Set to grow at a magnificent rate (CAGR - Compound Annual Growth Rate) the global smart water management market is ready to reach a significant market valuation by the end of the forecast period - from 2019 to 2027. Some of the significant reasons behind the steady growth projected for the market over the stated period are growing demand for quality water services, and up-gradation of water related infrastructure. Besides, growing digitalization of the utilities sector is also supporting growth in the market. Additionally, it is worth noting here that the government regulations emerging in the market landscape are also favouring growth.
Global Smart Water Management Market: Notable Development
The global smart water management market is expected to grow at an impressive CAGR owing to a couple of reasons. Some of these are related to the active vendor landscape of the market. Certain developments that have happened in the recent past and are ready to shape the future of this marketscape are outlined below:
In the year 2019, Itron and Xcel Energy forged an alliance to improve market penetration (for former), and efficiency, reliability, and security (for the latter). In the same year, Maximo Asset Monitor was launched by IBM. It is a monitoring solution that is powered by artificial intelligence technology or AI. By helping high value assets (physical) gain improvement in performance, it allows for better maintenance and operations. Additionally, in 2019 itself, Kemira and ABB entered into a partnership to combine ones expertise in treatment of water with other’s automation solutions.
The global smart water management market is fragmented and with entry of new players, the competitive landscape is predicted to be more fragmented. Key names in the global smart water management market are:
- ABB (Switzerland)
- Arad Group (Israel)
- AquamatiX (UK)
- Badger Meter (US)
- Honeywell Elster (US)
- Huawei (China)
- HydroPoint (US)
- IBM (US)
- i2O (UK)
Global Smart Water Management Market: Key trends and driver
It is pertinent to note here that a plethora of trends and drivers are supporting growth in the global smart water management market. Some of these are outlined below:
- Demand for quality water management is increasing as need for water increases and its availability hits a new low. This is also the reason why governments across the world are trying to promote smart water management.
- In order to ensure water management is proper, need to improve existing infrastructure is high and this is leading to demand for smart water management, helping the market take a high growth trajectory.
Global Smart Water Management Market: Regional Analysis
The Asia Pacific region (APAC) holds a major chunk of the market share and the trend is set to roll into the forecast period, for which the market is assessed in the upcoming report of Transparency Market Research. Some of the factors underscoring this growth are a massive population marking the region, industrialization, and urbanization. Besides, owing to the massive consumer base, move towards any technology would have a notable impact on the global smart water management market. Information intensive technologies are already making in-roads into the region owing to adoption by countries such as Japan, India, and China. This helps them plug demand gaps in utilities sector. Thus, it is pertinent to mention here that the region will offer players operating in the global smart water management market with great opportunities.