Smart Water Management Market

Smart water management is the next big thing due to the rising water scarcity and need for water conservation around the world, according to Allied Market Research. Various organizations and governments across the globe are under immense pressure to meet the increasing demand of water. Worldwide water regulatory bodies must understand the need of the hour and proactively implement smart water technologies to efficiently manage their distribution channels, update their operations, reduce maintenance cost, spread awareness among customers about water conservation and reduce non-revenue water losses occurring due to thefts and water leakage. Water utilities are under pressure to provide good quality water, but are struggling with their outdated infrastructure. The SCADA solution aims at reducing energy costs in pumping water through the distribution network, streamlining water utility operations, and enhancing asset management for water and wastewater utility infrastructure, according to Markets and Markets. The option of remote access in SCADA solutions enables utilities to access water usage data even from smartphones, laptops, and tablets. Ease of operations and timely maintenance of assets are the driving factors for the growth of professional services. The professional services are classified into three major categories, such as maintenance and support, consulting, and deployment and integration. These services help in enhancing efficiency and increasing growth along with reducing operating expenses and resource losses. These services aid the client in designing, planning, and deploying new systems into their existing facility. The smart irrigation management systems solution is expected to grow at the highest CAGR during the forecast period as it helps in reducing more than 50% of portable water used for residential and commercial landscape irrigation. The growing population and depleting reserves of freshwater are some of the factors which accelerate the growth rate of smart irrigation management systems. North America and Europe are expected to hold large market shares and dominate the SWM market from 2016 to 2021. The main drivers responsible for the growth of SWM solution in North America are the sustainable energy demand, technological advancements, and reducing aging infrastructure demands. The SWM market in Latin America, Asia-Pacific (APAC), and Middle East and Africa (MEA) is expected to witness high growth rate due to the demand of infrastructural projects for asset management capabilities across departments, facilities, and business units. The market in Latin America is expected to grow at the highest CAGR between 2016 and 2021. Most of the southwest areas in this region face water scarcity, and the adoption of smart water technology solutions is expected to enhance water conservation. The rapid growth in urbanization and industrialization taking place in the Asia-Pacific region is expected to open up new opportunities for the existing and new participants, according to Allied Market Research. The industry is very competitive due to the presence of some dominant smart water management device manufacturers and service providers in the market. Some of those key players are IBM, Siemens, Schnieder, GE, ABB, Nalco, TaKaDu, i2O water and others. To battle with this competition and to enhance their profit, market share and image, companies are opting for various business strategies. For instance, Nalco an Ecolab company acquired Champion technologies, one of its competitors, in order to expand its market share, product offerings and services in water, hygiene and energy technologies.