The smart water management market has been forecast to increase at a compound annual growth rate (CAGR) of 17.2% over the next five years, increasing from a total of $5.43 billion in 2013 to reach a market value of $12.03 billion in 2018.
The majority of the population believe it's cheap and abundant. But due to current water management systems, one in five people on the planet do not have adequate access to safe, clean drinking water.
Though the total amount of water on this planet has never changed, the nature of that water is changing. Everything from where rain falls to the chemical makeup of the oceans is in flux.
Most water utilities across the globe are struggling to maintain their aging water infrastructure. Government initiatives in most countries worldwide to enhance public utility infrastructure has always been partial for the most important resource for our survival.
The Smart Water Management (SWM) market varies largely based on regional adoption of technology and solutions. There has been significant investment in smart grid for electricity projects worldwide; however, the scenario for water is still struggling to justify the Return on Investment (ROI) on technology spending.
According to a recent market report, 'Smart Water Management Market: Worldwide Market Forecasts and Analysis 2013-2018,' North America will be the leading revenue market for the 2013-2018 period as aging water and sewage infrastructure, utilities suffering leak losses, irrigation projects and water conservation measures get modernized.
Although currently the focus is high on the adoption of advanced water meters, meter data management, and Supervisory Control and Data Acquisition (SCADA) solutions for water utilities in many countries, the scenario is expected to change gradually for smart technology solutions such as distribution network monitoring, advanced pressure management, and analytics.
The adoption of cloud-based solutions for distribution network monitoring, which require absolutely no capital expenditure from utility's end will witness greater traction in the near future.
For more information on the smart water meter management market, see the latest research: Smart Devices Market Research
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