Smart Water Management Market Worth $18,310.0 Million by 2020
01 Jun, 2015, 18:30 BST
DALLAS, June 1, 2015 /PRNewswire/ --
According to a new market research report, "Smart Water Management Market by Solutions (Network Monitoring, Pressure Management, Analytics, Meter Data Management), by Services (Valve and Information Management, Pipeline Assessment), by Smart Meter Types, by Region - Global Forecast to 2020", published by MarketsandMarkets, The Smart Water Management Market is expected to reach $18,310.0 Million by 2020 at a Compound Annual Growth Rate (CAGR) of 20.1% during the forecast period 2015-2020.
Browse 68 market data Tables and 44 Figures spread through 160 Pages and in-depth TOC on "Smart Water Management Market"
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The Smart Water Management (SWM) market comprises of smart hardware devices, smart technology solutions, and services that help in reducing Non-Revenue Water (NRW) losses and improve water distribution network efficiency. It also aims at reducing energy costs in pumping water through the distribution network, streamlining water utility operations, and enhancing asset management for water and wastewater utility infrastructure. With the advancement of technology, sensors are being integrated to provide real-time information about leaks, thefts, and other distribution issues resulting in faster actions regarding maintenance and repair works, which, in turn, is expected to reduce the wastage of water.
The replacement of aging infrastructure across North America and Europe is expected to remain the key driver of the SWM market in the coming years. North America and Europe have outdated legacy infrastructure for water management and distribution resulting in a huge piling of consumer complaints regarding pipe bursts and leaks. Therefore, the infrastructure is in the early phase of replacement for which huge investments are being made. Furthermore, the regulatory bodies have also mandated the quality standard for water distribution in these regions. As a result, water utilities are shifting towards technological up-gradations to match the quality standards and reduce their capital and operating expenditure. However, water utilities still have not presented a strong business case for SWM to attract investments. Also, utilities are still apprehensive of adopting cloud services, a factor which is restraining the growth of the market.
Nowadays, utilities, along with governments and regulating bodies, are trying to enhance customer engagement by educating them about water conservation. This can act as a good opportunity for the growth of the market as customers are shifting towards the application of advanced AMI meters which provide real-time information and prevent NRW loss. Further, the market remains competitive with the presence of large number of vendors. The major vendors in the SWM market are ABB Ltd., General Electric, Schneider Electric, IBM, Itron, and Elster, among others.
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The global Smart Water Management Market has been segmented on the basis of devices, solutions, services, and regions. The devices include AMR and AMI meters. The solutions have been segmented into enterprise asset management (EAM), network monitoring, advanced pressure management, supervisory control and data acquisition (SCADA) systems for water and wastewater utilities, advanced analytics, meter data management (MDM), residential water efficiency, and smart irrigation management systems. The services have been segmented into valve management, pipeline condition assessment, hydrant management, and information management. Region-wise classification includes North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America.
MarketsandMarkets forecasts that the global Smart Water Management Market is expected to grow from $7,340.0 Million in 2015 to $18,310 Million by 2020, at a Compound Annual Growth Rate (CAGR) of 20.1% during the forecast period 2015-2020. In the current scenario, North America is expected to be the largest market on the basis of spending and adoption of SWM.
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