Smart water network: Key market research findings
- The Americas dominate the market geographically
- Ongoing rise in the adoption of big data
- Key vendors – IBM, Honeywell, GE, Schneider Electric, ABB, and Elster
Technavio’s market research analysts predict the global market for smart water networks to grow at a CAGR of around 19% between 2016 and 2020. The growth of this market is driven by the growing demand for potable water and inadequate supply of water. The global water demand is likely to grow by 35% over the forecast period with the majority of the demand coming from developing countries. As the demand continues to surge, utility companies will require more efficient methods to manage water network and diversify supply. During 2015, the global smart water network market was dominated by the Americas with a market share of around 48%. Water utilities and water regulatory authorities in the Americas are proactively encouraging the adoption of smart technology solutions to streamline their operations, which in turn is leading to the growth of this market in the region.
The new market research report from Technavio presents a breakdown and analysis of the smart water network system segments based on the product.
“The smart water network is witnessing a rise in the adoption of big data at present. Governments of many countries are investing heavily to reduce water pollutions and understand increasing pressure on watersheds. Recently, Advancing Canadian Wastewater Assets entered into a partnership with IBM to bring the latest data tools to handle challenges in managing water. Both organizations are collaborating to develop a conceptual framework to integrate the existing and future data and provide a way for scholars and practitioners to view watersheds in real-time,” says Amit Sharma, Lead Analyst, ICT, Technavio Research.
During 2015, the hardware segment dominated the global smart water network market by accounting for more than 37% of the overall market revenue. Hardware comprises AMR and advanced metering infrastructure (AMI) meters and software-embedded sensors. AMI allows two-way communication to provide utilities with real-time data. It also gives customers the appropriate information to conserve and manage water resources; thereby, lowering their water bills.
The key vendors in the global smart water network market include IBM, Honeywell, GE, Schneider Electric, ABB, and Elster. Many IT companies and public organizations are developing new flow measurement technologies to gain revenue and minimize costs in the water sector by the introduction of advanced meter reading, demand response, data acquisition, and distribution automation technologies. The market has surpassed more than 15% of the growth rate in the last five years and has witnessed a large number of new entrants in the market over the last decade.
A more detailed analysis is available in the Technavio report, Global Smart Water Network Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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