Global smart water management market is expected to grow at a CAGR of 18.5% during forecast period (2022-2030). Growing requirement for water conservation and water scarcity across the globe is the key factor driving the smart water management market.
For instance, as per the water project organization there is around 783 million people didn’t have access to clean and safe water globally. There are around 319 million people in Sub-Saharan Africa does not have access to reliable drinking water sources. Moreover, according to United Nations, about 700 million individuals in 43 different countries are affected by scarcity of water and by 2025, two-thirds of the global population could be living in water-stressed conditions.
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Supervisory Control and Data Acquisition (SCADA) in solution segment leads the global smart water management market by capturing largest market share of over 17.6% in 2021 in solution segment. SCADA market is anticipated to grow at a CAGR of 18.9% during forecast period. The primary driver for wide adoption of SCADA solutions is their ability to streamline water utility operations through usage of data driven control methods coupled with the capability to provide enhanced asset management for water and wastewater utility infrastructure.
Also, deployment of SCADA system can help in reducing energy cost through efficient management of water pumping systems. Furthermore, SCADA allows the remote monitoring and control of management system that help to achieve high efficiency and reliability in water management. According to the International Water Association, ~32 billion cubic meters’ water is wasted per year globally, a part of which is lost due to depilated pipes leak. Water loss in huge amount led to rise in demand for infrastructure upgradation, in turns drive the market for SCADA system for water and waste water.
Smart irrigation market is expected to grow at a highest CAGR of 19.3% during the forecast period. The primary driver for wide adoption of smart water management solution is their ability to make real-time decisions regarding right irrigation time, prediction and plan for irrigation in future, as well as modeling for irrigation scheduling and design of irrigation systems based on offline data. As per the United States Department of Agriculture (USDA), Economic Research Service (ERS), agriculture sector is the major consumer of surface and groundwater in the United States accounting for around 80% of Nation’s consumable water. Moreover, there are significant investments in smart irrigation management systems that have propelled huge growth opportunities for the growth of smart irrigation system market.
Professional services in the services segment leads the global smart water management market by capturing largest market share of over 52% in 2021 in the services. Professional services market is anticipated to grow at a highest CAGR of 19.5% during the forecast period. Professional services in global smart water management market include maintenance & support services, consulting services and deployment & integration services. These services provide the users with necessary floor plan to implement a smart water management solution, reduce the expenditure and implementation complexity, providing proposals for targeted measures. Increasing construction of smart water management projects with advanced technologies such as intelligent sensing, etc. have raised the demand for professional services for its easy integration and deployment. Further, companies providing professional services in smart water management market have received high investment that act as a key driving factor for the growth of professional services market.
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North America leads the global smart water management market by capturing largest market share of over 37% in 2021 and is anticipated to grow at a CAGR of 17.9% during forecast period. North American smart water management market is primarily driven by high number of people residing in urban areas, increasing investment in water management projects coupled with high investment in smart city infrastructure. U.S. and Canada have a high percentage of population residing in urban areas; as per the census respective countries 80.7% and ~80% of the population reside in urban areas in US and Canada respectively. Providing proper water supplies to residents, focus towards efficient water management have led to high adoption of smart water management solution in North America. High investment to deploy new efficient water management solutions have positively aided the growth of smart water management market in North America. For instance, according to Organization for Economic Co-operation and Development (OECD), the Government of the U.S. needs to invest $6.7 trillion till 2050 in order to fix the old and inefficient water infrastructures. Owing to the increasing investment in water management projects the North America market for smart water management is expected to grow substantially over the forecast period.
Product launch is the key strategy adopted by companies in global smart water management market. Product launch allows companies to introduce innovative products which differentiate them from other competitive product. The differentiation in company product allows company to capture large market share in global smart water management market. Collaboration & partnership is adopted as the secondary strategy in global smart water management market. The intensity of competitive rivalry in smart water management system market is expected to move from moderate to high over the forecast period 2022-2030. Growing opportunities and Government interest in this industry is boosting the global demand of smart water management system market.
KEY MARKET MOVEMENTS
- Global smart water management market is expected to grow at a CAGR of 18.5% during forecast period (2022-2030).
- Supervisory Control and Data Acquisition (SCADA) in solution segment leads the global smart water management market by capturing largest market share of over 17.6% in 2021 in solution segment.
- SCADA market is anticipated to grow at a CAGR of 18.9% during forecast period.
- Smart irrigation market is expected to grow at a highest CAGR of 19.3% during the forecast period.
- Professional services in the services segment leads the global smart water management market by capturing largest market share of over 52% in 2021 in the services.
- Professional services market is anticipated to grow at a highest CAGR of 19.5% during the forecast period.
- North America leads the global smart water management market by capturing largest market share of over 37% in 2021 and is anticipated to grow at a CAGR of 17.9% during forecast period.
- Product launch is the key strategy adopted by companies in global smart water management market.
- The intensity of competitive rivalry in smart water management system market is expected to move from moderate to high over the forecast period 2022-2030.
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