What Does the Historic Data and Forecast Reveal About the Smart Water Management Market?
The smart water management market size has grown exponentially in recent years. It will grow from $20.85 billion in 2024 to $25.24 billion in 2025 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to aging water infrastructure, increased awareness and public demand for efficient water management, increased urbanization and smart city initiatives, and rising demand for a significant reduction in loss due to nonrevenue water.
The market size is expected to see exponential growth in the next few years. It will grow to $56.22 billion in 2029 at a compound annual growth rate (CAGR) of 22.2%. The growth in the forecast period can be attributed to growing investment in smart cities, increasing adoption of smart water management systems, funding and incentives, and the impact of climate change. Major trends in the forecast period include artificial intelligence (AI) and machine learning (ML), IoT and connectivity, augmented reality (AR) and virtual reality (VR), cloud-based solutions, and remote sensing and satellite technology.
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What Key Factors are Driving the Smart Water Management Market Growth?
The increase in demand for clean water due to the increasing global population is likely to drive the growth of the smart water management market. The importance of clean water for health, food, and nutrition security has been highlighted during the COVID-19 pandemic. Smart water management systems can help to accelerate response plans by identifying vulnerable food value chains, and critical areas, and designing tailored and prioritized interventions to improve access to clean water.
What Are the Major Market Segments in the Smart Water Management Industry?
The smart water management market covered in this report is segmented into:
1) By Offering: Water Meters, Solutions, Services
2) By Product Type: Advanced Water Meters, Meter Read Technology, Cellular Network
3) By End User: Residential, Commercial, Industrial
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Who Are the Leading Companies Dominating the Smart Water Management Market?
Notable companies operating in the smart water management market include Honeywell International Inc., Siemens Aktiengesellschaft, ABB Ltd., International Business Machines Corporation., Itron Inc., Schneider Electric SE, SUEZ Group SA, Sensus USA Inc., Trimble Inc., Elentec Co. Ltd., HydroPoint Data Systems Inc., TaKaDu Ltd., AquamatiX Limited, Nalco Water India Limited, Xenius GmbH, Xylem Inc., Badger Meter Inc.
What Are the Emerging Trends in the Smart Water Management Market Landscape?
Over the years, companies have been introducing innovative technologies such as hybrid cloud and artificial intelligence (AI), and working on projects related to managing water resources and promoting resilience in vulnerable areas affected by environmental threats. This is effectively optimizing the management and monitoring of water resources.
Which Region Is Poised To Expand Fastest In Smart Water Management Market Forecast Period?
In 2024, North America was the largest region in the smart water management market. The fastest-growing region in the forecast period is expected to be Asia-Pacific.
Smart Water Management Market Report 2025
Smart water management refers to the integration of systems and methods for monitoring, controlling, and regulating the usage and quality of water resources, as well as the maintenance of connected equipment. The Smart Water Management Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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