Global Smart Water Management Market: Overview
The global smart water management market is set to witness an increase in its market worth over the forecast period of 2019 to 2029. TMRR notes that it will be a result of moderate but steady growth rate projected for the market over this period. It also delineates how the market is driven by a slew of trends and drivers.
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Foremost among the numerous growth factors are climate volatility, increase in awareness regarding water scarcity and need for conservation, and ageing infrastructure that has a massive bearing on the smart water management market. Besides, governments across the world are coming up with stringent regulations such as the California Water Conservation Act that is contributing positively to growth in the global smart water management market.
Global Smart Water Management Market: Competitive Landscape
Multiple growth strategies are being opted for by players operating in the competitive landscape of global smart water management market. These emerge from across the organic and inorganic spectrum. Some of the most notable ones are improving reduction in leakage, technological advancement, key alliances, and mitigate waste reduction.
Top players operating in the highly fragmented vendor landscape of global smart water management market are:
- ABB Ltd
- Badger Meter
- General Electric (GE)
- HydroPoint Data Systems Inc.
- IBM Corporation
- Mueller Systems
- Schneider Electric
- Siemens AG
- Tata Consultancy Services
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Global Smart Water Management Market: Key Trends and Drivers
The global smart water management market is growing at the back of a number of trends and drivers. Transparency Market Research provides a deep down into market growth dynamics. A peek into these growth factors is outlines below:
- Population across the world is growing and this factor is stressing the scarce resource of water. This is driving demand for smart water management world over. By 2050, global population will touch the high mark of 9.7 billion. Currently, the world population is 7.7 billion and that means that an increase of 2 billion will be noted in the intermediate period. This will be a notable contributor to growth in the global smart water management market.
- Governments across the world are trying to push smart water management in order to manage scare resources. In places, that are witnessing rapid industrialization and urbanization, it gains centre-stage. Additionally, it is worth noting here that in a number of countries such as India, smart city development is underway. This is set to drive growth in the smart water management market over the forecast period.
Global Smart Water Management Market: Regional Analysis
Over the forecast period, in global smart water management market, North America would top the regional charts while Asia Pacific (APAC) will emerge as a fast growing region. In the former, factors of growth include notable incubation facilities and financial incentives. In the latter, scarcity of water and increase in investment is leading to growth in the regional market. It is pertinent to note here that in Asia Pacific region, rapid industrialization is also leading to high demand for water and this is leading to governments investing in the right kind of infrastructure and smart products. Development of smart cities is also set to drive growth in the regional smart water management market.
Global Smart Water Management Market Segmentation:
- Fixed Network
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