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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The professional services segment is expected to lead the Smart water management market during the forecast period.
The professional services segment in the SWM market comprises planning, designing, and deploying systems and solutions to water utilities. The growth of the professional services segment is mainly governed by the complexity of operations and the increasing deployment of smart solutions in the water industry.
Support and maintenance segment is expected to hold the largest market share during the forecast period
Support and maintenance refer to post-sales services offered to customers for monitoring the usage of assets and solutions to ensure maximum benefits. The need to ensure regular monitoring of systems and proactive addressing of issues in performance will drive the market.
Asia Pacific likely to emerge as the fastest-growing segment during the forecast period.
The growth of the Smart water management market in the Asia Pacific is highly driven by rapid digitalization. Governments in the Asia Pacific are increasingly supporting adopting smart water management solutions through initiatives and regulations. Also, rapid urbanization and population growth are increasing pressure on water resources and infrastructure.
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Unique Features in the Smart Water Management Market
Water resource management and monitoring are made possible in real time by the incorporation of Internet of Things (IoT) technologies. IoT devices, including sensors and smart meters, offer precise data on water quality, usage, and leakage, allowing for prompt repairs and effective water distribution.
An essential component of intelligent water management is data analytics. Water management systems are capable of forecasting demand, identifying irregularities, and optimizing water distribution networks through the analysis of data from multiple sources, such as sensors and past usage trends. Planning ahead and estimating future water requirements are made easier with the use of predictive analytics.
The operational efficiency of water management systems is improved by automation. By using real-time data to regulate water flow, pressure, and treatment procedures, automated control systems can lower the need for human involvement and the possibility of mistakes.
In agriculture, smart irrigation systems use weather data, soil moisture levels, and crop requirements to optimize water use. These systems ensure that crops receive the right amount of water at the right time, improving crop yield and reducing water waste.
Smart water management systems incorporate advanced leak detection technologies. Acoustic sensors, pressure monitoring, and data analytics help identify leaks early, minimizing water loss and preventing damage to infrastructure. Early detection also reduces repair costs and water service disruptions.
Major Highlights of the Smart Water Management Market
Innovation driven by growing awareness of water conservation and technical improvements is causing the smart water management market to grow quickly. This market includes a range of products and services used to increase the resilience, sustainability, and efficiency of water systems.
The increasing use of advanced data analytics and Internet of Things (IoT) devices is one of the key factors driving the smart water management industry. Utilities may make data-driven decisions by utilizing real-time data on water quality, leakage, and usage from IoT sensors and smart meters. Predicting water demand, streamlining distribution networks, and raising overall operational effectiveness are all made possible with the aid of advanced analytics.
With growing concerns about water pollution and public health, there is an increasing demand for sophisticated water quality monitoring solutions. Smart water management systems incorporate sensors that continuously monitor water quality parameters, ensuring safe and clean water supply. This capability is crucial for complying with stringent regulatory standards and for early detection of contamination events.
Leak detection and prevention are critical components of smart water management. Advanced technologies, such as acoustic sensors and pressure monitoring, enable the early identification of leaks and reduce water loss. This not only conserves water but also lowers maintenance costs and mitigates the risk of infrastructure damage.
The smart water management market is closely linked with the broader smart city initiatives. Integration with other smart utilities, such as energy and transportation, creates a synergistic effect that enhances the overall efficiency and sustainability of urban infrastructure. This integration supports the development of resilient cities capable of adapting to various environmental and resource challenges.
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Top Companies in the Smart Water Management Market
The major vendors covered in the innovative water management 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), 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). These players have adopted various growth strategies, such as partnerships, business expansions, agreements, and collaborations, new product launches to expand their presence in the smart water management market.
Schneider Electric is a global leader in software solutions for the water industry. The company was founded in 1836 and is headquartered in Rueil-Malmaison, France. The company specializes in power management, process management, security management, industrial software design, simulation and optimization, industrial automation, control and safety systems, and instrumentation. It is in North America, Europe, Africa, and Asia. Schneider Electric helps water utilities with advanced solutions that collect and analyze real-time data for operations, maintenance, billing, and customer service. In the SWM market, it offers EcoStruxure as a service. The EcoStruxure service, it provides waste treatment plants, water treatment plants, water networks, and wastewater networks. Moreover, the company offers a partnership program to improve its global presence, domain expertise, and product and solution knowledge.
Siemens offers electrification, automation, digitalization, innovation, technology, engineering, and manufacturing solutions. In the SWM market, Siemens offers water treatment, wastewater treatment, water supply networks, and water transport solutions with new technologies and a comprehensive service portfolio. To provide these solutions, Siemens offers the PIA Life Cycle Portal for selection, planning, commissioning, and maintenance tools for process instrumentation and data analytics. Siemens also offers the Distributed Control System SIMATIC PCS 7, with components, such as the SIMATIC PCS 7 Operator System, Plant Device Management system for condition monitoring and diagnostics, simulation platform SIMIT for enabling tests of automation applications and providing a realistic training environment for operators, SIWA leak detection and SIWA LeakControl for leak detection, and XHQ Operations Intelligence platform for displaying operating sequences in the water industry in real-time.
IBM is a prominent player in the Smart Water Management Market, leveraging its expertise in data analytics, IoT, and cloud computing to offer innovative solutions for water utilities and municipalities. IBM’s smart water management systems focus on real-time monitoring and predictive analytics to optimize water distribution, detect leaks, and ensure efficient usage. Through its IBM Intelligent Water software, the company provides comprehensive tools for data integration, visualization, and analysis, helping clients to manage water resources more effectively, reduce operational costs, and enhance sustainability efforts.
ABB is a key player in the Smart Water Management Market, providing advanced digital solutions and automation technologies to improve water and wastewater management. ABB's offerings include intelligent water network management systems, sensors, and analytics platforms that enable real-time monitoring and control of water infrastructure. By leveraging IoT and AI, ABB helps utilities enhance operational efficiency, reduce water losses, ensure regulatory compliance, and optimize resource allocation, thereby contributing to more sustainable and resilient water management practices.
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