According to the report, the market is expected to record a 23% growth during the forecast period. Revenue is expected to increase from $1.7 billion in 2020 to $11.0 billion by 2029.
Factors driving the market growth include:
- Leak detection
- Lower insurance premiums
- Better tenant accountability
- Increased green credentials for building operators.
On the other hand, three market inhibitors include
- The high cost associated with the technologies
- Lack of consumer awareness
- Utility adoption of smart water technologies may deter some investors.
Krystal Maxwell, senior research analyst at Guidehouse Insights, said: “Better water management is key to successfully integrating newcomers into cities, and the smart water management market is poised to grow substantially.
“Much of the growth is anticipated to be from hardware purchases to accurately track the water consumption of a building.”
An estimated 68% of the world’s population is expected to be living in an urban area by 2050, hence the need to optimise water conservation to protect water resources.
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