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 percent from 2013 to 2019, reports Smart Water Management Market _Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 – 2019.
North America was the largest market for smart water management in 2012, driven by technology investments, growing focus on smart irrigation and minimal non- revenue water.
Environmental standards mandated by regulatory bodies and enforcement of government regulations for smart water technology deployments will drive the future market.
The smart water management (SWM) market is driven by various factors such as aging water infrastructure, lack of water management and need to reduce non- revenue water (NRW).
Apprehension of water utilities to adopt cloud services and high advanced metering infrastructure (AMI) installation cost are some of the factors inhibiting the growth of this market, suggests the report.
The three component segments in the SWM market are hardware, solutions and services. Hardware segment was the largest in 2012 and accounted for 40.1 percent revenue share and is expected to dominate further.The solutions segment is expected to grow with the demands for various advanced software analytics.
Asia Pacific will show fastest growth during CAGR of 23.7% from 2013 to 2019, attributed to rainfall variability or global warming, the aging of facilities and the need for safe and palatable water across Japan, China, and India, forecasts the report.
In 2012, 67.1 percent share was held by local players offering services for smart water management.