Government initiatives and regulatory measures to promote innovative water solutions are expected to be in high demand over the forecast period of 2024–2028.
According to TechSci Research report, “Digital Water Solutions Market– Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028F”, the Global Digital Water Solutions is anticipated to register a robust growth during the forecast period 2024-2028. Digital water solutions can easily manage local water systems using real time information. Rising utility digitization and high-quality water services are two essential industry drivers. Power utilities’ emphasis on cutting carbon emissions and conserving water may bode well for industry expansion. The aging workforce and infrastructure, for which the pace of new investment is slow and, in some cases, severely insufficient, are other causes for the development in adoption of advanced AI and ML-based data analytics solutions. In addition to improving or providing actionable data to prioritize the replacement or rehabilitation of aging infrastructure, digital solutions play a crucial role in functioning as a trustworthy replacement for the shrinking workforce. Major disruptors that have ushered in the digital transformation of water utilities include Digital Twin (DT) systems for water and wastewater treatment and pipe network infrastructure. As a result of technical development, replacing aging water infrastructure is now a crucial component towards enhancing digital water solutions. Various technologies and services are offered by businesses that offer industrial cleaning services to cities, power plants, commercial buildings, and other facilities.
The optimization of treatment facilities is now being investigated using DT solutions, making operators ready for unfavorable circumstances and upholding performance standards. In terms of pipe networks, DT solutions are used to track performance, maximize asset utilization, and forecast disruptive occurrences in advance so that operators make data-backed decisions. At the planning, design, and engineering stages of greenfield projects, DT solutions are utilized to model and simulate different situations The increasing need to replace ageing water infrastructure is likely to fuel the industry demand for digital water solutions, over the forecast period, leading to a significant expansion of the global market for digital water solutions. The increasing demand for high-quality water services, the need to replace old water infrastructure, the growing digitization of the utility sector, and government policies that support the development of intelligent water solutions are key factors driving the industry’s expansion. Technology improvements have made it possible for water utilities to more efficiently integrate their corporate operations, helping them on their way to success. Even with minimum physical effort, combining a variety of cutting-edge technology may boost the operational efficiency of the whole water network. Creative solutions for clients are developed using these advances and intelligent infrastructure within the innovative water industry. Over the coming years, it is anticipated that demand for smart water solutions will rise as consumer expectations rise, groundwater supplies become scarcer, people’s concerns about water quality grow, and technology advances.
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Global Digital Water Solutions Market is segmented By Technology, By Solution Type and By Utility Tier. Based on Technology, the market is segmented into Metering & Customer Management, Network Management, Work & Asset Management, Plant Management, and Information Management. During the forecast period, the metering & customer management sector is anticipated to dominate the market and expand at the fastest rate. Utility companies are creating CRM systems and mobile applications to distribute water use invoices to customers’ phones and offer them with helpful information. The segment expansion might be pushed by the intention to build a scalable system and address all client touchpoints. However, it is anticipated that over the forecast period, the network management sector will hold the second-largest share in the market for digital water solutions. This is related to the use of analytics to track consumer behavior and water usage.
Based on Solution Type, the market is segmented into Hardware, