“The global smart water management market size to grow at a CAGR of 12.9% during the forecast period.”
The smart water management market size is projected 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. The smart water management market is driven by factors, such as the rising demand for quality water services, need to replace aging water infrastructure, rising digitalization of utilities sector, and government regulations favoring the development of smart water management solutions. However, factors such as reduced shelf life of smart meters and lack of digitally skilled workforce restrain the growth of the market.
By offering, services segment to grow at the highest CAGR during the forecast period
The smart water management market by offering is segmented into water meters, solutions, and services. The services segment is expected to grow at a rapid pace during the forecast period. Services are the most promising offering in the smart water management market as they create a high degree of smart characteristics and autonomy in the utilities sector. They are designed to meet interoperability challenges that occur due to varied heterogeneous devices, along with managing large volumes of data and offering end users with training, consulting, support, security, and privacy services.
By offering, solutions segment to hold the largest market size during 2019
The smart water management market by offering has been segmented into water meters, solutions, and services. The solutions segment holds the largest market size of smart water management market due to the increasing demand for technology solutions to modernize legacy infrastructure, rising technological adoption, and growing need for cost optimization .
Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Factors such as flexible economic conditions, industrialization- and globalization-motivated policies of governments, and expanding digitalization are expected to contribute to the growth of the smart water management market in the region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the smart water management market.
- By Company: Tier I: 45%, Tier II: 40%, and Tier III: 15%
- By Designation: C-Level Executives: 40%, Directors: 35%, Managers: 15% and Others: 10%
- By Region: North America: 15%, APAC: 35%, Europe: 40%, and RoW: 10%
The report includes the study of key players offering smart water management solutions and services. It profiles major vendors in the global smart water management market. Major vendors in the smart water management market are ABB (Switzerland), Arad Group (Israel), AquamatiX (UK), Badger Meter (US), Honeywell Elster (US), Huawei (China), HydroPoint (US), IBM (US), i2O (UK), Itron, Inc. (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). It further includes an in-depth competitive analysis of key players in the smart water management market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The market study covers the smart water management market across segments. It aims at estimating the market size and the growth potential of this market, across different segments, such as offering, end user, and region. The study further includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall smart water management market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
- The report further helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.