Smart Water Management Market (Component Types - Hardware, Solutions, Services; Meter Read Technology - Fixed network, Cellular network) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 - 2019
Albany, NY -- (SBWIRE) -- 07/19/2017 -- Global Smart Water Management Market: Snapshot
The high operating cost of water management is boosting the demand for smart water management. Other key factors fueling the need for smart water management include growing cost of energy, tightening regulations, financial crunch, and a need for managing cost. Extremely high energy consumption and thus, high cost have been observed at water facilities and this is becoming a concern worldwide, leading to the advent and high adoption of smart water management. Government support is another encouraging factor propelling the growth of this market. The large amount of energy consumed is pushing governments across the globe to implement smart water management solutions.
Automation Having Positive Impact on Smart Water Management Market
The increasing use of automated meter reading technology is driving the growth prospects of the global smart water management market. Many utilities worldwide are now making use of automated meter reading technology to manage water resources for energy production. Automated meter have helped many countries collect data which is then used for improving customer services apart from helping them to manage high consumption periods. Use of automated smart meters for water management has also helped utilities to mitigate issues relating to non-usage periods.
Ability to Perform Theft and Leak Detection to Drive Demand for Smart Water Management
The need to save water as fresh water is a limited resource is now being felt across the globe and this is increasingly becoming a challenge with the rise in population and heightened use of water by industrial and residential sectors. It is thus driving water regulatory bodies to implement smart water management in utilities so as to manage processes and distribution channel efficiently and optimally. Most importantly, the implementation of these systems helps in detecting any form of theft and leaks.
In addition to this, smart water management helps bring about an overall reduction in maintenance and repair costs, minimize the energy required for pumping the water at utilities, and reduces non-revenue water (NRW). The growing need for mapping water resources and ageing water infrastructure are some of the other factors aiding the growth of the global smart water management market. Solution such as supervisory control and data acquisition, advanced metering infrastructure, and meter data management are gaining traction and being accepted globally by utilities sector. In addition to this, new solutions such as smart irrigation an dnetwork monitoring shall drive the growth prospects of this industry.
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North America Receives Boost from Regulatory Bodies and Continues to Lead in Market
On the basis of geography, the region that has been most lucrative in the smart water management market is North America. The market in North America is anticipated to continue to hold a dominant position for the rest of the forecast period on account of the evolution of smart cities in this region coupled with strict government regulations. Water authorities in the region is proactively encouraging the adoption of smart water management technology for streamlining the operations. Asia Pacific on the other hand, is estimated to display the fastest growth rate in the coming years. Scarcity of potable water resources and large amount of water loss in the agriculture sector on account of over watering are some of the factors expected to drive the adoption of smart water management in the region.