The global smart water networks market is poised to triple in the next 20 years, according to a new report published by Navigant Research.
The “Smart Water Networks” report suggests that smart water networks market will grow from $1.1 billion in annual revenue in 2013 to more than $3.3 billion in 2022.
The authors noted that water utilities were looking to adopt smart network technologies to meet growing demand and tough environmental targets, reduce non-revenue water losses and improve operational efficiency.
“The water industry is hungry for change, but also conservative in its operations and restricted in its financial options,” says Eric Woods, research director with Navigant Research. “Smart water networks are an intrinsic part of the transition of the industry to a data-centric business that is able to maximize the benefits of intelligent devices, IT and communications networks.”
According to the report, in the next 40 years an additional 3 billion people living in cities will require drinking water and wastewater services. The analysts noted that despite the fact that water has become a focal point of many cities’ sustainability agendas, replacing aging water infrastructure is expensive and disruptive, and building new reservoirs is even more challenging. Smart water networks can therefore play a role in conserving water and expanding services while using existing infrastructure.
The authors noted that while smart water meters are a key component of smart water networks, other monitoring and control technologies are becoming increasingly important for leak detection, pressure management and water quality monitoring.