The demand within the global market for water management has been rising on account of a growing awareness about depleting water reserves across the globe. Several organisations and international campaigns have been focusing on educating and informing people about the need to conserve water. Several regions in Africa have suffered from acute shortage of water in recent times, and this has compelled several international organisations to develop workable systems for water management.
Furthermore, regions that have abundant water resources have also taken lessons from recurring cases of water shortage and have taken vital steps to secure their future. Owing to these factors, the demand within the global market for water management has risen to new heights over the past decade.
It is safe to estimate that the efforts of the UN and other recognized organisations to promote water conservation across the globe would have a positive impact on the global market. Furthermore, despite the presence of abundant water resources in several regions, sources of potable water are still scanty in these regions. This has led the governments and other entities to deploy means of water conservation and management in recent times.
A report by Transparency Market Research (TMR) predicts that the global market for water management would expand at a CAGR of 17.70% over the period between 2013 and 2019. Furthermore, the report forecasts that the global market for smart water management would touch a value of US$15,232.6 mn by 2019-end.
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Hardware Components to Attract Tremendous Demand
Based on the type of component used for smart water management, hardware components have attracted the highest demand due to their effectiveness and enhanced performance. Automated meter reading systems have become extremely popular as they help in staying in control of the available water resources. Furthermore, Internet if things (IoT) and Artificial Intelligence have also emerged as key technologies that have overhauled the smart water management market in recent times.
It is projected that the quest of the industrial sector to manage costs and avoid financial crunches would give an impetus to the growth of the global market for smart water management. Based on meter-reading technology, cellular technology and fixed technology are the two main segments, and the former has attracted a greater demand as against the latter.
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North America to Emerge as a Market Leader
On the basis of geography, the market for smart water management in North America is projected to expand at a boisterous rate. This is due to the prolific efforts of environmentalists in the US and Canada, and a sense of responsibility towards water conservation amongst the masses. Furthermore, the rising population in India and China has compelled the government to deploy smart water management systems for a liveable future.
Moreover, several international organisations have invested in Asia Pacific in order to enhance the prospects of water management in the region. It is expected that the presence of several key players for smart water management in Europe would bode well for the regional market.
Some of the key players in the global market for smart water management are ET Water Systems LLC, Schneider Electric SA, Evoqua Water Technologies, General Electric Co., i2O Water Ltd., TaKaDu Ltd., Itron Inc., IBM Corp., and Arad Metering Technologies.