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Smart leak detection solutions market for water industries to grow at a a CAGR of 12.92%

  • Smart leak detection solutions market for water industries to grow at CAGR of 12.92%

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Research and Markets
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Themes

The "Global Smart Leak Detection Solutions Market for Water and Wastewater Industries - Growth, Trends, COVID-19 Impact, And Forecasts (2022-2027)" report has been added to ResearchAndMarkets.com's offering.

The Global Smart Leak Detection Solutions Market for Water and Wastewater Industries is expected to grow at a CAGR of 12.92% over the forecast period (2022-2027). Water leaks are a major source of operating costs in the industrial sector. Aside from industrial facilities, better monitoring through smart leak detection allows for accurate and near-real-time monitoring of public water and wastewater.

Key Highlights

A smart water leak detection solution is mainly uses IoT technology. It utilizes sensor abilities to detect the presence of leakages. If the leakages are left undetected, they might cause infrastructural dampness, leading to accidental slips. Innovative water flowmeters with smart instrument technology can help even the most remote water networks operate efficiently.

The transformation of cities into metropolitan cities increases pressure on water resources. The rising demand for water to meet domestic needs, and the impact of wastewater discharge on receiving waterways, have a cumulative effect on receiving water quality.

With the growth of Internet of Things (IoT) sensors, machine learning (ML), and artificial intelligence (AI), and cloud- or edge-based data analytics platforms, the leak detection market has seen a considerable rate of innovation and digital transformation. Leak detection systems are expected to grow faster owing to cellular LPWAN technologies such as NB IoT and LTE-M, notably among advanced utilities in Europe, Asia-Pacific, and North America.

Furthermore, the 2020 COVID-19 pandemic has revived awareness in leak detection technology, with customers being reminded that increasing water supply is a definite method to satisfy the growing need for private and public sanitation.

Major Market Trends

  • Residential Projected to Witness the Highest Growth Rate
  • Asia-Pacific Expected to Register the Fastest Growth Rate

Competitive Landscape

The Global Smart Leak Detection Solutions Market for Water and Wastewater Industries is fragmented, as the market comprises several global players and emerging new players vying for attention in a somewhat contested market space. The market is witnessing intensifying competitive rivalry due to new startups in IoT and AI-based offerings, which are expected to rise through the forecast period.

In October 2021, ABB collaborated with a Danish water environment specialist to develop the next generation of smart water solutions that encourage more careful water use. Clients in this sector would be able to better control water availability and boost plant operational efficiency in both process and energy optimization with these technologies.

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