The market for smart water management systems is predicted to soar with a CAGR of 20.46% between now and 2026, according to a new report from ReportLinker. Driving the growth for smart water management is the increase in smart city projects, aging water infrastructure in some regions, and the need to increase water efficiency by restricting water loss in urban areas.
The North American market is likely to capture a dominant portion of the overall global market, with the US and Canada expected to be the biggest contributors in the region, with increasing demand due to growing urban population expected to be the key driving force. The Asia-Pacific market is projected to exhibit the fastest growth over the forecast period.
Big players in the market include American Water Company, Abb Ltd, Arad Technologies Ltd, Ge Water Corporation, Belkin Corporation, Honeywell International, Inc., IBM, Itron Inc, Huawei Technologies, Landis Gyr, Siemens Ag, Schneider Electric Se, Takadu Ltd, Xylem Inc and Utility Systems.
Additional Growth in Other Areas of Water Management
Other recent reports predict significant growth in various water treatment and management technologies. Earlier this month, a study from Reportbuyer indicated that the global liquid filtration market will reach $31.74 billion by 2024. Factors driving growth include technological advancement in wastewater treatment, rapid industrialization, and stringent regulations by the government to implement standard filtration techniques.
And a report from UNESCO showed that the market for industrial water treatment technologies geared to managing wastewater is expected to grow 50% by 2020 as water resources become increasingly strained.
Vendors Mentioned in this Article
- American Water Company
- Abb Ltd
- Arad Technologies Ltd
- Ge Water Corporation
- Belkin Corporation
- Honeywell International, Inc.
- Itron Inc.
- Huawei Technologies
- Landis Gyr
- Siemens Ag
- Schneider Electric Se
- Takadu Ltd
- Xylem Inc.
- Utility Systems
Photo credit: Xylem