Market Trends of Global Smart Leak Detection Solutions Industry for Water and Wastewater Industries
This section covers the major market trends shaping the Smart Leak Detection Solutions Market according to our research experts:
Residential is analyzed to witness highest growth rate during the forecast period
Consumers are using smart water management solutions to upgrade their homes. This adoption rate is rapidly growing as software and hardware become more affordable. Digitization, combined with the adoption of connected technologies, is transforming how smart water management systems interact with their surroundings in the residential sector, affecting all applications of smart water management solutions.
The demand for smart water management solutions for home and building automation is predicted to rise over the forecast period as customers in residential applications become more aware of the benefits of smart water management solutions in terms of reduced water wastage. For instance, in July 2021, RealPage Inc., a global provider of real estate software and data analytics, announced Smart Water, the first multifamily solution to leverage submeter technology to dramatically reduce the cost of water management for both residential units and common areas.
Government initiatives to save water contribute to the growing demand for smart household water management technologies. Connected systems are expected to become one of the most important components of smart water management software, contributing primarily to the projects' sustainability aims.
In addition, an increase in the popularity of smart home appliances is expected to boost the given market. In 2021, there were 258.54 million smart homes across the world.
Asia Pacific is Expected to Register the Fastest Growth Rate
Significant efforts to construct smart water systems are evident in Asian nations such as Malaysia, Vietnam, Thailand, and others, highlighting the market's potential for growth. Japan has invested in water management infrastructure despite having a lower NRW (US-24%). Japan plans to bring out 100 percent smart water meters by 2025 with the help of its Japan Water Research Center (JWRC).
Additionally, digitization, combined with the adoption of connected technologies in developing countries, is changing how smart water management systems interact with their surroundings in the residential sector, affecting all applications of smart water management solutions.
The growing number of connected devices and IoT technologies for water management are driving demand for IoT platforms in the region. For instance, Agua Water Systems, an Indian start-up, uses smart solutions to enable water usage monitoring. Artificial intelligence (AI) is used in the plug-and-play system to assess water usage, the measure water level in the pump, and control water distribution. Motor controllers, ultrasonic, and flow sensors are the smart wireless devices used.
Furthermore, in several parts of this region, water leaks pose a serious threat to an already limited water supply considering the scarcity of fresh water. Thus, the need to save usable water drives the growth of smart leak detection solutions for water and wastewater industries.
Global Smart Leak Detection Solutions Market for Water and Wastewater Industries Report Snapshots
- Global Smart Leak Detection Solutions Market for Water and Wastewater Industries Market Size
- Global Smart Leak Detection Solutions Market for Water and Wastewater Industries Market Share
- Global Smart Leak Detection Solutions Market for Water and Wastewater Industries Market Trends
- Global Smart Leak Detection Solutions Market for Water and Wastewater Industries Companies
