A smart water grid is referred to a real-time two-way network equipped with sensors and devices for continuous & remote monitoring of the water distribution system. Smart water meters deployed in smart water grids are capable of monitoring several parameters such as temperature, flow rate, quality, and pressure. Smart water grids find their application in utilities, and commercial and residential buildings.
Growing Emphasis on Reduction in Non-revenue Water to Impact Demand for Smart Water Grids
Priorities toward carbon footprint reduction and financial savings have driven water utilities to optimize management and operations via deployment of advanced analytical & ICT software, design & engineering services, automation & control and associated hardware. Urban water systems face resiliency and sustainability challenges such as response to draught & natural disasters, quality issues, overuse, and water leaks, which can be addressed with the help of ICT. Emphasis is growing on reduction in non-revenue water, along with restructuring of old infrastructure and necessity for accurate billing. High non-revenue water levels indicate poor management in water utilities, which can be resolved by adopting technologies such as sensors, data analytics, and smart meters in water distribution network for controlling losses. Stricter guidelines have been imposed by governments across the globe concerning regulation of water circulation network, and preservation, which in turn is fostering demand for smart water grids.
Factors such as robust population growth, urbanization, global warming, and geographic variations have created huge demand for water. Growing urbanization directly puts immense pressure on water infrastructure, thereby elucidating imperativeness of developing smart water grids for effective management of water supply and consumption. Various countries such as India and Saudi Arabia are focusing to prioritize water wastage and conservation, particularly in the regions’ draught-affected parts. Future Market Insights’ recently compiled report projects the global smart water grid marketto register a CAGR of nearly 20% throughout the forecast period. Revenues from the market are estimated to surpass US$ 50,000 Mn by 2026-end.
Key Research Findings from FMI’s Report on Smart Water Grid Market
North America will continue to dominate the global smart water grid market, followed by Europe. Factors such as need for reduction in billing errors and disputes from customers, and availability of advanced technologies are driving the smart water grid market in these regions. Asia-Pacific excluding Japan (APEJ) is also expected to be a lucrative region for expansion of the smart water grid market, owing to its large population and commercialization.
ICT & analytical software forms the fundamental technology in smart water grids, as it represents mindset of users and behavioral economics in terms of water consumption. Numerous governments are focusing on discovering relationship between response from technologies & smart devices and real-time water distribution data, which impact the consumers’ ingesting behavioral fluctuations. Although smart infrastructure is projected to account for the largest market revenue share, revenues from ICT & analytical software will register the fastest expansion in the market during 2017 to 2026.
Smart Water Grids will find the largest application in utility, with revenues estimated to reach nearly US$ 25,000 Mn by 2026-end.
Leading players in the global smart water grid market are making huge investments in research and development activities, with an aim of developing new & better control and automated smart water grids integrated with analytical & ICT software. This will further minimize the risk related to monitor theft & tinkering, and reduce the water distribution costs. Data fortification has gained increased interest among these players, as demands are becoming more personal & subtle. In addition, cost efficiency will continue to be a primary consideration for commercial and household administration solutions.
FMI’s report has profiled key players actively operating in the global smart water grids market, which include Xinapse Systems Ltd, Prezi Inc., ICT, co., Ltd., Wetsus, The Whitmore Group, ABB Group, Arqiva, Toshiba Corporation, Neptune Technology Group Inc., Schneider Electric, Badger Meter, Inc., Itron Inc., Sensus Worldwide Holdings Ltd., and Siemens AG.
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