There is a growing demand for smart ways to manage natural resources, especially as cities become more intelligent. Increase in the global population and urbanisation are two major contributors to the great imbalance between the supply and demand of water resources. Additionally, deteriorating water infrastructure is putting stress on the global water supply. It is for these reasons that smart water management has become a critical need.
Smart water management is essentially a system designed to gather meaningful and actionable data on the flow, pressure and distribution of a city’s water. Its main goal is to ensure that the infrastructure and energy used to transport water are managed effectively. Some of the primary features of water management include pressure management, smarter leakage techniques for water networks, smart network operations and maintenance of the water cycle, smart water meter technology, and smart water quality monitoring. Countries around the globe are becoming increasingly aware of the critical nature of the water situation. According to analysts at Technavio, the global smart water management market stood at approximately $7 billion in 2015, and is expected to reach $16.73 billion by 2020, growing at a CAGR of 19%.
What’s driving the smart water management market?
#1. Greater use of technology
Smart water management and technology go hand-in-hand. Several vendors are using the latest technological solutions to examine water distribution mechanisms, improve the water networking system and bring down operational costs. This is why there has been a rise in water abstraction, treatment and adoption of alternative mechanisms through which water runoff in urban areas can be managed.
#2. High operating costs
One major problem faced by most developing countries today is the increase in operational costs that are being incurred because of deteriorating water infrastructure. These countries are seeking ways to reduce costs, specifically expenses related to leak detection, chemicals, and energy pumping, driving them to switch to smart watering systems.
#3. Demand-supply mismatch
The 21st century is often referred to as “the water-century,” due to the mismatch in the demand and supply of water, which has led to its uneven distribution. Fresh water in rivers, lakes, and similar bodies of water accounts for just 0.01% of the world’s water supply. This surely isn’t enough to meet the growing demand for water, especially in developing countries. This is where smart-water management companies come into play. Along with working towards meeting water requirements, these companies are also looking for ways to improve water quality.
Apart from the three drivers mentioned, the growing trend of using smart water meter technology and the emergence of real-time monitoring are contributing to the growth of the global smart water management market.
Some of the key vendors in this market include GE, Honeywell, Schneider Electric, IBM and ABB.
