The Global Digital Water Solutions Market is predicted to reach US$ 150.96 billion by 2029 from an estimated US$ 40.54 billion in 2023, and grow with a CAGR of 30.8% during the foreseen period 2024-2029.
The path and timeline through which our risk-averse industry is learning to embrace and scale digital water solutions. There are more important forces at work. Additionally, digital water solutions enable the adoption of other innovative technologies, such as off-grid and on-premises systems. Water professionals are often considered, and rightly so, conservative, cautious, or late-following. However, several powerful trends are making digital water no longer optional, but inevitable. The water sector can learn fundamental lessons from how digital technologies are disrupting other industries. Water utility managers may have been comfortable or even satisfied with analog systems and the idea of stationarity.
Digital water solutions offer various products and technologies for implementation by water and wastewater providers, including water hardware, software, services and technologies, data collection, analytical tools, and advanced technologies such as artificial intelligence and machine learning. Digital water solutions are also given the term smart water. With the assistance of digital water technology, growing economies can advance and manage localized and off-grid water systems and create high models that can assist integrate pumps, valves, sensors, and other smart equipment and send data in time. It's also self-destructive, filled with wasted time, wasted efficiency, and stranded assets. Once again, utilities can literally "go with the flow" of digital supply and call, working in partnership with newcomers to the world of water.
According to a report by the Ontario Commissioner for the Environment, leaks cost municipalities in the province up to 40% of their drinking water. Digital Water Solutions (DWS) technology is changing that. The Ontario-based company has created a monitoring device that sits inside a standard fire hydrant, listening for noises that indicate potential problems in the water system.
The main factors driving the expansion of the global industry for digital water solutions are the escalating call for quality water services and the escalating digitization of the utility industry. Utilities are focused on reducing carbon emissions and developing smart water solutions, which are predicted to drive the digital water solutions industry during the forecast period. Fast, frictionless, and ubiquitous mobile/web systems have redefined previously complex and invisible energy flow into simple, clear, parsed, and packaged data.
MARKET RESTRAINTS
However, the lack of a digitally skilled workforce is a limiting factor for the expansion of the global digital water solutions industry.
The global digital water solutions market is predicted to experience strong expansion during the forecast period due to the escalating need to replace aging water infrastructure which is predicted to drive industry call for digital water solutions over the course of the foreseen period. Key factors driving industry expansion include the escalating call for quality water services, the need to replace ageing water infrastructure, the escalating digitization of the utility sector, and government regulations favouring the development of smart water solutions.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
30.8% |
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Segments Covered |
By Technology, Solution Type, Utility Tier, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Bentley Systems (US), Innovyze (US), Schneider Electric (France), Minsait, Atonix Digital (US), Plutoshift (US), Assetic (Australia), ABB (Switzerland), Space-Time Insight (US), Aqueduct (US), PowerPlan (US), Copperleaf Technologies (Canada), Intelliflux Controls (US), TaKaDu (Israel), and Analytical Technology, Inc. (US), Arad Group (Israel), AquamatiX (UK), Badger Meter (US), Honeywell Elster (US), Huawei (China), HydroPoint (US), IBM (US), i2O (UK), Itron (US), Oracle (US), Landis+Gyr (Switzerland), Sensus (US), Siemens (Germany), Suez (France) SenzIoT (India), Trimble Water (US), and XENIUS (India), and Others. |
The metering and customer measurement segment is predicted to have the largest industry share and grow at the highest rate during the forecast period. Also, the network management segment is predicted to have the second-largest share during the outlook period in the digital water solutions industry.
The software segment is predicted to grow at the fastest rate during the envisioned period due to the escalating adoption of analytical solutions for digital water management.
The Tier 1 segment is predicted to have the largest share of the global digital water solutions industry.
The Digital Water Solutions Report includes the segmentation of regions with their respective countries.
North America has the largest industry share as it has the largest number of in-house companies providing various products and services for digital water solutions. Additionally, the need to replace aging infrastructure in North America is driving regional industry expansion. Besides, the Asia Pacific digital water solutions industry is predicted to experience the fastest expansion during the forecast period, mainly due to escalating urbanization, escalating water call, and the adoption of the Internet of Things and other advanced technologies.
The APAC region shows rapid industry expansion as it is home to more than 50% of the world's population and thus any major technological changes. Many Asian countries, such as China, Japan, and India, are leveraging information-intensive technologies to meet the growing call from the water service sector and APAC is predicted to show promising opportunities to implement smart water management solutions.
Frequently Asked Questions
The Global Digital Water Solutions Market is expected to grow with a CAGR of 30.8% between 2024-2029.
The Global Digital Water Solutions Market size is expected to reach a revised size of US$ 150.96 billion by 2029.
Atonix Digital (US), Plutoshift (US), and Assetic (Australia) are the three Digital Water Solutions Market key players.
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