factors driving the growth of the market include the rising demand for quality water services and need to replace aging water infrastructure, rising digitalization of utilities sector, and government regulations favoring the development of the smart water management market.
By solution, the enterprise asset management subsegment to hold the largest market size during the forecast period
The enterprise asset management sub segment to hold the largest market size during the forecast period. Asset management solutions are remote monitoring solutions to assess the performance of water infrastructure assets deployed at various geographic locations. This solution is entitled to offer a comprehensive set of solutions to water utilities with which they can improvise the operation of water networks and minimize the non-revenue water losses
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By end user, the residential segment to grow at the highest rate during the forecast period
The residential segment is one of the fastest growing segments of the smart water management market. Water utilities cater to the rising demand for quality water services with the increasing urbanization and lifestyle changes among people by deploying smart water solutions for the end user segment.
Some major players profiled in the report are ABB (Switzerland), Arad Group (Israel), AquamatiX (UK), Badger Meter (US), Honeywell Elster (US), Huawei (China), HydroPoint (US), IBM (US), i2O (UK), Itron(US), Oracle (US), Landis+Gyr (Switzerland), Sensus (US), Schneider Electric (France), Siemens (Germany), Suez (France), SenzIoT (India), TaKaDu (Israel), Trimble Water (US), and XENIUS (India).
The smart water management market is growing across the globe with key industry players undergoing various organic and inorganic growth strategies. These players have also undergone acquisitions and mergers to grow their product portfolios offering efficient smart water utilities. Water utilities have realized the growing demand to optimize water distribution networks due to a rise in the demand for clean and safe water among people, leading to the growth of the smart water management market.
ABB (US) invested in innovative new product developments to cater to the growing requirements in the water industry, along with partnerships and agreements. ABB innovates to develop a strong portfolio of solutions, helping it serve clients across various application areas. The company adopted inorganic growth strategies to grow in the market. For instance, in 2019, ABB partnered with Kemira, a Finnish chemical industry group, to combine Kemira’s expertise in water treatment with ABB’s integrated automation solutions, enabling customers to digitalize their water treatment processes and improve the efficiency of their operations.
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IBM (US) leverages its strong portfolio to provide comprehensive Internet of Things (IoT) solutions to integrate with its IBM Intelligent Water platform, along with other technologies. The IBM Intelligent Water is an extensive platform to optimize water operations by providing data insights into the water utility’s infrastructure, assets, and operations. IBM has a strong market presence with its organic strategies development. For instance, in 2019, IBM launched the Maximo Asset Monitor, a new Artificial Intelligence (AI)-powered monitoring solution designed to help maintenance and operations by providing a better understanding of asset conditions and improvement in the performance of high-value physical assets, enabling it to expand market-leading asset management capabilities.
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