The Market for Smart Water Management Systems for Commercial Buildings Is Expected to Experience a 23% Growth Rate from 2020-2029
Market drivers include leak detection, lower insurance premiums, better tenant accountability, and increased green credentials for building operators
A new report from Guidehouse Insights examines the global market for smart water management in commercial buildings, with forecasts extending to 2029.
An estimated 68% of the world’s population is expected to be living in an urban area by 2050, according to the United Nations (UN) World Urbanization Prospects 2018 report. To accommodate this influx in population, cities must ensure resources are available. Water is one of the resources most essential to the health and growth of an urban population. Click to tweet: According to a new report from Guidehouse Insights, global revenue from smart water management systems sold to commercial buildings is expected to grow from $1.7 billion in 2020 to $11.0 billion by 2029, at a compound annual growth rate (CAGR) of 22.9%.
“Better water management is key to successfully integrating newcomers into cities, and the smart water management market is poised to grow substantially,” says Krystal Maxwell, senior research analyst at Guidehouse Insights. “Much of the growth is anticipated to be from hardware purchases to accurately track the water consumption of a building.”
Market drivers for smart water management in commercial buildings include, leak detection, lower insurance premiums, better tenant accountability, and increased green credentials for building operators. However, inhibitors such as cost, lack of consumer awareness, and utility adoption of smart water technologies may deter some investors.
The report, Market Data: Smart Water Management for Commercial Buildings, examines the global market for smart water management in commercial buildings. It breaks down the global market for smart water management revenue by region. It also estimates smart water management revenue within each commercial building sector: office, retail, education, healthcare, hotels and restaurants, institutional/assembly, warehouse, and transportation. The report also examines key market drivers and barriers, and provides insights into the future of the market, with forecasts extending to 2029. An Executive Summary of the report is available for free download on the Guidehouse Insights website.
Contact:
Lindsay Funicello-Paul
+1.781.270.8456
lindsay.funicello.paul@guidehouse.com
*The information contained in this press release concerning the report, Market Data: Smart Water Management for Commercial Buildings, 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.