Smart Water Management Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The Smart Water Management Market is anticipated to expand from USD 16.08 billion in 2023 to USD 30.80 billion by 2028, reflecting a Compound Annual Growth Rate (CAGR) of 13.89% during the forecast period. The market's growth is chiefly attributed to the escalating global demand for water due to population growth, urbanization, and the need to address the expenses associated with maintaining aging infrastructure.

Smart water management (SWM) integrates Information and Communication Technology (ICT) and real-time data, playing a crucial role in addressing water management challenges. Its potential applications are wide-ranging, encompassing solutions for water quality, quantity, efficient irrigation, leak detection, pressure and flow regulation, flood and drought management, among others.

The adoption of smart systems, employing Internet of Things (IoT) and Artificial Intelligence (AI) techniques, is increasingly popular for detecting water losses in public networks. For instance, in the State of Palestine, the UNDP/PAPP's Accelerator Lab collaborated with FlowLess, a promising startup, to test a locally developed and cost-effective smart system for water loss detection using IoT and AI, supported by a customized web platform.

Assessing water infrastructure costs throughout the entire water cycle and its various uses is crucial. As 2030 approaches, the operating costs of new infrastructure could surpass the annual capital requirements for meeting unserved needs. Despite the advantages like increased billing accuracy, initial hesitance from traditional water management users persists due to the higher initial capital investment in smart water metering. This reluctance is particularly prevalent in many developing nations where the costs of infrastructure and training are significant obstacles hindering market growth.

Post-COVID-19, European countries directed investments towards water loss solutions, with the European Union focusing on research and innovation to facilitate a smooth transition. A significant percentage of citizens in these countries recognize that addressing climate change through innovation could enhance European companies' competitiveness and positively impact citizens through water-related activities.

Market Trends in Smart Water Management:

The growing imperative for water management is driving market growth. By 2025, about 1.8 billion people might reside in regions facing absolute water scarcity, necessitating efforts to meet the United Nations' 2030 Agenda for sustainable development goals. Almost four billion people are expected to experience water stress by 2025, necessitating robust strategies to address challenges like contaminated drinking water, failing dams, and outdated infrastructure. Water conservation has emerged as a key component of sustainable development goals, aligning with governing bodies' prioritization of water management policies globally.

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