Digital Water Solutions Market Foreseen To Grow Exponentially Over 2030
Digital Water Solutions
Market Analysis:
Digital
Water Solution Market share is projected to grow at a 15%
CAGR by 2026, bringing the total to $1.26 billion in the forecast timeframe.
Digital water solutions
are modern technologies leveraged by water and wastewater companies to
understand utilities. Artificial intelligence and machine learning are employed
by utility owners for management of water systems through real-time data of
water systems. The global digital water solutions market report by Market
Research Future (MRFR) forecasts predictions for the assessment period
(2020-2027) while keeping in mind the COVID-19 pandemic. It provides insights
on water temperature, operating pressure, and impact on transparency on
metrics.
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Competitive Landscape
Atonix Digital, Aqueduct,
TaKaDu, Innovyze, Space-Time Insight, Plutoshift, Schneider Electric,
Analytical Technology, Inc., ABB, PowerPlan, Minsait, Bentley systems,
Copperleaf Technologies, Assetic, and Intelliflux Controls are key players of
the global digital water solutions market. Agreements and partnerships are
strategies being employed by solution providers to increase their revenue
share.
Market Scope
Digital water solutions
can manage local water systems with ease using real-time intelligence. Rising
digitalization of utilities and quality water services are two major drivers of
the market. The focus of power utilities on lowering carbon emissions and
conservation of water can bode well for the market growth.
The COVID-19 pandemic has
pushed the idea of implementation of secure digital technologies. Environmental
and regulatory policies have led to its rapid implementation by utility
providers. Need for frequent handwashing and sanitization of utensils has been
imperative in non-interruptions of water supply. Financial concerns and remote
working offered to teams may bolster the market demand and implementation of
digital water solutions in the coming years.
But the lack of a skilled
workforce can hamper the market growth. Threats of cybersecurity can also
impede the market.
Segmentation
Based on technology, the
global digital water solutions market is segmented into network management, metering
& customer management, work & asset management, plant management, and
information management. The metering & customer management segment is
expected to hold the largest share of the market and grow at the highest rate
during the forecast period. Utility providers are developing mobile
applications and CRM systems to dispense useful information and deliver water
usage bills to their phones for convenience. The aim to create a scalable
system and touch all customer touchpoints can push the segment growth. However,
the network management segment is projected to hold the second largest share
during the forecast period in the digital water solutions market. This is
attributed to the use of analytics for measuring water usage and consumer
behavior.
Based on solution type,
the market is segmented into hardware, software, and services. The software
segment is estimated to grow at the fastest rate during the forecast period due
to the rising adoption of analytical solutions for digital water management.
These technologies are used in assessing water consumption and billing rate structures.
By utility tier, the
global digital water solutions market has been segmented into tier 1, tier 2,
and tier 3. The tier 1 segment is expected to hold the largest share within the
global digital water solutions market.
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Regional Analysis
North America, Europe,
Asia-Pacific (APAC), and Rest of the World (RoW) are regions considered for the
global digital water solutions market.
North America held the
largest market share owing to large number of domestic solution providers
offering their services to utility companies. The need for replacement of legacy
infrastructure can bode well for the regional market growth.
The APAC market is likely
to exhibit a robust growth rate over the forecast period owing to adoption of
internet of things, demand for constant supply of water, and rapid
urbanization.
Industry News
Wipro Global Group has provided a digital experience platform for Bristol Water to improve the existing water systems. It can control various factors of operation such as low maintenance, instant release, and high security.
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