Smart Water Management Market is experiencing major growth in technologically advanced regions, such as North America and Asia Pacific, and has huge market potential in European countries. Smart Water Management Market is expected to grow during the forecast period, owing to the increasing adoption of advanced technologies such as AI, Big Data, and IoT.

Chicago, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The global Smart Water Management Market size to grow from USD 13.8 Billion in 2021 to USD 22.4 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period, according to a new report by MarketsandMarkets™. The presence of various key players in the ecosystem has led to a competitive and diverse market. The growth of the Smart Water Management Market is expected to gain traction in the next five years, which can be attributed to factors, such as rapid urbanization generating enormous pressure on water utilities for quality and continuous water supply and related services; rapid adoption of advanced technologies for innovating smart solutions to cater to the growing water industry challenges; rising concern for sustainable living leading to the development of regulations and laws by governments across the globe to reduce water consumption; and developing water treatment solutions. Developed economies across the globe are facing a major challenge in the form of aging infrastructure, which generates a huge demand for its replacement with smart water infrastructure solutions, offering precise control over water resources through real-time data.

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Scope of the Report

SWM is an integration of smart meters, technology solutions, and services that help improve water distribution network efficiency, reduce energy costs, and optimize water consumption by industrial and residential users. SWM solutions and services also aim at reducing NRW losses that are caused due to unauthorized consumption, meter read errors, meter inaccuracies, or physical losses owing to leakage in transmission or distribution mains. They also help streamline utility operations and efficiently monitor the critical water and wastewater infrastructure.

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SWM solutions, especially asset management and SCADA, are used moderately in North America and Europe, as these regions are among the early technology adopters. With the massive flow of data, the growth in the adoption of analytical solutions is also expected to increase at a faster rate. The adoption of IoT solutions in APAC is increasing at a rapid rate pertaining to smart city initiatives. The cost of connectivity solutions, such as Radio-Frequency Identification (RFID) tags, ZigBee, and Near-Field Communication (NFC) chips, is falling drastically, which makes it easier for the emerging economies to adopt these solutions. Some of the APAC countries, such as China, Japan, and South Korea, are going through a positive technological phase. Therefore, these countries are rapidly implementing SWM solutions and services.

APAC is expected to grow at the highest CAGR during the forecast period. The fast growth can be largely attributed to factors, such as a rise in the adoption of smart grid solutions, growth in the levels of urbanization leading to an upsurge in water demands, agricultural production, technological incorporation in the utility sector, and an exponential rise in population. These factors lead to the large-scale deployment of technologies relative to the western regions, supportive government regulations, rising awareness of clean and safe water supply, and growing industrial activities in the region.

The key and emerging market players in the Smart Water Management Market include Siemens (Germany), IBM (US), ABB (Switzerland), Honeywell Elster (US), Schneider Electric (France), Itron (US), SUEZ (France), Oracle (US), Landis+Gyr (Switzerland), Trimble Water (US), HydroPoint (US), i2O Water (UK), Xenius (India), Neptune Technology (US), Takadu (Israel), Badger Meter (US), AquamatiX (UK), Fluid (US), Lishtot (Israel), Elentec (UK), Syrinix (UK), CityTaps (France), FREDsense (Canada), Fracta (US), and Xylem (US). These players have adopted several organic and inorganic growth strategies, including new product launches, partnerships and collaborations, and acquisitions, to expand their offerings and market shares in global Smart Water Management.

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