n securing financing at low rates for modernizing aging infrastructure, managing the retirement of inefficient plants, and dearth in skilled and affordable labor represent primary factors that are driving the need for smart water technologies and solutions. Supply of clean and usable water entails an annual spend of more than $180 billion by water utilities worldwide. Myriad benefits of smart water technologies that is driving its global adoption include efficient water leakage and pressure management; reliable network operations and management; strategic channelization of capital expenditures; and better water quality monitoring.
Strong growth is projected for the market in the coming years driven by the ongoing evolution and adoption of smart water grid that is capable of monitoring distribution of water, remotely and also continuously. The basic functioning of a smart water grid involves delivery of water from the suppliers to the end-consumers by making use of a two-way, digital communication technology which helps in controlling water consumption at the consumer level thereby saving water, enabling decreased costs and increased transparency and reliability in the overall water distribution system. Robust investments in digital solutions by water utilities worldwide represent another important growth driver as more and more utilities across the world are investing heavily into ICT solutions for efficient operational management of their infrastructure. Other important growth drivers include rising popularity of smart water networks that is driving acceptance of smart water meters; stringent government regulations and favorable mandates; growing demand for automated metering infrastructure (AMI); the slow and steady penetration of Internet of Things (IoT) technologies in water utilities that offer real-time, scalability, connectivity, support and security solutions for water monitoring and control, and upcoming connected homes and smart cities that are expected to fuel large scale adoption of smart water meters.
The United States represents the largest market worldwide. Europe represents the fastest growing market with a CAGR of 10.3% over the analysis period. Steadily growing smart water grid deployments, growing adoption of intelligent two-way water meters, robust smart water infrastructure development projects, favorable government support, and replacement of aging infrastructure that is leading to water loss due to leakages and theft and ultimately to non-revenue water (NRW) represent major growth drivers in these developed markets. Absence of legacy infrastructure and the unpenetrated nature of the markets offer huge untapped market growth potential in the developing markets of Asia-Pacific.
Key players in the market include Aclara Technologies LLC, Arad Group, Arqiva Limited, Aquiba Pty Ltd., B METERS s.r.l., Badger Meter, Inc., CyanConnode Holdings Plc, Diehl Metering GmbH, Elster Group SE, Iskraemeco, d.d., Itron, Inc., Silver Spring Networks, Inc., Kamstrup A/S, Mueller Water Products, Inc., Neptune Technology Group Inc., Ningbo Water Meter Co., Ltd., Tantalus Systems Corp., Xylem Inc., Sensus USA Inc., and Zhejiang Holley Liyuan Metering Co., Ltd., among others.