How Is The Global Water Management Systems Market Defined?
Water management systems refer to the infrastructure, technologies, and practices implemented to monitor, control, and optimize water resource usage, distribution, and treatment. They are used to monitor water usage, control distribution networks, optimize resource allocation, treat water for various purposes, and detect leaks within the infrastructure.
Water Management Systems Global Market Report 2024 provides data on the global water management systems market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Water Management Systems market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Water Management Systems Market Size Expected To Expand, And At What Annual Growth Rate?
The water management systems market size has grown rapidly in recent years. It will grow from $13.43 billion in 2023 to $15.21 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to growing awareness about water scarcity, industrialization and expansion of manufacturing sectors, concerns over water pollution and contamination, shift towards decentralized water management systems, and climate change impacts such as droughts and floods. The water management systems market size is expected to see rapid growth in the next few years. It will grow to $25.19 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to continued urbanization and industrialization, adoption of smart water management technologies, IoT solutions for improved efficiency, rising investments in water recycling, and expansion of agriculture and irrigation activities. Major trends in the forecast period include decentralized water treatment, sustainable infrastructure development, integrated water resource management, circular economy initiatives, and climate resilience strategies.
What Are The Key Drivers Fueling Growth In The Water Management Systems Market?
Growing industrialization is expected to propel the growth of the water management systems market going forward. Industrialization refers to the process of transforming an economy from primarily rural and handicraft-based to one dominated by industry, manufacturing, and mechanized production methods. Growing industrialization is due to technological advancements, government initiatives supporting industrial growth, globalization, and increasing demand for manufactured goods. The growing industrialization trend creates a significant opportunity for water management systems providers as industries seek solutions to address water-related challenges, enhance operational efficiency, and achieve sustainable growth in the face of increasing water scarcity and environmental pressures. For instance, in July 2023, according to the Office for National Statistics, a UK-based government department, the total value of UK manufacturers' product sales was £429.8 billion ($518.3 billion) in 2022, an increase of £28.4 billion ($34.2 billion) (7%) from £401.5 billion ($484.1 billion) in 2021. Therefore, growing industrialization is driving the growth of the water management systems market, with market sizes reaching $S billion in 2023, $T billion in 2024, and $U billion in 2028.
Get Your Free Sample of the Global Water Management Systems Market Report
What Are The Principal Market Segments In The Global Water Management Systems Industry?
The water management systems market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Application: Water Management, Leak Detection, Water Quality And Quantity Monitoring, Other Applications
3) By End User: Residential, Industrial, Commercial
Which Emerging Market Trends Are Altering The Water Management Systems Sector?
Companies in the water management systems market are developing innovative solutions like next-generation water management systems to strengthen their market position. These solutions use technology, data analytics, and innovation to enhance the efficiency, sustainability, and resilience of water resource management. For example, in March 2023, WINT Water Intelligence, a US-based provider of AI-based water management technologies, launched the WINT3 platform. This platform uses artificial intelligence to detect and stop leaks at their source, reducing water waste and preventing damage. It includes features such as automated leak mitigation, real-time detection, auto shutoff, advanced anomaly detection, and enterprise-grade management for large and mid-sized facilities.
What Is The Leading Region In The Water Management Systems Market?
North America was the largest region in the market in water management systems 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the water management systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
