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Redding, California - December 11, 2023

Smart Water Management Market to be Worth $69.60 Billion by 2030

Smart Water Management Market by Offering (Hardware, Software, Services), Application (Water Management, Leak Detection, Water Quality & Quantity Monitoring, Others), End User (Residential, Commercial, Industrial), & Geography - Global Forecast to 2030

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Smart Water Management Market by Offering (Hardware, Software, Services), Application (Water Management, Leak Detection, Water Quality & Quantity Monitoring, Others), End User (Residential, Commercial, Industrial), & Geography - Global Forecast to 2030.’

According to this latest publication from Meticulous Research^®, the smart water management market is projected to reach $69.60 billion by 2030, at a CAGR of 14.7% from 2023 to 2030. The expansion of this market is propelled by the increasing imperative to minimize water loss attributed to non-revenue water, the compelling necessity for the replacement of current water infrastructure, and the rising investments in technology for smart water management. Moreover, the escalating government efforts to integrate smart water management and the expanding initiatives for smart cities are anticipated to present substantial growth prospects for stakeholders in the smart water management market.

However, the incorporation of water systems with contemporary smart water solutions could impede the market's expansion. Additionally, the market faces challenges such as elevated initial and maintenance expenses, along with inadequate infrastructure to sustain smart metering, which is likely to hinder the growth of the smart water management market. Meanwhile, a noteworthy trend in the market is the increasing embrace of smart water meters.

Based on offering, the global smart water management market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the global smart water management market. The significant dominance of this segment can be attributed to factors such as the increasing demand for automated readings for billing and analytical purposes, along with the widespread use of wireless communication technology for transmitting water usage data to a central server. Moreover, the escalating adoption of smart meters for real-time tracking of water consumption further contributes to this market share. In March 2023, the island of Sardinia in Italy marked a noteworthy stride in advocating for the sustainable utilization of water resources through the implementation of smart water meters.

However, the software segment is projected to register the highest CAGR during the forecast period.
The increasing demand for smart water management software is fueled by the necessity to optimize water distribution processes and the rising need to analyze water usage data for informed decision-making. Additionally, there is a growing reliance on water management software for identifying, responding to, and reporting incidents related to water and wastewater, further emphasizing the crucial role of such software in ensuring efficient and responsive water resource management. Several players operating in the market provide smart water management software. For instance, Trimble Inc. (U.S.) offers Trimble eRespond. eRespond is a complete and proven solution for identifying and managing network incidents from the first customer call or telemetry alarm all the way through to the final regulatory report.

Based on application, the global smart water management market is broadly segmented into water quality and quantity monitoring, water management, asset management, leak detection, analytics & data management, rain & stormwater management, and other applications. In 2023, the water quality & quantity monitoring segment is expected to account for the largest share of the global smart water management market. The substantial market share of this segment is credited to the increased utilization of sensors for monitoring water quality, assessing metrics such as physical, chemical, and microbial properties. The rising adoption of smart water management systems, which enable remote and continuous monitoring and diagnosis of water-related issues, further contributes to the prominence of this segment.

Also growing adoption of smart water sensors for monitoring water levels to access uncertain conditions like floods, rising river water levels, and drop-in minimum levels. For instance, in January 2022, the Sultanate of Brunei deployed a smart water device network with a focus on monitoring river water levels, wastewater pumping stations, and water quality.

However, the water management segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as the increasing use of water management solutions for smart water distribution to minimize water losses, growing adoption of smart water management for automation and efficiency of operations and the reliability of water supplies, and rising scarcity of clean water across the globe.

Various countries are realizing the importance of water management and are adopting smart water management systems for streamlining water distribution operations across cities. For instance, according to the Government of Dubai Media Office (GDMO), Dubai Electricity and Water Authority (DEWA)’s Water Smart Distribution Management System plays a vital role in improving its field operations related to around-the-clock monitoring and remote controlling of the water distribution network in Dubai.

