The global smart water grid market is expected to reach USD 10.27 billion by 2025, says a new report from Hexareserch.
The smart water grid market is driven by a growing emphasis towards a reduction in non-revenue water, the necessity for accurate billing, restructuring of old infrastructure, instantaneous monitoring of the grid, efficient fixing of leaks, and improved client engagement.
Furthermore, the need to conform to government regulations, expectations for increased safety and reliability with reduced cost and development of smart cities have been the driving forces for the smart water grid market, the report said.
North America dominated the market in 2016 due to the advancement of the IT sector, which plays an integral part of these networks. Advancement in technology has helped various factors such as water safety, managing severe weather conditions and valuation of consumption.
Europe followed suit, with an expected contribution of USD 2.96 billion by 2025 due to the increase in adoption of smart water meter compliances for better management.
Asia Pacific is anticipated to witness the fastest growth over the forecast period on account of increase in production and sales of advanced metering infrastructure.
The smart water grid industry is expected to grow on account of increasing demand for information about usage that allows preservation of resources and saves money.
Smart Infrastructure held the largest market share accounting for 41.5% in 2016 and is expected to witness steady growth on account of increasing number of smart water grids, particularly in emerging economies of the world.
Companies are investing extensively in R&D to enhance technology. Companies have zero dependence on the government bodies due to suitable initiatives for substituting energy systems to grow, the report found.
Players in the market such as Itron, Siemens, Badger Meter, and Neptune Technology are investing heavily in the smart water grid market.