Market for Smart Water Management Systems Projected to Increase 23% by 2029
An estimated 68 percent of the world’s population is expected to be living in an urban area by 2050, according to the United Nations (UN) World Urbanization Prospects 2018 report. To accommodate this influx in population, cities must ensure resources are available. Water is one of the resources most essential to the health and growth of an urban population.
According to a new report from Boulder-based Guidehouse Insights, global revenue from smart water management systems sold to commercial buildings is expected to grow from $1.7 billion in 2020 to $11 billion by 2029, at a compound annual growth rate (CAGR) of 22.9 percent.
“Better water management is key to successfully integrating newcomers into cities, and the smart water management market is poised to grow substantially,” says Krystal Maxwell, senior research analyst at Guidehouse Insights. “Much of the growth is anticipated to be from hardware purchases to accurately track the water consumption of a building.”
Market drivers for smart water management in commercial buildings include, leak detection, lower insurance premiums, better tenant accountability, and increased green credentials for building operators. However, inhibitors such as cost, lack of consumer awareness, and utility adoption of smart water technologies may deter some investors.
The report, Market Data: Smart Water Management for Commercial Buildings, breaks down the global market for smart water management revenue by region. It also estimates smart water management revenue within each commercial building sector: office, retail, education, healthcare, hotels and restaurants, institutional/assembly, warehouse, and transportation. The report also examines key market drivers and barriers, and provides insights into the future of the market, with forecasts extending to 2029.
Download the free report here