Report from ASDReports predicts growth, outlines major drivers
A report now available on ASDReports—"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"—predicts that the smart water management (SWM) network is expected to grow from $8.46 billion in 2016 to $20.1 billion by 2021 at a Compound Annual Growth Rate (CAGR) of 18.9% during the forecast period.
The major drivers of the market include the need to restrict non-revenue losses across the globe, sustainable use of energy, and regulatory compliance of the smart water industry. Furthermore, smart city projects and other infrastructural developments across the globe provide opportunities for SWM vendors, service providers, software providers and consulting companies.
According to the report, reduction in operating costs is the major driver for the penetration of SCADA in the water and wastewater industries. Water utilities are under pressure to provide good quality water, but are struggling with outdated infrastructure.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.
In addition, ease of operations and timely maintenance of assests are driving factors for the growth of professional services. The professional services are classified into three major categories: maintenance and support, consulting, and deployment and integration. These services help enhance efficiency, increase growth, and reduce operating expenses and resource losses. These services aid the client in designing, planning and deploying new systems into their existing facility.
North America and Europe are expected to hold large market shares and dominate the SWM market from 2016 to 2021, according to the report. 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, and the Middle East and Africa 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).