Global smart water management market to grow by 17.2% annually
Smart water technologies can be very efficient in improving water management and services globally but so far few markets have widely adopted the use of advanced water meters, meter data management and other smart solutions. In 2013, the global smart water management market was estimated at $5.43 billion.
However, thanks to a number of factors driving higher industry expenditure on smart water management solutions, over the next five years the market is expected to grow by an average of 17.2 percent per year, reaching $12.03 billion in 2018, according to a new report published by Research and Markets. Despite the robust average growth rate, regional adoption of smart water management technology is predicted to vary significantly, the report noted.
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A wide range of smart solutions can improve the processes at water utilities by reducing water loss through leaks and theft, as well as by more efficient management of assets and distribution networks. Products that help cut maintenance and repair costs are also likely to be sought after, along with technology that facilitates streamlining of operations and various Supervisory Control and Data Acquisition solutions, the report noted. The global water industry is expected to see rising demand for cloud-based solutions for distribution network monitoring, which are very cost-effective and likely to be increasingly preferred as an option by 2018.