By 2030, the digital water solutions market will likely witness growth at a 15% CAGR, bringing the market to USD 2,148.1 Million over the projected period. The two main factors propelling the expansion of the global digital water solutions market are the rising demand for high-quality water services and the growing digitalization of the distribution sector.
Water and wastewater providers may use software, services, hardware, analytics, and data collection technologies to deliver digital water solutions. In emerging locations, digital water solutions can create and administer localized and off-grid water systems.
These systems can also create a modeling strategy that uses sensors, connected devices, intelligent valves and pumps, and real-time data from water systems. In conclusion, the factors mentioned above support a developing global market.
The business for digital water solutions is expected to grow throughout the forecast period as utility companies develop carbon pollution and intelligent water technology. The need for digitally skilled people is a barrier to the growth of the global digital water solutions market.
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Need for advanced infrastructure to drive the digital water solutions market growth
Aging infrastructure and a shortage of water supply provides a persistent and growing concern for many water companies. For instance, the Southwest is experiencing a historic drought, forcing many towns to prioritize and practice water conservation in order to get more done with less. Infrastructure in other places is having trouble with old lead pipes that need to be removed. Newly discovered everlasting compounds also imply that more obstacles to identifying and eradicating particular contaminants are on the horizon.
In other words, water operators need to be more efficient. Digital water solutions, on the other hand, provide a fresh approach to enhancing the resilience of current infrastructure and enhancing operator performance with more reliable, precise, and rapid data that may help determine where, when, and how to treat water.
However, the epidemic has severely tested the energy sector's resilience plans, paving the way for more flexible, reactive working styles that entirely use modern technology. One of the biggest challenges facing utility firms today is the need for more technologically skilled employees. Another issue is that millennials need to be aware of the explosive growth of the water utility sector. These problems hinder the market's growth even more. Water shortages are also a result of droughts, infrastructure issues, and climate change. As a result, the water utility industry has been changing to meet the demands of a more active and competitive market. In order to optimize water usage patterns and provide sustainable solutions, water utilities have undergone a digital transformation.
To spur economic growth, authorities worldwide are incorporating cutting-edge technology into their urban planning schemes. In 2013, several cutting-edge city initiatives got underway. These projects contain a range of subcomponents, including energy management systems, building automation systems, intelligent transportation systems, cutting-edge technical systems, and intelligent healthcare systems. Water is essential to the development of a smart city. Systems for managing water and wastewater are cutting-edge features of SWM's infrastructure. Due to the rising population, urbanization, food consumption, and resource exploitation, there are numerous opportunities for SWM solution providers in cutting-edge city projects.
Water utilities may now combine their business activities more effectively thanks to technological advancements, which assist them in their ascent to success. Creative solutions for clients are developed using these advances and intelligent infrastructure within the innovative water industry. Over the coming years, it is anticipated that demand for intelligent solutions will rise as consumer expectations rise, groundwater supplies become more scarce, people's concerns about water quality grow, and technology advances.
North America to hold dominant share over the forecast period
Most domestic businesses providing a wide variety of products and services for digital water solutions are located in North America. As a result, the renewable energy industry in North America is proliferating. Because of its rapid urbanization, rising water consumption, adoption of the Internet of Things, and other cutting-edge technologies, Asia-Pacific is expected to experience the fastest development in the digital water solutions market. Over the coming years, the market expansion in APAC is anticipated to be driven by the use of the Internet of Things, the need for a reliable water supply, and increasing urbanization.
Major Key Players in the Digital Water Solutions Market include Bentley systems, Innovyze, Schneider Electric, Minsait, Atonix Digital, Plutoshift, Assetic, ABB, Space-Time Insight, Aqueduct, PowerPlan, Copperleaf Technologies, Intelliflux Controls, TaKaDu, and Analytical Technology, Inc.