In 1972, a sensor monitoring system was developed by Theodore Paraskevakos, in Huntsville and in 1974, Paraskevakos developed the first commercially available fully automated, remote meter load and reading management system. The increased trend in adopting detailed real-time data and analytics into the digital system smart water metering emerged in the 2000s. The advancements in the metering have helped to deliver more proactive and predictive services to the consumers, followed by the introduction of advanced metering infrastructure (AMI) and advanced meter reading (AMR) technology that can provide a remote two-way constant data link between water utilities, meters and consumers that has redefined the water management market. Further, the company catering the smart water management solutions have adopted Supervisory Control and Data Acquisition (SCADA), network monitoring systems, advanced analytics systems to provide better and efficient management solutions.
Rising smart city projects is one of the key drivers adding to the growth of the global smart water management market. The smart city consists of smart energy, smart buildings, smart mobility smart governance, smart infrastructure and more. Smart energy consists of smart grids, smart meter and intelligent energy storage. Rising investment for achieving smart city projects is fueling the growth of the smart water management market. Water management is a major provision in the smart city agenda. According to India brand equity foundation organization, the government of India has launched an initiative for building 100 smart cities with an outlay of $ 7.47 billion and $7.34 billion under Atal Mission for rejuvenation and Urban Transformation for 500 cities. Hence, rising government investments in smart water management and smart city projects will positively influence the growth of smart water management market. Also, investment in achieving smart city projects is offering lucrative growth in smart water management market.
Professional services holds the largest share in the service segment
Professional services in global smart water management market include maintenance and support services, consulting services and deployment and integration services. These services help to enhance the efficiency of smart water management system and increase its adoption along with a reduction in operating expenses and resource losses. Also, these services help the client to design, plan, and deploy new systems into their existing facilities. Professional service is majorly provided to municipalities, utility districts etc. across the globe. Increasing construction of smart water management projects with advanced technologies such as intelligent sensing, etc. propels the demand for professional services for its easy integration and deployment. The global professional services market is expected to rise at a CAGR of 21.25% during the forecast period.
Europe, to be the fastest growing region
The primary applications of Smart water management market in Europe are in the construction industry. It is used as a pivotal resource for infrastructure establishment in agriculture where it is used for irrigation, maintenance of sewage and drainage system and available for clean and fresh water for drinking and sanitation considering the population of the region which is further fueling the growth of the smart water management market in the Europe region. Europe smart water management market continues to escalate in terms of revenue which is expected to reach up to $16315 million by 2026. Germany dominated the smart water management market in Europe with revenue of $703 million in 2016. France smart water management market is expected to have the highest CAGR of 21.41% during the forecasted period.
Key Players in the Global IVF market
The Key Players in the global smart water management market are Xylem Inc., Itron, Honeywell Inc., Arad Ltd., and Siemens Ag. Top five companies in global smart water management market held 43% share in 2016. The companies in the market manufacture device, provide solutions and services. Xylem Inc. holds the largest market share of around 14% followed by Itron11%, Honeywell Inc. With 7% and Arad Ltd with 5% in 2016. Companies are looking forward to the development of new products and acquisition and collaboration with other companies to sustain in the dynamic market.
Acquisition (Jan 06, 2016): Honeywell completed the acquisition of Elster division of Meltose industries Plc. Elster was world's largest electricity, gas and water measurement and control providers. Through this acquisition, Honeywell expanded its smart water solutions in more than 130 countries across the globe.
Expansion (04 October 2017): Honeywell decided to expand its smart water solutions in Netherland and deliver 350 million cubic metres of water annually. This expansion enhances momentous value for utility customers by developing customer service, improving revenue generation, empowering consumers and supporting effective water resource management.
Read the entire report by Inkwood Research and get free sample @ https://www.inkwoodresearch.com/reports/smart-water-management-market/
Read the entire report by Inkwood Research and get free sample @ https://www.inkwoodresearch.com/reports/smart-water-management-market/
