BOULDER, CO, Dec. 9, 2013 -- According to a new report from Navigant Research, the global smart water networks market is expected to grow from $1.1 billion in annual revenue in 2013 to more than $3.3 billion in 2022.
The report, "Smart Water Networks," examines the evolution of the smart water networks market, with a particular focus on drinking water systems. Further, it provides an analysis of the drivers and barriers for the transformation of the water industry, including technological, financial, environmental, and economic factors.
Rapid urbanization will help to drive innovation and growth in the smart water market in coming years, according to the report. In the next four decades, almost 3 billion additional people living in cities will require drinking water and wastewater services, along with other basic services. Accordingly, water is becoming a focal point of many cities' sustainability agendas, but replacing aging water infrastructure in established cities is expensive and disruptive, and building new reservoirs is even more challenging.
As such, smart water networks can play a role in conserving water and expanding services while using existing infrastructure. With the world's water systems under increasing pressure, water utilities are looking to smart network technologies to meet growing demand and tough environmental targets, reduce non-revenue water losses, and improve operational efficiency. The smart water networks market is attracting a wide range of new players and presenting established players with the opportunity to expand their business into new areas.
"The water industry is hungry for change but also conservative in its operations and restricted in its financial options," says Eric Woods, research director with Navigant Research. "Smart water networks are an intrinsic part of the transition of the industry to a data-centric business that is able to maximize the benefits of intelligent devices, IT, and communications networks."
Global market forecasts of shipments and revenue related to components of smart water networks, including water meters, smart meters, water network monitoring and control, data management and analytics, and communications infrastructure, extend through 2022. The report also assesses the competitive landscape and various approaches to smart water networks in different world regions and provides case studies of major smart water projects. An Executive Summary of the report is available for free download on the Navigant Research website.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.