Photo credit: United Nations Environment Programme
Smart water management can be a challenge to companies because of costly initial investment requirements, a low rate of return, and a lack of available expertise. Despite these factors, industry expenditure on smart water management solutions is expected to grow, helping to boost the smart water market to a growth rate averaging 17.2% per year, according to the new Global Smart Water Management Market – 2023 report from Research and Markets.
The availability of new information and communication technology (ICT) is helping industry to solve water-related challenges, such as water loss, maintenance and repair costs, and inefficient water management.
The demand for sustainable energy management solutions, combined with aging infrastructure demands, are other supporting factors which are promoting the adoption of smart water management solutions in North America. In fact, North America will be the zenith in the Global Smart Water Management market. Key players in this market include ABB Ltd. (Switzerland), Schneider Electric SE (Germany), Arad Group (Israel), General Electric Company, and Seimens AG (Germany).
Water Awareness on the Rise
During the recent World Water Week in Stockholm, a recurring theme arose: if business and communities are to grow and thrive, industry and others will need to use less freshwater and begin viewing wastewater as a valued resource rather than something to discard, wrote Emilio R. Tenuta, VP of corporate sustainability for Ecolab, in Environmental Leader last week. Currently, repurposed wastewater accounts for only 2.41% of all water use globally. “With the growing gap between freshwater supply and demand, we must rethink our traditional approach to water use (freshwater in, wastewater out) and find ways to do more with the water we use. This is one way we can help close the gap,” he wrote.