Water infrastructure is a critical issues faced by most water utilities across the world. It has also put governments of various countries on the guards. The earlier partial approach and negligence towards these infrastructures is changing at a rapid rate. This changing approach is the biggest driver for the smart water management market, which is poised to make rapid growth in the coming years. Smart water management or SWM technology is a relatively new concept that deals with various technologies, services and solutions to provide steady, reliable and affordable supply of water. As a result, SWM has become the key issue for the 21st century and as far as the developed and developing nations are concerned. The market for these technologies is advancing at a rapid rate, which is a vital sign for the businesses dealing in this industry.
Segments in Smart Water Management Technology
Global market is largely segmented on the basis of the types of devices used for smart water management. Apart from devices, the market is also segmented based on the types of solutions, services and their utilities across various geographic regions. Based on geography, smart water management market is divided into five basic regions, namely, North America, Latin America, Asia Pacific, Europe and Middle East and Africa. Following are the details of the industry categorization:
- Devices: Advanced metering infrastructure water meters or AMI water meters and automated meter reading water meters or AMR water meters
- Services: Valve management, hydrant management, pipeline condition management and information management
- Solutions: Enterprise Asset Management (EAM) for water and wastewater utilities, advanced analytics, advanced pressure management, water distribution network monitoring, meter data management, smart irrigation management systems, residential water efficiency and supervisory control and data acquisition (SCADA) for water and wastewater utilities
Future of Smart Water Management Market
Governments from across the world need to show proactive efforts to utilize and promote the smart technology solutions for water management and infrastructure. These solutions offer better asset management, distribution network management, low energy costs, low repair and maintenance costs and east access to reliable services and solutions. Although in its budding stage, market research in the industry shows that the current scenario in most of the countries is expected to change in a positive way. According to market research reports that also include detailed analysis of the aforementioned segments, smart water management market is anticipated to grow at a CAGR of over 17% within next four to five years.
From 2013 to 2018, the industry is poised to become worth $12.03 billion. As of 2013, the market is poised at $5.43 billion. Rapid rate of adoption, technological advancement, increased government initiatives and critical situation of water utilities across the globe are expected to drive the market at such an impressive compound annual growth rate.