Smart Water Management Market trends estimates high demand by 2025
North America led the smart water management market in 2016 and is expected to retain market dominance throughout the forecast period. Advancements in technology such as satellite remote sensing, and web-enable sensors and communication networks in water management and stringent government regulations such as Safe Drinking Water Act (SDWA), Clean Water Act (CWA) and regulations regarding the wastewater management are factor boosting growth of smart water management market in this region, with region accounting for 32.80% share in 2016.
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Smart water management systems are undergoing a rapid wave of technological advancements. Water and wastewater management industries are improving in process transformation by adopting the use of information and communication technologies (ICT) and real time data generation. The aim of smart water management system is to increase the management and operational efficiency by using advanced information technologies to reduce expenditure, water loss, and carbon footprint.
Major drivers propelling the growth of smart water management market include the advancement in the technology such as advanced metering technology and Supervisory Control and Data Acquisition (SCADA) in water and waste water management. Also, with the development of the smart irrigation practices, there is a rise in demand for smart water management market. According to the research of Coherent Market Insights, smart irrigation market is growing at CAGR of 18.0% during the forecast period (2017-2025), which in turn drives the smart water management market in the forecast period.
North America led the smart water management market and is expected to exhibit a CAGR of 19.3% during the forecast period (2017-2025) to reach US$ 14.05 billion by 2025. Rising demand for sustainable energy solution along with stringent government regulations propelling the demand for smart water management market in the region. Safe Drinking Water Act (SDWA), Clean Water Act (CWA) and regulations on waste water discharge are forcing companies to examine their manufacturing processes. In addition to this, municipal and other facilities in the U.S. need to obtain permits under National Pollutant Discharge Elimination System (NPDES) permit program, if their discharge goes directly to surface water. Europe is the second largest market after North America in the smart water management due to healthy economy and advancement in technology. Asia Pacific is the fastest growing market in the smart water management due to development in smart city projects.
Among the advanced water meters, Advanced Metering Infrastructure (AMI) dominating due to operational benefits such as energy theft detection, meter reading accuracy and response to power outages, along with financial and security benefits.
Supervisory Control and Data Acquisition (SCADA) dominated in the smart water management solutions segment. SCADA program is specifically designed to provide a real time historian data base, remote alerting functionality, alarm management, notification and optimization along with an open integration platform and a powerful HMI (Human Machine Interface). In open integration platform multiple SCADA systems, information can be organized and unified and HMI provides real time situation awareness, graphical visualization and alarm management on a centralized remote control room or on mobile devices such as smartphone or tablet.
Major Players in the Smart Water Management Market:
Some of the major players in the Smart Water Management Market are General Electric, ABB Group, Itron, Schneider Electric, International Business Machines (IBM) Corporation, Sensus, Elster Group Se, and Seimens Ag.
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