Novel business models such as Sensor-as-a-Service to offer new growth opportunities to vendors, finds Frost & Sullivan
SANTA CLARA, California, Dec. 16, 2019 /PRNewswire/ -- Smart sensor solution providers to utilities are rapidly acquiring Internet of Things (IoT) connectivity and data analytics capabilities to offer value-added services such as digital twin solutions, remote configuration and calibration, and predictive maintenance. Digitalization, the rise of smart water grids, stringent regulations, and the urgent need for process efficiency improvements are set to drive the $3.48 billion market toward $6.33 billion in 2025 at a compound annual growth rate of 8.9%.
"Product lines with advanced functionalities such as continual remote monitoring, system health monitoring, and cellular/low-power wide-area network (LPWAN) connectivity will give solution providers a significant competitive edge," said Paul Hudson, Industry Analyst for Energy & Environment at Frost & Sullivan. "Vendors are developing business models such as Software-as-a-Service/Sensor-as-a-Service (SaaS) for water utilities and industrial end users to optimize the treatment and network system."
Frost & Sullivan's recent analysis, Growth Opportunities in the Global Smart Online Water Sensor Solutions Market, Forecast to 2025, presents insights into disruptive technologies and the competitive landscape. It also examines smart value-added services that can drive growth. It covers the product segments of measurement sensors, quality sensors, and software or data analytics platforms across the geographic regions of North America, Latin America, Europe, the Middle East and Africa, and Asia-Pacific.
For further information on this analysis, please visit: http://frost.ly/3wy
"North America and Europe are currently the leading markets due to favorable regulatory policies for promoting greater transparency and environmental sustainability," noted Hudson. "Asia-Pacific countries like China and India are expected to experience high growth due to significant investments in smart water infrastructure and the need for economic sustainability."
Key disruptive technologies include the Memosens by Endress+Hauser, Libelium's multi-sensors with LPWAN/cellular communication modules, and Hach's Claros suite, which is a software-assisted solution for sensor diagnostics, data, and process management.
With regulators and policymakers adopting stringent water quality and discharge standards, there will be greater growth opportunities for vendors that:
- Explore the latest communication technologies that enable long-range wireless communication and have low-power requirements.
- Offer financial services or SaaS business models.
- Partner with leading water companies that deliver treatment technology solutions, engineering procurement construction (EPC), and O&M services.
- Provide data storage capabilities in the sensor or through cloud-based solutions.
- Bundle predictive maintenance and asset management to present a holistic solution.
Growth Opportunities in the Global Smart Online Water Sensor Solutions Market, Forecast to 2025 is part of Frost & Sullivan's global Environment & Water Growth Partnership Service program.
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Growth Opportunities in the Global Smart Online Water Sensor Solutions Market, Forecast to 2025
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SOURCE Frost & Sullivan