Dublin, Dec. 07, 2021 (GLOBE NEWSWIRE) -- The "Smart Water Management Market by Component, Automation Solution, User Type, and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global smart water management market is expected to reach USD 21.2 billion by 2028, growing at a CAGR of 12.7% during the forecast period of 2021 to 2028.
The growth of this market is mainly attributed to the growing demand for sustainable water solutions, the growing need to replace the existing water infrastructures, and the increasing need for reducing water loss due to non-revenue water.
Based on component, the global smart water management market is broadly classified into hardware, software, and services segment. In 2021, the hardware segment is expected to account for the largest share of the market.
The large share of this segment is mainly attributed to the growing adoption of IoT-based devices, which are inexpensive and long-lasting, providing better results in real-time. However, the software segment is anticipated to witness the fastest growth rate in the forecasted period owing to the intuition of software along with the cloud-based storage, security, and platform services,
Based on automation solution, the market is segmented into water quality & quantity monitoring, asset management, advanced water treatment & automation, pressure control & leakage detection, analytics & data management, and other automation solutions. In 2021, the water quality and quantity monitoring segment is expected to report for the largest market share.
The large share of this segment is mainly attributed to the increasing investments in the deployment of smart water meters for measuring water quantity and monitoring quality to satisfy the growing demands of consumers. Besides, the asset management segment is expected to grow with the fastest CAGR over the coming years due to the growing need to replace age-old infrastructure with modernized equipment, requiring sufficient maintenance in the future.
Based on user type, the market is segmented into non-commercial and commercial. In 2021, the commercial segment comprising private organizations, utility companies, and industries is expected to account for the largest share due to increased investments in the deployment of smart water projects for industrial purposes.
However, the non-commercial segment is expected to witness the fastest growth owing to consumers being ready to upgrade their residential water systems with smart solutions. Also, the growing availability of IoT devices at affordable prices is expected to attract more consumers to implement smart ways for water management.
Geographically, Europe is estimated to command the largest share of the overall smart water management market in 2021.
The large share of Europe is primarily attributed to the presence of major smart water management companies and their focus on developing advanced smart water management technology and increasing government funding for smart water management advancements.
In addition, Asia-Pacific is expected to grow significantly with high CAGR in the forecast period owing to growth in high-tech infrastructure with respect to smart city initiatives, increasing adoption of mobile devices at reasonable prices, and rise in the number of start-ups offering smart water management solutions and services in the region.
Key questions answered in the report
Which are the high growth market segments in terms of the components, automation solutions, user type, and countries?
What is the historical market for smart water management solutions across the globe?
What are the market forecasts and estimates from the period of 2021-2028?
Who are the major players in various countries, and what share of the market do they hold?
What are the recent developments in the global smart water management market?
What are the different strategies adopted by the major players in the global smart water management market?
What are the geographical trends and high growth countries?
Who are the local emerging players in the global smart water management market and how do they compete with the other players?
Compelling Need to Replace Existing Water Infrastructure
Growing Demand for Sustainable Water Solutions
Need for Reducing Water Loss Due to Non-Revenue Water
Lack of Skilled Workforce to Implement Modern Solutions
Increasing Government Initiatives to Implement Smart Water Management
Growing Development in Smart City Initiatives
High Initial Investment and Low Return on Income
Growing Adoption of Smart Water Meters
Schneider Electric SE
Scope of the Report
Smart Water Management Market, by Component
AMR & AMI Meters
Integration and deployment
Support and maintenance
Smart Water Management Market, by Automation Solution
Water Quality & Quantity Monitoring
Advanced Water Treatment & Automation
Pressure Control & Leakage Detection
Analytics & Data Management
Smart Water Management Market, by User Type
Smart Water Management Market, by Region
Rest of Europe
Rest of Asia-Pacific
Rest of Latin America
Middle East & Africa
Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/6xsbou
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager firstname.lastname@example.org For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900