ID: MRFR/E&P/8539-HCR | February 2021 | Region: Global | 111 pages
According to the recent research report, in the global Digital Water solution market size, there will be a 15 per cent CAGR in the market size by 2026, bringing the total to $1.26 billion in the forecast timeframe. Software, services, hardware, analytics, and data collecting are just a few items and technology that water and wastewater suppliers may utilize to implement digital water solutions. Off-grid and localized water systems can be developed and managed using digital water solutions in emerging regions. These systems can also produce a modelling approach that includes intelligent valves and pumps, sensors, and other connected devices and have sent real-time data from water systems. To summarise, the elements listed above contribute to an expanding worldwide market.
The increased demand for high-quality water services and the increasing digitization of the distribution sector are the two most important drivers driving the development of the worldwide digital water solutions market growth. While utility companies are developing carbon pollution and intelligent water technologies, this is projected to boost the digital water solutions industry throughout the forecast timeframe. While the worldwide digital water solutions industry is expected to increase, the dearth of digitally competent workers is a stumbling block.
This report contains all the information on the global Digital Water solution market analysis and the market strengths. The report also includes the culmination of dynamics, segmentation, key players, regional analysis, and other essential factors. And a detailed analysis of the global Digital Water solution market forecast for 2030 is also included in the report.
As a result of the COVID-19 outbreak, more people are considering using safe digital technology. Rapid deployment by utility companies is the result of natural and regulatory regulations. When the water supply isn't interrupted, it's critical to wash hands and sanitize utensils. Worries about costs and the availability of working remotely for teams may increase demand for digital water solutions in the future years. However, a scarcity of qualified workers might put a crimp in the expansion of the industry. Security breaches might potentially hurt the market.
It is predicted that the worldwide market for digital water solutions will develop rapidly during the projected timeframe because of the increasing requirement for the replacement of ageing water infrastructure.
Authorities throughout the globe are using innovative technology in their urban planning strategies to boost economic growth. A wide range of innovative city projects began in 2013 and include a variety of subcomponents, such as energy management systems, building automation systems, intelligent transportation systems, the latest technological systems, and intelligent health care systems. When it comes to creating a smart city, water plays a crucial role. Water and wastewater management systems are part of SWM's innovative infrastructure component. Increasing population, increasing urbanization, skyrocketing food consumption, and exploitation of resources present enormous prospects for SWM solution suppliers in innovative city projects.
This epidemic has put the energy sector's resilience strategies to the ultimate test, opening the way for more adaptable, reactive methods of working that take full use of contemporary technology. The lack of technologically competent workers at utility companies is one of the most considerable constraints in this age of technology. Additionally, millennials' lack of awareness of the water utilities sector's rapid expansion is a contributing problem. These issues further stifle the market's expansion.
Climate change, infrastructural concerns, and droughts are causing water shortages. Thus the water utility business has been adapting to suit the needs of a more vibrant and challenging market. Water utilities have turned into digital transformation when it comes to optimizing water usage patterns and offering sustainable solutions.
The advancement of technology allows water utilities to combine corporate operations in a more efficient manner that is helping to propel them forward toward success. Even with little physical investment, they can boost the operating efficiency of the whole water network by combining a variety of innovative technology. These innovations and intelligent infrastructure are used in the development of creative solutions for clients within the innovative water business. Intelligent solutions are predicted to grow in popularity over the next several years as people become more concerned about water quality, groundwater resources become scarcer, consumer expectations increase, and technology improves.
According to the reports, the global digital water solutions market has been split into four distinct markets: technology, solution type, utility tier, and regions. The worldwide market is divided into metering and customer management, work & asset management, network management, plant management, and information management based on the use of technology. The metering and customer management category is predicted to occupy the most significant digital water solutions market share and increase fastest over the forecast period. On the other hand, network management is expected to occupy a significant proportion of the intelligent water solutions market over the forecast period. The market is broken into three categories: software, hardware, and services. The software category is expected to develop quickly during the projected period due to the increasing usage of numerical solutions for digitized water management. Digital water solutions are classified into three tiers based on the utility tiers in the worldwide market. The worldwide digital water solutions market is likely to dominate the Tier 1 sector.
The market is segmented based on the technology, solution type, utility tier, and regions. The global digital water solutions market trends are expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into metering and customer management, work & asset management, network management, plant management, and information management.
The market is segmented into software, hardware, and services based on the propulsion types.
According to the report, the global Digital water solutions market may be divided into Asia-Pacific, North America, the Middle East and Africa, and South America. North America has the most in-house enterprises offering a wide range of goods and services for digital water solutions. Because of this, North America's renewable energy sector is expanding at a rapid rate. Asia-Pacific is predicted to lead the digital water solutions industry in terms of growth, mainly owing to increased urbanization and rising demand for water and the usage of the Internet of Things and other sophisticated technologies. Internet of Things usage, the requirement for steady water supply, and rising urbanization are expected to drive APAC's market development over the next several years.
There is a lot of competition in the worldwide market for digital water solutions since there are many competitors from across the world and in different regions. To maintain their market share, major competitors in the industry are substantially investing in technical innovation, worldwide growth, and acquisitions and mergers.
Major Key Players
The following report comprises of –
In 2019, Bentley Systems (US) and Digital Water Works (US) struck a deal to participate in building digital twin technologies for investor-owned and municipal water and wastewater providers globally. The worldwide digital water solutions industry is estimated to increase during the forecast period due to these changes in the industry.
Based on Offering:
Based on Water Meters:
Based on Solutions
Based on Service:
Based on End User:
Based on Regions:
|CAGR||15% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Solution Type and Utility Tier|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Bentley systems (US), Innovyze (US), Schneider Electric (France), Minsait, Atonix Digital (US), Plutoshift (US), Assetic (Australia), ABB (Switzerland), Space-Time Insight (US), Aqueduct (US), PowerPlan (US), Copperleaf Technologies (Canada), Intelliflux Controls (US), TaKaDu (Israel), and Analytical Technology, Inc. (US)|
|Key Market Opportunities||Lack of a digitally skilled workforce|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global digital water solutions market size can reach USD 1.8 billion by 2027.
The global digital water solutions market is expected to exhibit 15% CAGR from 2020 to 2026.
Rising digitalization of utilities, demand for quality water services, and solutions focused on reducing carbon emissions will drive the growth of the global digital solutions market.
Lack of digitally skilled workforce can hamper the global digital water solutions market growth.
Aqueduct, PowerPlan, Innovyze, Assetic, Bentley Systems, ABB, Analytical Technology, Inc., Minsait, Atonix Digital, Space-Time Insight, Plutoshift, Schneider Electric, TaKaDu, Copperleaf Technologies, and Intelliflux Controls are key service providers in the global digital water solutions market.