The smart water network market is expected to generate revenue of up to $23.8 billion by 2021. According to the research firm, smart water networks are amongst the six most important sectors which will help governments and cities to achieve their smart cities goals.
Demand for clean water, the impact of urbanisation and the depletion of freshwater resources were found to be the top three emerging trends driving the market.
Smart water networks will be necessary for reaching the common goal of making a city habitable, sustainable, and efficient.
The depletion of water resources has pushed water utilities to make use of smart water technologies to improve management of water resources. The Middle East, North Africa and Southeast Asian regions are expected to experience severe water shortages due to their inabilities to improve management of water resources.
According to the study, 10% of the global population did not have access to clean water in 2014.
Thanikachalam Chandrasekaran, lead analyst for smart grid research at Technavio, commented: “The anticipation of a global level water crisis has escalated the importance of replacing older technologies with newer ones that involve the use of real-time information flow devices such as smart meters for water quality monitoring. Modernisation of water infrastructure will also enable utilities to manage resources better and prevent wastage.”
Rural to urban migration, an increase in population and increased industrialisation has stressed existing water infrastructure and resources. This is driving the use of ICT solutions such as smart sensors and meters to ensure real time monitoring of water networks, a development which leads to effective management of water resources to address water scarcity.
“Against the backdrop of shrinking water resources, the need to adopt smart water management systems is expected to gain importance among utilities and municipalities. Moreover, the development of smart cities will further escalate the growth of the smart water network market during the forecast period,” says Thanikachalam.
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