Albany, NY -- (SBWIRE) -- 03/03/2017 -- Fresh water is a limited resource, thus it is very important to save water in order to balance the needs across consumer population, industries and other sectors. Thus, water regulatory bodies and water utilities across the globe need to proactively adopt smart technology to better manage their processes and distribution channel.

Smart water management (SWM) facilitates reduction in repair and maintenance costs, reduction of NRW (Non-revenue water). SMW also helps to minimize energy usage in pumping of water at water utilities, cost of detection of leaks and theft and enhances customer engagement in water conservation.

The SWM market is driven by various factors such as aging water infrastructure, lack of water management in urban areas, need for mapping water resources and need to reduce non-revenue water (NRW). Furthermore, water regulatory bodies in North America and Europe are mandating stricter environmental standards related to smart water management which is another important driver for this market.

The global smart water management market was valued at USD 4,813.3 million in 2012 and is expected to grow at a CAGR of 17.7% during the forecast period from 2013 to 2019. However, high cost of installation of advanced metering infrastructure (AMI) inhibiting the growth of this market.

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The three main components are hardware, solutions and services. Hardware segment was the largest component segment in 2012 and accounted for 40.1% revenue share of the global SMW market. Solutions segment is expected to grow at a faster rate due to growing demand for various advanced software for smart water management such as Hymer (Orbicon), ReadCenter AnalyticsPro and ReadCenter Analytics+, and Intelligent Operations Center (IOC) software (IBM) among others

North America was the largest revenue generator in 2012 and accounted for 47.5% revenue share of the global SWM market. Dominance of the region is due to increase in investment in SMW technologies in order to minimize water loss and reduce the amount of NRW (non-revenue water) by various water utilities in North America.

Asia Pacific is expected to show fastest growth during the forecast period at a CAGR of 23.7%. The growth in this region is attributed to rainfall variability, scarcity of potable water resources and huge water losses in agriculture due to overwatering.