In industrialized areas, water is the most ignored natural resource. Smart water services and solutions are still tussling for fast implementation in most of the global regions. This is on account of no regulatory backing from governments in Western Asia, Africa and some others. Maturing water infrastructure, particularly in Canada, the United States of America and Germany is one of the primary propellers of the smart water management market. It leads to pipe seepages, bursts, and augmenting client objections.
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Water regulatory organizations are dictating sterner ecological policies with respect to smart water management. This factor is yet another driver of the smart water management market. The worldwide market is estimated to experience significant growth in the future. This is owing to rising demand for decreasing loss of water and non-income water. Sustainable water administration policies are high on significance of different governments around the globe.
Harmful effects of environmental alterations, like increased sea levels, flooding dangers, and lengthier famine periods have impacted the resources of fresh water. These resources are required to uphold rising fiscal conditions and inhabitants. The prime cause of escalating demand for the smart water management market is augmenting industrial population.
Outlook And Trends
The smart water management market is anticipated to attain about USD 18, 310 million by 2020. Maturing infrastructure, growing water shortage, climate unpredictability, water quality problems and increasing water-relevant energy dangers are predicted to positively impact the market. Water stress, a circumstance brought about by rising demand for water, contamination and biologicallyirregular water resources is also expected to add income to the smart water management market.
Besides these, rising demand for hygienic water supplies and proper hygiene due to fast industrialization are also projected to drive further demand for the market. Lack of consciousness and data about ways to augment water effectivity might hinder the market. Also, low implementation of smart water management technologies owing to high fitting costs of advanced metering infrastructure might slow down the progress of the smart water management market.
The smart water management market is segmented into three categories on the basis of components. These include solutions, devices and services. Devices surfaced as the leader of the components sector in 2013. They are estimated to dominate the market in the coming years as well.
The worldwide market is also fragmented on account of two categories. These are fixed network technology and cellular network technology. Fixed network technology is anticipated to dominate the smart water management market through the forecast period. Cellular network technology is predicted to experience high expansion in the coming six years.
North America is predictedto lead the smart water management market through the forecast period. Venture financial spendings around the United States water segment have boosted significantly. This factor has added further revenue to the market in North America. The Asian Pacific smart water management market is anticipated to experience the most rapid development in the future. Furthermore, rising demand for smart water management across application and consumer segments is also projected to steer the sales of the worldwide.
Information Source: Grand View Research