Market Trends of Smart Water Management Industry
Growing Need for Water Management to Drive the Market
- According to UN-Water, by 2025, 1.8 billion people may live in countries or regions with absolute water scarcity. Developing countries are most affected by flooding, water shortages, and poor water quality. Countries are working toward the United Nations' 2030 Agenda for sustainable development goals. Water targets are included across the 17 sustainable development Goals.
- According to the World Water Council, nearly four billion people are expected to face water stress by 2025. Contaminated drinking water poses a significant threat to public health, and failing dams and outdated water infrastructure also harm people. Long-lasting droughts and failing water distribution systems constitute another set of challenges to the water supply. Outdated water asset management, in such cases, restricts efficiency and puts people's lives at risk.
- With the scarcity of fresh water globally, governing bodies have made water management policies a priority agenda. The United Nations defines basic water access as having an improved water source within a 30-minute collection time. Recently, water conservation has been promoted to its sustainable development goals.
- Moreover, in November 2022, the Manitoba government announced the launch of a new water management strategy to drive future decisions, actions, and investments to safeguard the province's water ecosystems and resources while sustainably developing the economy and communities.
- The rising need for household water consumption further drives the need for smart water management solutions. For instance, metered consumers in England and Wales utilized an average of 135 liters per person daily compared to 173 liters per day for non-metered consumers.
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Asia-Pacific is Expected to Register the Fastest Growth
- Asia-Pacific is home to more than 2.1 billion urban residents, with over two-thirds estimated to live in cities by 2050. The region comprises countries with substantial non-revenue water (NRW) losses, like India (with almost 60% of revenue losses from the total water distributed) and Singapore. Such figures signify the need for water management and indicate the potential for market growth in the region.
- The region is also witnessing demand for IoT platforms due to the growing number of connected devices and the adoption of IoT technologies for water management. For instance, Agua Water Systems, an Indian start-up, enables water usage monitoring with the help of smart solutions. The plug-and-play system utilizes artificial intelligence (AI) to analyze water usage, measure the water level in the pump, and control water distribution. Several smart wireless devices, such as motor controllers, ultrasonic sensors, and flow sensors, are used in the process.
- Consumers are upgrading their residences by adopting smart water management software and hardware. This adoption rate is rapidly increasing as software and hardware are becoming cheaper and more affordable.
- Digitization, along with the adoption of connected technologies in developing nations, is impacting all applications of solutions for smart water management by revolutionizing the way the systems for smart water management interact with the surroundings in the residential sector.
- The government in the region is launching innovative water management solutions. For instance, in March 2022, Karnataka IT Minister C N Ashwath Narayan launched India's first digital water data bank, 'AQVERIUM,' formed by AquaKraft Group Ventures. The minister said this innovation combines sustainable and green technologies, information technology, skill development, and entrepreneurship.
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