The market for smart water management systems is expected to grow at a CAGR of 18.5%, reaching $31.6 billion by 2024, up from $9.6 billion in 2017, according to a new report from Zion Market Research. Smart water management systems include advanced water meters, meter reading technology, advanced analytics, advanced pressure management, residential water efficiency management, and SCADA systems.
Increasing scarcity of water coupled with rising demand for water conservation across the world is expected to drive the smart water management market growth over the forecast period. Water losses through dilapidated pipes and infrastructure, dripping faucets and running toilets, and other leaks represent $2.6 billion in lost revenue for US water utilities each year, according to the EPA (via the Washington Post). Theft, unbilled/unmetered consumption, and meter inaccuracy can also lead to lost revenue.
Advanced water metering technology and other water management technology can mitigate those factors with data and analytics that offer actionable insights to identify and resolve issues, improve systems and recover revenues.
Weather-related events are also driving the adoption of smart water management, according to infrastructure solution provider Aclara. For example, in 2012, Hurricane Sandy affected more than 690 water utilities across 11 states, per the EPA, Aclara points out.
Some of the major players in the market, according to Zion, include:
- Neptune Technology Group
- Arad Technologies/Master Meter
- Airborne Underwater Geophysical Signals
- Schneider Electric
- Global Water Resources
- Cambrian Innovation
Zion Market Research says the promising regions and countries in the smart water management space will be the US, Germany, France, the UK, China, Japan, India, Brazil, and the Middle East and Africa.
Fuente: ENVIRONMENTAL LEADER