Smart water management market is poised for steadfast growth in the near future as a majority of the key nations develop interest in water conservation practices for a better future. An upcoming report of Fairfield Market Research intends to present an in-depth analysis of global smart water management market and forecasts a positive growth outlook for the market as water conservation efforts have been picking pace at domestic, commercial, as well as industrial levels recently. Regulatory measures that mandate implementation of effective water-saving technologies, and practices have also been growing stringent across several regions. This is expected to favour the growth of smart water management market.
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Market Awaits Benefits of Better Understanding of Smart Water Management Concepts
Given the severing problems relating to growing water scarcity, and aggravating quality concerns associated with freshwaters, academicians, policymakers, and industry participants have been showcasing their interest in smart water management. However, the concept of smart water management is yet to attain the status of a widely used approach among policymakers when it comes of resolving issues related to water supply. The key factor accounting for this challenge is the lack of understanding of the overall concept, and its advantages in long run. With growing effort toward improving the data collection and management process, the understanding and awareness are likely to increase.
Growing investments of governments in innovative, more efficient, and sustainable water treatment technologies will further elevate market prospects, research says. With surging adoption of greywater treatment practices for raising its reusability is also likely to support market growth. While the cost involved will remain the key challenge facing smart water management market participants in the long run, ensuring a safer, and cleaner water supply will also be a major concern for them. An increasing number of initiatives like programmes around reliable leakage reduction targets, and a greater number of energy providers getting involved in more efficient utilisation of sources ensuring the future energy security.
Maximum Revenue Generation Expected from Industrial, and Commercial Sectors
The largest water consumers, commercial and industrial sectors will remain the prime revenue-generating segments for smart water management market. The two have been recently exhibiting a faster shift toward adoption of smart water management solutions to better identify the existing inefficiencies, and thereby achieve the goal of optimum water usage. More than 80% of companies in commercial, and industrial sector are currently either using or planning to use smart water management in the near future. Accelerating rebound of building and construction industry, especially across India, China, some of the West African countries, and some parts of Latin America, has been compelling companies to find out futuristic ways to achieve efficient water management for themselves and slash water bills.
Substantial Growth Avenues Expected to Emerge in Asia Pacific
Asia Pacific, in addition to being the world’s most populous region, represents the fastest-growing economy and demography as well. Water demand continues to be on the rise and the effort around maximisation of the existing water supply remains at its peak. The pumped water supply also needs to be optimised, which highlights the critically growing need for embracing smart water management solutions that leverage advanced technologies like data analytics, remote monitoring, and real-time leak detection. In the backdrop of surging demand for water, and growing strain on the existing water supply infrastructure, the region holds massive growth potential. Led by Japan, and Australia, Asia Pacific is likely to showcase excellent growth prospects of smart water management market in future.
Key Players in Smart Water Management Market
Oracle, Siemens, IBM, ABB, Schneider Electric, Honeywell Elster, SUEZ, Itron, Landis+Gyr, Trimble Water, i2O Water, Xenius, HydroPoint, Takadu, Neptune Technology, Badger Meter, AquamatiX, Elentec, Fluid, Lishtot, FREDsense, Syrinix, CityTaps, Fracta, and Xylem constitute some of the top players participating in global smart water management market competition.
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