Technavio Announces the Publication of its Research Report Global Smart Water Management Market 2016-2020
Technavio recognizes the following companies as the key players in the global smart water management market: ABB, GE, Honeywell, IBM, and Schneider Electric.
Other Prominent Vendors in the market are: Arad Metering Technologies, AVEA, Blue-White Industries, ESRI, Greyline Instruments, Itron, Sensus, Takadu, Topcon, and Trimble.
Commenting on the report, an analyst from Technavios team said: Growing use of automated meter reading technology will be a key trend for market growth. Most of the utilities work to manage their water resources for energy production by using actionable intelligence provided by automated meter reading technology. Earlier, automated reading systems were used to collect billing data. Now, automated meter data collection allows companies to improve customer services be enabling them to manage high consumption periods. The use of such technologies also protects the utilities’ revenues by mitigating issues such as non-usage periods.
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According to the report, rising operating costs will be a key driver for market growth. Aging water infrastructure, the need to manage capital costs, increasing energy costs, expanding regulation, and tight financing are the major concerns for the water industry. Volatile energy costs are critical concerns prompting governments worldwide to implement smart water management solutions. Energy costs represent the highest expense in water treatment in countries such as Germany, the UK, and other European countries. In Germany, water treatment facilities alone accounted more than 20% of the energy consumption in 2014.
Further, the report states that lack of investment will be a challenge for the market. One of the major inhibitors of the growth of the smart water management market in the US is the lack of funding from the US Department of Energy in the water sector compared to other industries such as defense and electricity. The smart technology involves significant upfront costs that many water utilities agencies are reluctant to pay. Due to budgetary constraints, the US government has been slow to adapt advanced metering infrastructure.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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Water is a vital and a critical resource for a city. The resource needs to be managed and conserved efficiently for future use and address daily needs of water, especially in times of low precipitation and drought conditions. Many a times, heavy rainfalls bring flooding that damages homes, city infrastructure, and spreads water-borne diseases. These climatic conditions cannot be controlled through human intervention, but preparation can be done to face these situations. Thus, managing water resources efficiently and building a smart infrastructure to avoid such instances have become vital to any nation.
Technavios analysts forecast the global smart water management market to grow at a CAGR of 19% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart water management market for 2016-2020. To calculate the market size, the report considers the revenue generated from hardware, solutions, and services.
The market is divided into the following segments based on geography:
Technavio’s report, Global Smart Water Management Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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