Smart Water Systems Market Estimated to Reach $12 Billion By 2031 Globally
Smart water systems increase water resilience in a climate stressed world
A new report from Guidehouse Insights analyzes the global market for smart water systems and explores issues surrounding a wide array of Internet of Things (IoT)-based water technologies.
The adoption rate of smart water technologies is rapidly increasing, spurred by economic and sustainability needs for better managed water resources. While the smart water meter market had gained momentum in the years before the COVID-19 pandemic, a post-pandemic focus on improving infrastructure and resiliency is set to accelerate the adoption of many types of smart water systems further. According to a new report from Guidehouse Insights, annual smart water system sales revenue is expected to grow from $4.92 billion in 2022 to $11.82 billion by 2031 at a compound annual growth rate (CAGR) of 10.2%.
“Smart meters are the main focus of investment, but a wide array of solutions is being developed to address all aspects of water-related issues in cities and communities. For example, IoT sensors are being used to monitor treated water supply, wastewater treatment, and warn of flooding from severe storms,” says Grant Samms, research analyst with Guidehouse Insights. “These solutions are seeing increased adoption at a time when cities and water utilities are recognizing how climate change will exacerbate water challenges.”
Losses of treated water through leakage and theft not only impact profitability today, but also endanger the ability to meet future water demands in regions undergoing aridification. Smart water meters and other IoT sensors inside the water distribution system can help identify the sources of non-revenue water loss—and see them remedied in days or weeks rather than months or years, according to the report.
The report, Smart Water Systems for Smart Cities, provides a market outlook for smart water systems and explores issues surrounding a wide array of IoT-based water technologies. It includes analyses for smart water meters, communications infrastructure, water networking monitoring and control, and data management and analytics, with global unit deployment numbers and revenue projections as well as outlooks for individual geographic regions. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Smart Water Systems for Smart Cities, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.