New York, United States, April 30, 2024 (GLOBE NEWSWIRE) -- Smart water management (SWM) is an information and communications technology (ICT) solution that collects, shares, and evaluates real-time data from water networks. It communicates and interacts with wastewater systems using digital meters, sensors, geographic information system (GIS), and supervisory control and data acquisition (SCADA) systems. The primary objective of SWM is to ensure that infrastructure and energy used for transporting water are efficiently managed. They detect leaks, reduce energy consumption, conserve water, predict equipment failure, and ensure regulatory compliance.
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Report Scope
| Study Period | 2019-2031 | CAGR | 13.69% |
| Historical Period | 2019-2021 | Forecast Period | 2023-2031 |
| Base Year | 2022 | Base Year Market Size | USD 7.86 Billion |
| Forecast Year | 2031 | Forecast Year Market Size | USD 24.94 Billion |
| Largest Market | Asia Pacific | Fastest Growing Market | Europe |
Growing Need to Manage the Increasing Global Demand for Water Drives the Global Market
According to Worldwild Life, 1.1 billion people lack access to water, and 2.70 billion face water shortages for at least one month each year. Numerous water systems sustaining ecosystems and a growing human population are under pressure. Due to contamination, rivers, lakes, and aquifers are either drying up or becoming unusable. This factor contributes to the demand for intelligent water management solutions.
In addition, every 30 seconds, according to industry analysis, a water pipe bursts in Germany. In 2019, 1.1 million cases of tap water damage were reported, with a total cost of more than 3 billion euros. In light of the factors above, the increased demand for water conservation is driving the global market expansion.
Growing Role of Smart Water Management in the Smart City Revolution Creates Tremendous Opportunities
Governments across the globe place significant emphasis on integrating smart technologies into their urban planning schemes as a fundamental element for fostering economic development. Smart water is one of the distinguishing features of smart cities. SWM is a component of intelligent infrastructure that implements digital solutions for water and wastewater treatment. With a growing population, rapid urbanization, a soaring demand for food, and overexploitation of natural resources, smart city initiatives present enormous business opportunities for SWM solution providers.
According to the United Nations Department of Economic and Social Affairs, by 2050, 68% of the globe's population will reside in urban areas. This has created a vast business environment for providers of smart water solutions, where accurate water consumption and forecasting measurements are essential. This requires intelligent water systems to collect actionable data regarding the flow, pressure, and distribution of a city's water. For instance, from July 2020 to December 2023, the IWRA collaborated on its Smart Water Management (SWM) projects with K-Water (the Korea Water Resources Corporation), the Asia Water Council (AWC), and water experts from all over the world.
Regional Analysis
Asia-Pacific is the most significant global smart water management market shareholder and is anticipated to exhibit a CAGR of 14.57% during the forecast period. The region includes countries with significant non-revenue water (NRW) losses, such as India (with nearly 60 percent of total water revenue lost) and Singapore. These figures indicate the need for water management and the market expansion potential in the region. In addition, the increasing number of smart cities in the region is anticipated to generate substantial business opportunities for intelligent water management solutions providers. India intends to construct approximately 100 smart cities by 2022, approximately USD 500,000, which is anticipated to affect approximately one billion people. Asian regions, including Malaysia, Vietnam, and Thailand, have made substantial efforts to develop intelligent water systems, indicating the market's growth potential. Similarly, Japan has invested in water management infrastructure and has a comparatively lower NRW (24%) than the United States. With the assistance of the Japan Water Research Center (JWRC), Japan plans to implement smart water meters nationwide by 2025.
Europe is estimated to exhibit a CAGR of 13.54% over the forecast period. In the European region, government initiatives to promote the adoption of smart solutions are the primary driving force. Europe's approximately 3.5 million kilometers of water distribution network pose significant management challenges for the government. According to the European Environmental Agency, 46% of Europe's population lives in water-scarce areas. In addition, the European Commission has implemented the Smart Water Management Platform (SWAMP) initiative to combat water wastage, utilizing technology such as the Internet of Things (IoT), data analytics, and autonomous devices. The European Commission had allocated 1.47 million euros to the project until October 2020. Most utilities in EU nations have adopted innovative solutions, including advanced meter data analytics, advanced pressure management solutions, network monitoring, and leak detection solutions. In its Digital Single Market for Water Services Action Plan, the EU Commission also outlined a vision for the future of smart water in the region, which will further propel market expansion.
Key Highlights
- The global smart water management market size was valued at USD 7.86 billion in 2022. It is estimated to reach USD 24.94 billion by 2031, growing at a CAGR of 13.69% during the forecast period (2023–2031).
- Based on type, the global smart water management market is divided into solutions and services. The solution segment is the largest revenue contributor to the market throughout the forecast period.
- Based on the end-user, the global smart water management market is segmented into residential, commercial, and industrial. The residential segment owns the highest market share during the forecast period.
- Asia-Pacific is the most significant global smart water management market shareholder during the forecast period.
Market News
- In January 2023, Alarm.com announced the launch of the Water DragonTM, a new whole-home water protection solution that is constantly on the lookout for potential leaks and unanticipated water usage. The Water Dragon, which integrates with Alarm.com-powered home security system, is a single compact device that utilizes ultrasonic technology to detect and promptly alert homeowners about water issues before they become major problems.
- In June 2023, Aquana, LLC, a subsidiary of Geospace Technologies, announced the launch of the Actuator Valve Serial, a new remote shutoff valve for the Water IoT platform (AVS).
Global Smart Water Management Market: Segmentation
By Type
- Solution
- Services
By End-User
- Residential
- Commercial
- Industrial
By Regions
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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