Revenue generation in the global smart water grid market is expected to increase by 20% between 2017 and 2026.
Future Market Insights predicts revenue generation will exceed "$ 50,000 Mn" by the end of 2026.
Efforts to reduce non-revenue water, ensure accurate water billing and the modernisation of distribution networks will drive the smart water grid market.
High non-revenue water levels is forcing governments to introduce policies on water conservation. This will result in utilities deploying technologies including sensors, data analytics and smart meters to control losses within distribution networks, help consumers improve water efficiency and improve management of water resources.
The research company forecasts water demands to continue growing due to robust population growth, urbanisation, global warming, and geographic variations.
At the same time, droughts in areas such as India, Saudi Arabia and Africa will drive utility focus on water management and conservation.
Smart Water Grids will find the largest application in utility, with revenues estimated to reach nearly "$25,000 Mn" by 2026-end.
North America is expected to continue dominating the market, followed by Europe, ahead of other regions.
The region will dominate as a result of the availability of advanced technologies, efforts to reduce billing errors and disputes from customers.
The Asia Pacifc region excluding Japan will be a lucrative market due to its high population and commercialisation.
The smart infrastructure segment is projected to generate the highest revenue. However, the information and communications technology (ICT) and analytical sector will be the fastest growing sector, as governments will focus on discovering the relationship between responses from technologies & smart devices and real-time water distribution data to help consumers reduce water usage.
Over the past decade, efforts to reduce carbon footprint and operational costs has also improved investments in ICT within the water industry.
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