Based on end user, the global smart water management market is broadly segmented into residential, commercial, and industrial. In 2023, the industrial segment is expected to account for the largest share of the global smart water management market. The large market share of this segment is attributed to the growing use of smart water management solutions across various industries to effectively measure and monitor water consumption patterns across respective sites on a real-time basis, which helps reduce operational costs, achieve statutory compliance, and identify potential inefficiencies in water consumption & flag alerts. In addition, industries are faced with a multitude of water challenges, from getting water at the right quality and pressure to disposing of industrial wastewater safely and in compliance with all regulations. These challenges are increasing the adoption of smart water management across industries.

In addition, the manufacturing industry adopted smart water systems to optimize the water use for their operations. For instance, in September 2022, Tour Saint-Gobain (France), a manufacturer of materials and services for the construction and industrial market, equipped a smart water meter system and upgraded equipment at a plant in Social Circle, Georgia. In addition, pump manufacturers are actively focusing on the development of pumps for enhancing monitoring and connectivity capabilities. For instance, in November 2023, Grundfos Holding A/S (Denmark), a global leader in advanced pump solutions, launched its new NK and NKE range in Singapore. The premium NKE range utilizes smart technology to bring ease of use, monitoring capabilities, and greater connectivity.

However, the residential segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing adoption of smart water meters for accurate meter reading and billing, continuous development in smart meters, increasing development in smart homes and buildings, and rising incidents of water leaks. According to the Environmental Protection Agency, up to 10% of U.S. properties have ongoing and unnoticed water leaks, which each waste over 90 gallons a day.

Based on geography, the global smart water management market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global smart water management market. The large market share of the region is attributed to the increasing adoption of smart water management solutions for identifying water leakages, technological advancements in smart water metering, increasing need for water conservation, coupled with the necessity for improved water management systems. For instance, in August 2023, Oldcastle Infrastructure, Inc. (U.S.), an infrastructure solutions provider, partnered with FIDO Tech, a UK-based artificial intelligence (AI) and technology solutions provider, to deliver leak detection and broader water management and conservation solutions in the U.S.

Moreover, the Asia-Pacific region is projected to register the highest CAGR during the forecast period. The growth of this region is driven by factors such as the rapidly developing economies, the rising water shortage problem, the growing adoption of smart cities to address the challenge of rapid urbanization, increasing use of smart water management for smart irrigation in the region.

In addition, the rising adoption of smart water management systems to accurately measure, read, and bill consumers with high water consumption is expected to drive the growth of the market in the region. For instance, Planet Smart City, a U.K.-based proptech firm, is providing water management solutions to housing societies in Pune. As of 2022, the company installed its platform at 60 societies in over 1,500 buildings and managed over 60 lakh liters of water in the city, leading to a reduction in wastage.

Key Players:

Some of the key players operating in the global smart water management market are IBM Corporation (U.S.), ABB Ltd. (Switzerland), Honeywell International Inc. (U.S.), Schneider Electric SE (France), Cisco Systems, Inc. (U.S.), Sensus (U.S.), Mueller Water Products, Inc. (U.S.), Trimble Inc. (U.S.), Arad Group (Israel), Oracle Corporation (U.S.), Badger Meter, Inc. (U.S.), Landis+Gyr Group AG (Switzerland), Kamstrup A/S (Denmark), SUEZ SA (France), HydroPoint (U.S.), Siemens AG (Germany), Itron, Inc. (U.S.), Endress+Hauser AG (Switzerland) and Neptune Technology Group Inc. (U.S.).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5198

Key questions answered in the report:

Which are the high-growth market segments in terms of offering, application, and end user?
What is the historical market size for smart water management solutions across the globe?
What are the market forecasts and estimates for 2023–2030?
What are the major drivers, restraints, opportunities, and challenges in the global smart water management market?
Who are the major players in the global smart water management market, and what are their market shares?
How is the competitive landscape?
What are the recent developments in the global smart water management market?
What are the different strategies adopted by the major players in the market?
What are the geographic trends and high-growth countries?

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Redding, California - December 11, 2023

Smart Water Management Market to be Worth $69.60 Billion by 2030

Smart Water Management Market by Offering (Hardware, Software, Services), Application (Water Management, Leak Detection, Water Quality & Quantity Monitoring, Others), End User (Residential, Commercial, Industrial), & Geography - Global Forecast to 2030

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