According to report “Smart Water Management Market by Advanced Water Meters (Meter Type & Meter Read Technology), Solution (Network Monitoring, Advanced Pressure Management, SCADA System, Advanced Analytics, Residential Water Efficiency), Service – Global Forecast to 2021″, global market is expected to grow from USD 8.46 Billion in 2016 to USD 20.10 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 18.9% during the forecast period.
The major drivers of this market include the need to restrict non-revenue losses across the globe, sustainable use of energy, and regulatory compliance of smart water industry. Furthermore, the smart city projects and other infrastructural developments across the globe provides huge opportunities for SWM vendors, service providers, software providers, and consulting companies.
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Reduction in operating costs is the major driver for the penetration of SCADA in water and wastewater industries
Water utilities are under pressure to provide good quality water, but are struggling with their outdated infrastructure. The SCADA solution aims at reducing energy costs in pumping water through the distribution network, streamlining water utility operations, and enhancing asset management for water and wastewater utility infrastructure. The option of remote access in SCADA solutions enables utilities to access water usage data even from smartphones, laptops, and tablets.
Ease of operations and timely maintenance of assets are the driving factors for the growth of professional services
The professional services are classified into three major categories, such as maintenance and support, consulting, and deployment and integration. These services help in enhancing efficiency and increasing growth along with reducing operating expenses and resource losses. These services aid the client in designing, planning, and deploying new systems into their existing facility.
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North America is expected to hold the largest market share of SWM, followed by Europe.
North America and Europeare expected to hold large market shares and dominate the SWM market from 2016 to 2021. The main drivers responsible for the growth of SWM solution in North America are the sustainable energy demand, technological advancements, and reducing aging infrastructure demands. The SWM market in Latin America, Asia-Pacific (APAC), and Middle East and Africa (MEA) is expected to witness high growth rate due to the demand of infrastructural projects for asset management capabilities across departments, facilities, and business units. The major vendors covered in the SWM market for this study include ABB Group (Switzerland), IBM Corporation (U.S.), General Electric (U.S.), Itron (U.S.), and Schneider Electric (France).
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