This market is predicted to grow at a percentage of 15.4% on an annual basis & eventually reach $3.64 billion by the end of 2018
The climate has been changing across all geographies. Also, increase in urbanization and growth of infrastructure is leading to the depletion of various essential resources, especially water. Hence, there is an exponential rise in the need to conserve water and deploy advanced technological solutions to effectively utilize and manage it. This has resulted in the demand for smart water management services, which is at an all-time high, and this trend will continue in the near future. Globally, the total worth of the smart water management market can be approximated at $5.43 billion. This market is expected to grow to $12.03 billion by the end of 2018, according to a series of reports from MicroMarket Monitor.
The smart water management market in the North American region was valued at $1.77 billion in 2013. Smart cities’ projects are on a rise in the North American region. Also, regulatory compliance is mandatory in these regions. Hence, there is huge focus on the upgradation of water infrastructure; leading to a higher demand for smart water management services. This market is predicted to grow at a percentage of 15.4% on an annual basis and eventually reach $3.64 billion by the end of 2018. Some of the major market players are Itron Inc., Elster, Badger Meter, Neptune Technology Group and Sensus.
The Latin American smart water management market was pegged at $394.80 million in 2013.The need to conserve water resources is fueling the demand for technologically advanced water management solutions. Also, privatization is leading to higher foreign inflows. These aspects lead to the growth of this market. It is poised to grow annually at a rate of 21.5% and be worth $1.05 billion by the end of 2018. Inability to afford potable water can act as a serious restraint for this market. Itron Inc. and Elster are the prominent enterprises that provide services in this market.
The European smart water management market was valued at $1.73 billion in 2013. This value is projected to increase to $3.46 billion by the end of 2018. This growth is calculated to be 14.9% annually. The European Union has widely innovated and adopted advanced solutions in smart water management. A project has been implemented that would provide 80% of households with smart water meters by the year 2020. Companies with higher market share are Neptune Technology Group, Itron Inc., Sensus, Diehl Group and Elster.
Due to a political push and increase in privatization, various metropolitan cities in the Asia-Pacific region have started deploying enhanced technological solutions for the purpose of water management. For instance, Singapore is looking into Intelligent Water Management System (IWMS). Non-revenue water (NRW) is the only factor that poses a threat to this market. The total valuation of the smart water management market in the APAC region was $987.00 million in the year 2013. This market is forecast to reach $2.40 billion by 2018. The annual growth rate for the period 2013 to 2018 has been projected at 19.4%. Main industry leaders for this market are Itron Inc. and Elster.
As of 2013, the total revenue of the Middle East and Africa (MEA) region’s smart water management market was $548.60 million and this is set to grow to $1.50 billion by the end of the year 2018. The main driving force behind the growth of this market is the extensive push given by the various government initiatives being implemented. Also, countries in the MEA region are adopting advanced technological solutions for the purpose of water management. The calculated CAGR is 22.2% between 2013 and 2018. Itron Inc. is the major service provider of smart water management solutions in this market.