Smart Water Management System Market Size, Share, Growth Report 2032

Industry Prospective:

The global smart water management system market was worth around USD 13572.9 million in 2021 and is estimated to grow to about USD 23654.4 million by 2028, with a compound annual growth rate (CAGR) of approximately 9.7 percent over the forecast period. The report analyzes the smart water management system market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the smart water management system market.

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Smart Water Management System Market: Overview

Smart water management systems enable efficient water management and minimize wastage of water which is a highly important natural resource that could lead to catastrophic effects if its not managed effectively.

Rapid urbanization, increasing water consumption, strict mandates to regulate water usage, increasing adoption of smart technologies, increasing focus on sustainable living, are some major factors that positively influence the Smart water management system market potential over the forecast period.

Lack of skilled workforce and high costs associated with the implementation of smart water management systems are expected to restrain Smart water management system market growth through 2028. The trend is expected to change as focus on water management increases on a global scale

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COVID-19 Impact:           

The COVID-19 pandemic saw the importance of technology and further bolstered the argument for the integration of technology for all key systems. The world economy was run at the mercy of technology in these adverse times and has bolstered the demand for more technology to be implemented to ensure the smooth functioning of the economy in any situation.

The Smart water management system market saw a downward trend in pandemic due to restrictions in outdoor activity and resulted in huge losses for Smart water management system companies. Increasing focus on smart technologies is expected to boost the Smart water management system market growth in the post-pandemic era and help the market rise at a robust CAGR through 2028

Smart Water Management System Market: Growth Drivers

Increasing Population to boost Market Potential

The surge in population, rapid economic development, and continuous urbanization of multiple economies has led to a substantial increase in demand for smart water management systems and are expected to be major drivers for the market growth over the forecast period.  Increasing focus on efficiently managing water resources and rising demand for potable water on a global scale under the threat of depleting resources is anticipated to propel the adoption of Smart water management system over the forecast period.

Smart Water Management System Market: Restraints

Shortage of Skilled Workforce

The workforce market is shrinking due to the aging population and changing lifestyle trends across the world and the lack of skilled workforces to effectively man the water utilities. The demand for water supply is more than ever and so is the demand for an increasing workforce to manage the rising workload. These factors are expected to restrain Smart water management system market growth over the forecast period.

Global Smart Water Management System Market: Segmentation

The global smart water management system market is segregated based on offering, water meters, solution, end-user and region.

By offering, the market is divided into water meters, solutions, and services. The solutions segment is expected to emerge as a dominant segment and is anticipated to main this through 2028. Increasing adoption of smart solutions owing to their rising popularity is expected to be the main factor favoring market potential.

By end user, the smart water management system market is segmented into commercial and industrial, residential. Most of the water supply comes under government management and is a societal responsibility of management that is often outsourced to industrial or commercial companies hence the commercial and industrial segment holds a dominant market share and is anticipated to follow the same outlook over the forecast period as well. The number of leakage and water loss incidents across the world is high and is propelling the demand for smart water management systems in this segment.

Report Scope:

Recent Developments

• In October 2021 – ABB a leading multinational firm announced a collaborative effort with DHI Group which is a Danish environment specialist to develop digital solutions that will facilitate faster and more effective decision-making tactics in order to conserve and effectively manage water resources on a global scale.

Regional Landscape

Asia Pacific region is projected to lead the global smart water management system market and is expected to be majorly driven by the rising adoption of smart grids in this region. Rapid urbanization and industrialization in emerging economies such as India and China is also expected to majorly boost Smart water management system market growth in this region over the forecast period. The exponential rise in population, supportive government initiatives, increasing investments are some additional factors that shape the Smart water management system market potential by the end of 2028.

Rising technological proliferation and increasing digitization are two major factors that influence Smart water management system market growth in North America. The United States is expected to be the leading market in this region and is expected to have a bright outlook owing to the rapid adoption of new technology in the nation. Other factors such as favorable government initiatives, increasing investments, and rising demand for smart systems are also expected to shape the Smart water management system market over the forecast period.

Competitive Landscape

Some of the main competitors dominating the global smart water management system market include - Siemens (Germany), IBM (US), ABB (Switzerland), Honeywell Elster (US), Schneider Electric (France), Itron (US), SUEZ (France), Oracle (US), Landis+Gyr (Switzerland), Trimble Water (US), HydroPoint (US), i2O Water (UK), Xenius (India), Neptune Technology (US), Takadu (Israel), Badger Meter (US), AquamatiX (UK), Fluid (US), Lishtot (Israel), Elentec (UK), Syrinix (UK), CityTaps (France), FREDsense (Canada), Fracta (US), and Xylem (US)

Global smart water management system market is segmented as follows:

By Offering

• Water Meters
• Solutions
• Services

By Water Meters

• AMR Meters
• AMI Meters

By Solution

• Enterprise Asset Management
• Asset Condition Monitoring
• Predictive Maintenance
• Analytics and data management
• Meter data management
• Supervisory control and data acquisition
• Security
• Smart irrigation management
• Advanced pressure management
• Mobile workforce management
• Network management
• Customer information system and billing
• Leak detection
• Other Solutions

By Services

• Professional Services
• Consulting services
• System integration and deployment services
• Support and maintenance services
• Managed Services

By End User

• Commercial and industrial
• Residential

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa