Smart Water Management Market Predicted to Grow $21.4 Billion by 2024
Smart Water Management Market size expected to grow from USD 11.7 billion in 2019 to USD 21.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 12.9%.
Northbrook, IL -- (SBWire) -- 09/15/2021 --According to a new market research report "Smart Water Management Market by Water Meters (AMR & AMI), Solutions (EAM, Network Management, SCADA, Advanced Pressure Management, MDM, Smart Irrigation), Services, End User (Commercial & Industrial, Residential), and Region - Global Forecast to 2024" published by MarketsandMarkets™, the smart water management market size expected to grow from USD 11.7 billion in 2019 to USD 21.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 12.9% during the forecast period.
Key factors driving the market include supportive government regulations, growth of advanced technologies, deployment of Internet of Things (IoT) solutions across industries, and demand for creating a sustainable ecosystem to save water and optimize its use.
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By solution, the enterprise asset management sub segment to hold the largest market size during the forecast period
The enterprise asset management sub segment to hold the largest market size during the forecast period. Asset management solutions are remote monitoring solutions to assess the performance of water infrastructure assets deployed at various geographic locations. This solution is entitled to offer a comprehensive set of solutions to water utilities with which they can improvise the operation of water networks and minimize the non-revenue water losses
By end user, the residential segment to grow at the highest rate during the forecast period
The residential segment is one of the fastest growing segments of the smart water management market. Water utilities cater to the rising demand for quality water services with the increasing urbanization and lifestyle changes among people by deploying smart water solutions for the end user segment.
North America to hold the largest market size during the forecast period
North America is expected to account for the largest market size in the smart water management market by region during the forecast period. The region houses various solution providers that are constantly engaged in delivering innovative solutions. Increasing need to reduce costs associated with support maintenance of the aging infrastructure in North America, is expected to boost the adoption of smart water management technology in the region.
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The smart water management market comprises major solution providers, such as ABB (Switzerland), Arad Group (Israel), AquamatiX (UK), Badger Meter (US), Honeywell Elster (US), Huawei (China), HydroPoint (US), IBM (US), i2O (UK), Itron (US), Oracle (US), Landis+Gyr (Switzerland), Sensus (US), Schneider Electric (France), Siemens (Germany), Suez (France), SenzIoT (India), TaKaDu (Israel), Trimble Water (US), and XENIUS (India). The study includes an in-depth competitive analysis of key players in the smart water management market with their company profiles, recent developments, and key market strategies.
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