Smart Water Market "Smart 17.7% CAGR"

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Smart Water Market "Smart 17.7% CAGR"

Water Management Market is Set to Register a 17.7% CAGR, Reaching a value of USD 15,232.6 Million Globally by 2019

According to a new market report published by Transparency Market Research "Smart Water Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 - 2019" the global smart water management market was worth USD 4,813.3 million in 2012 and is expected to reach USD 15,232.6 million by 2019, growing at a CAGR of 17.7% from 2013 to 2019. North America was the largest market for smart water management in 2012. Growth in this region is expected to be driven by increasing investment by water utilities in smart water technologies and growing focus on smart irrigation and minimizing non revenue water over the forecast period. In addition, strict environmental standards mandated by water regulatory bodies across the globe, is expected to drive the market in near future.

The smart water management (SWM) market is driven by various factors such as aging water infrastructure, lack of water management in urban areas and need to reduce non revenue water (NRW). Enforcement of government regulations across the globe regarding deployment of smart water technologies is also expected to drive the market. However, apprehension of water utilities towards adoption of cloud services and high cost of installation of advanced metering infrastructure (AMI) are some of the factors inhibiting the growth of this market.

The three main component segments in the SWM market are hardware, solutions and services. Hardware segment was the largest in 2012 and accounted for 40.1% revenue share of the global SMW market, and is expected to dominate throughout the forecast period. However, solutions segment is expected to grow at a faster rate due to growing demand for various advanced software such as Hymer (Orbicon), ReadCenter AnalyticsPro and ReadCenter Analytics+, and Intelligent Operations Center (IOC) software (IBM) among others.

North America was the largest revenue generator in 2012 and accounted for 47.5% revenue share of the global SWM market. Dominance of the region is due to increase in investment in SMW technologies in order to minimize water loss and reduce the amount of non-revenue water (NRW) by various water utilities in North America. Asia Pacific is expected to show fastest growth during the forecast period at a CAGR of 23.7% from 2013 to 2019. The growth in this region is attributed to greater rainfall variability or global warming, the aging of facilities installed during the era of rapid economic growth, and the need for safe and palatable water along with rich water environments across countries namely, Japan, China, and India among others.

Source: Globe News Wire

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