- Smart water management market projected to hit the value of $39.56 billion in 2026.
- More than billion people now live in water-scarce regions and over 3.5 billion population expected to witness water scarcity by 2025.
- With ever-growing concern of water management and penetration of ICT in overall process expected to play vital role in satisfying the worldwide demand for fresh water.
The global smart water management market projected to hit the value of $39.56 billion in 2026 and expected to witness immense CAGR across the forecast period through 2018 to 2026, according to a new market research report published by Credence Research “Smart Water Management Market – Growth, Future Prospects, and Competitive Analysis, 2018 – 2026.”
One of the major challenges faced by developed as well as developing market for sustainable development is to ensure reliable water supply and sanitation services for citizens. More than billion people now live in water-scarce regions and over 3.5 billion population expected to witness water scarcity by 2025. As stated in UN World Water Development Report, by 2050, one out of four people projected to live in area affected by recurring or chronic scarcity of freshwater. Pertaining to scarcity of fresh water, water management policies have been high on the agenda for several governing bodies around the world. Further, looming global impact of climate change in terms of sea level rise, flooding and longer drought periods adding more pressure on the availability of freshwater resources. Smart water management seeks to alleviate challenges in water management and water sector through the integration of Information and Communication Technology (ICT) products, solution and services. Such technologies are adapted to monitor water resources, which enables to prioritize and manage maintenance issues more effectively.
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Overall smart water management market is segmented based on meter type, meter read technology, solution, and service. In 2017, market was primarily commanded by Automated Meter Reading (AMR) water meters due to benefits it offers such as limited meter-reading expense, reduced billing errors and real-time billing information among several others. North America was the largest market for smart water management in 2017 trailed by Europe and Asia Pacific. The recent trend towards water management through monitoring usage and leakage prevention has been involved in driving uptake of smart water management market in North America. In addition, upgrading of aging water infrastructure is projected to drive the demand for smart water management solutions.
Productivity is critical parameter that affects the profitability of any organization in smart water management market. Water management costs reduced through improved process efficiency, asset utilization, and overall productivity. Integration of Internet of Things (IoT) with water management enables new business models, real-time control, resource conservations, process optimization and service time reduction among several other benefits thereby improving the productivity in end-use. With ever-growing concern of water management and penetration of ICT in overall process expected to play vital role in satisfying the worldwide demand for fresh water.