The global Smart Water Management (SWM) market is expected to double in the next five years, according to a report published by research company Markets and Markets.
The report, entitled “Global Smart Water Management Market,” notes that the SWM market is forecast to reach $12 billion in 2018, compared to 5.5 billion in 2013. This represents an estimated Compound Annual Growth Rate (CAGR) of 17.2 percent.
The report, which names the Arad Group as a key player, claims that water utilities around the globe are struggling to maintain ageing water infrastructure.
“Water utilities and water regulatory bodies worldwide need to wake up to the need of the hour and proactively adopt smart technology solutions to streamline their operations, better manage their assets and distribution network, reduce maintenance and repair cost and reduce energy costs in pumping,” the authors concluded.
“Utilities and governments across the globe are pressed with meeting the increasing demand of quality water and maintaining the ageing infrastructure of water networks,” they added.
According to the report, water utilities suffer financially from high rates of Non-Revenue Water (NRW) due to leaks, theft and metering errors. SWM solutions are therefore vital to water companies as they enable smarter water distribution network control, high-end analytics, and allow for better water management.