Digital Water Market Size to Reach USD 19.43 Billion in 2028 | Increasing Demand for Quality Water Services and Steady Digitalization of the Utility Sector are Some Key Factors Driving Industry Growth, according to Emergen Research
VANCOUVER, BC, Jan. 6, 2022 /PRNewswire/ -- The global digital water market size reached USD 7.96 Billion in 2020 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research.
Drivers:
Government regulations are in favor of developing digital water as it helps utilities become more resilient, innovative, efficient, and empowering them to arrive at more economically viable strategies. Digital control means using the Internet of Things (IoT) supporting data-driven model that helps to integrate and optimize smart pumps, valves, sensors, and actuators driving growth of the digital water market.
Restraints:
Cybersecurity issues are expected to be the primary market restraining factor affecting the global digital water market. For instance, in February 2021, Florida, the city of Oldsmar experienced a cybersecurity threat at its water treatment plant. Hackers accessed the plant's supervisory control and data acquisition system and tried to increase the amount of sodium hydroxide by 100 times its original level. This infiltration was identified instantly and corrected by the operator before the chemicals entered into the water supply.
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Growth Projections:
The global digital water market is expected to register a CAGR of 12.1% over the forecast period and revenue projected to increase from USD 7.96 Billion in 2020 to USD 19.43 Billion in 2028. Increasing demand for quality water services, increasing digitalization of utility sector, and government regulations favoring development of digital water are some key factors driving growth of the digital water market.
COVID-19 Impact Analysis:
COVID-19 pandemic has affected every industry and market since the outbreak in late 2019. Frequent handwashing necessitates access to clean water, and overflowing waste water and clogged sewage systems are becoming even more problematic. The pandemic also restricted operations and activities by utility teams. The shutdown of key commercial sectors and industries impacted revenue and cash flow of many utilities and increased concerns regarding finances and revenues.
Current Trends and Innovations:
Increasing leakage repair and pipe maintenance costs is restraining supply of drinking water. New digital water solution technologies are changing this factor. Monitoring devices are produced using more advanced technologies that are deployed inside standard fire hydrants, are capable of listening for noises that help to indicate any problem in the water supply.
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Geographical Outlook:
Asia Pacific is expected to register considerable growth in terms of revenue over the forecast period. High presence of digital water providers including Huawei Technologies Co., Ltd., Xenius, and others in countries in the region is expected to drive revenue growth of the market. Adoption of new technologies and smart networking systems by leaders in this region helps to access infrastructure lifecycle possibilities. It explores new ways to increase productivity and achieve planning and operational efficiencies in storm water. For the supply side of water, smart technologies help water utilities to sense and monitor various aspects, and to replace equipment or repair damaged parts in advance.
Strategic Initiatives:
Some major companies in the market report include Bentley Systems, Inc., Innovyze, Inc., Schneider Electrics Industries SAS, Atonix Digital, Plutoshift, Inc., Assetic, SpaceTime Insight, Inc., Copperleaf Technologies Inc., Huawei Technologies Co., Ltd., and Xenius.
In April 2019, Bentley System Inc. entered into agreement with Digital Water Works and invested in deploying superior infrastructure of digital twin solutions for wastewater utilities and municipal water supply, worldwide.
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Emergen Research has segmented the global digital water on the basis of solution type, technology, utility tier, and region:
- Solution Type Outlook (Revenue, USD Billion; 2018–2028)
- Hardware
- Software
- Services
- Technology Outlook (Revenue, USD Billion; 2018–2028)
- Metering & Customer Management
- Network Management
- Work & Asset Management
- Plant Management
- Information Management
- Utility Tier Outlook (Revenue, USD Billion; 2018–2028)
- Tier 1
- Tier 2
- Tier 3
- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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