Market Trends of Global Smart Leak Detection Solutions Industry
This section covers the major market trends shaping the Smart Leak Detection Solutions Market according to our research experts:
Scarcity of Water and Aging Water Infrastructure is Creating a Demand for Smart Leak Detection Solutions
- The growing population and continuous change in climate worldwide are the major factors leading to water scarcity. As per the latest UN World Water Development Report, climate change affects the availability, quality, and quantity of water needed for basic human requirements, thus, damaging sanitation and safe drinking water for billions of people.
- Further, according to the President of the International Fund for Agricultural Development (IFAD), limiting global temperature is a seriously emerging concern that increases to below 2°C and is achieving the Sustainable Development Goals by 2030. Therefore, immediate action should be taken by adopting several solutions to control water and climate in an organized manner.
- Furthermore, increasing water demand is because of economic development and population growth. As the water necessity globally is observed to be raised by around 600% over the past 100 years according to UN-Water's SDG6 Indicator Report, this is further expected to augment over the next two decades for industrial, domestic, and agricultural usage. The water requirement for industrial and domestic usage is anticipated to grow faster than agricultural demand worldwide. At the same time, approximately 70% of the total water is utilized for agriculture globally.
- As per the statistics provided by the United Nations (UN), over 2 billion population worldwide is presently staying in countries with high water stress. To tackle this problem, preserving and using water safely is essential. Installation of smart water leak detection solutions assists in identifying the leakages in installed water pipes, which eventually evades the wastage of water via holes and cracks.
- Moreover, developed countries such as the UK, the US, and others developed a complex water infrastructure during 1970. Nevertheless, this water infrastructure is aging with time, causing problems such as cracks, pipe corrosion, breakage, and others. The installation of smart leak detection solutions further assists in identifying the location of leakages in these aging water transit pipelines and supports in preventing wastage of clean treated water. Hence, the aging water infrastructure is boosting demand for smart leak detection solutions, which drives the market's growth.
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Asia Pacific is Expected to Register a Significant Market Share During the Forecast Period
- The Asia-Pacific is anticipated to hold a substantial market share during the forecast period. In the last few years, the urban sewage capacity in the Asia Pacific region has grown remarkably. This growing capacity is likely to propel the region's demand for smart leak detection solutions.
- For instance, according to International Trade Administration, China is highly focusing on building or renovating 80,000 km of sewage collection pipeline networks and increasing sewage treatment capacity by 20 million cubic meters/day between 2021 and 2025.
- Further, to fulfill the scarcity of water, the Council on Energy, Environment, and Water (CEEW), in association with the 2030 Water Resources Group, has been planning to enhance wastewater management in India and increase private investments in constructing wastewater treatment plants. Also, IDE Technologies, an Israeli firm, collaborated with the government of Andhra Pradesh to set up desalination plants in several state cities to overcome the water scarcity in the cities.
- The region is also witnessing the development and introduction of new leak detection technologies. For instance, in September 2021, Landis+Gyr, an integrated energy management solutions provider for utilities, announced to partner with Iota, the commercial domain of Southeast Water. The partnership aimed at offering a network leak detection sensor to help water utilities in Australia and New Zealand reduce non-revenue losses.
- Acoustic leak detection is also increasingly being used by utility companies. For instance, in July 2021, Aquarius Spectrum, a water leak detection and pipe condition assessment solution provider, announced deploying its acoustic monitoring system (AQS-SYS) on Singapore's drinking water supply network. As per the initiative, Aquarius Spectrum will provide 900 hydroponic sensors for the installation on Singapore's large water mains, with diameters ranging from 500 mm to 2,200 mm. These sensors, designed particularly for underground installation, are deployed to perform leak monitoring on approximately 400 km of the water pipeline for the next five years.
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