As per the latest study by Future Market Insights (FMI), the global smart water grid market is likely to witness robust growth during the forecast period. Registering 18.8% CAGR, the market is projected to reach US$ 52,212.3 million revenue by the end of 2026. Key priorities including carbon footprint reduction and financial savings are driving water utilities to optimize operations by deploying advanced analytical software, automation, control, design and other services. Increasing focus on integrating smart water grid with information and communication technologies is leading to the remote maintenance, monitoring, and tracking.
Various advanced features in smart water grid that are expected to drive the market are demand prediction, real time sensing, quality monitoring, ease of detecting leak and burst, supporting planning and operations and helping in reducing water loss. Increasing emphasis on improving water management and supply, developing accurate billing method, reconstruction of old water infrastructure are some of the factors contributing to the growth of the smart water grid market. Municipalities across various countries are focusing on implementing smart water grid technology that can offer information and communication technologies at the same time in a single smart water management scheme, thus increasing efficiency. Increasing investment in repairing old water infrastructure and improvement in water distribution systems are also driving the market for smart water grid.
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Key Highlights on the Global Smart Water Grid Market
The global market for smart water grid is segmented on the basis of application, technology, and region. On the basis of region, North America is expected to remain dominant in the global market for smart water grid throughout the forecast period 2017-2026. Owing to the advancement in technologies, increasing initiatives by the government to improve water infrastructure and stringent regulations, North America is witnessing a significant growth in the smart water grid market.
Meanwhile, Asia Pacific Excluding Japan (APEJ) and Europe are also likely to witness the growth in the market during 2017-2026. Due to the increasing demand for new installations for water supply, and the increasing awareness about using smart water grid in order to conserve the limited fresh water are fueling the growth in APEJ. While, Europe is witnessing rise in the water infrastructure development and strong government support, thereby resulting in the increasing deployment of smart water grid.
On the basis of technology, the market is segmented into design & engineering, ICT & analytical software, smart infrastructure, and control & automation. Among these, smart infrastructure is expected to witness the highest growth in the global market for smart water grid. By the end of 2026, smart infrastructure is projected to exceed US$ 2,200 million revenue.
Based on the application, the market segment consists of commercial, residential, and utility. Smart water grid is expected to find the largest application in the utility segment. By 2026 end, utility is estimated to bring in nearly US$ 24,900 million revenue. Meanwhile, commercial segment is also likely to witness robust growth in the global market for smart water grid.
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Key Players Competing to Sustain in the Market
Siemens AG, Itron Inc., Sensus Worldwide Holdings Ltd., Badger Meter, Inc., Neptune Technology Group Inc., Schneider Electric, Toshiba Corporation, The Whitmore Group Arqiva, Wetsus, ABB Group, ICT, co., Ltd., Prezi Inc., and Xinapse Systems Ltd., are some of the key players operating in the global smart water grid market.