Smart Water Grid (SWG) is a two-way water distribution network, which involves intelligent monitoring and response systems relying on real time information, sensors and IOT technology driven devices. These devices include the likes of smart water meters, which are used for monitoring water pressure, quality, temperature, flow, etc. Smart water grid market is increasingly playing an important role in water management systems globally.
The decreasing water supply across the globe and increasing need for conservation, makes smart water grid an essential need for public entities such as municipalities. On the other hand, smart water grid are useful for private entities which have a large water distribution network and require maximum efficiency in managing these widespread resources. Management of water distribution networks can be complex and failure to do so actively, can result in various unintended disruptions and severe consequences. Hence, companies based in sectors such as agriculture find SWG systems an integral part of their water management systems.
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Smart water grid market also faces considerable challenges during the forecast period. Currently, the SWG systems are often availed by large scale private and public entities, which find its use essential. However, the SWG system face considerable challenges while breaking into small-scale water distribution systems as the capital costs and initial funding is difficult ceiling to break. With the growing awareness of water conservation and increasing subsidies in the area, can prove to be a positive solution to the current challenge.
Smart water grid market in North America held the largest share of the total revenue due to widespread digitalization and continuous influx of various smart technologies. The market is expected to register steady growth as resources become scarce and environment regulations become more stringent. Smart water grid market in Europe is also expected to follow suit as advancement in IT technology enriches the current network. The advancement in Smart Water Grid can provide water safety, keep an eye on extremely weather changes, real time information on consumption and subsequent evaluation.
Smart water grid market in Asia Pacific is expected to grow at a robust pace as public and private smart infrastructure initiatives continue to rise. One of the major driving factors in Asia Pacific market is the advancement of metering infrastructure. These meters are experiencing high demand from consumers, provided they are distributed through an accessible network.
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Some of the prominent companies operating in the global smart water grid market are Itron Inc., Siemens AG, Badger Meter, Inc, and Neptune Technology. A highly competitive vendor landscape is depicted by this market to exist, owing to most players continuously trying to outgun their rivals. Many companies are focusing on introducing new devices and systems on a frequent basis, as well as improving their technological efficiency. Players are also determined to participate in important partnerships, mergers & acquisitions, and collaborations to gain impressive revenue figures in the global smart water grid market.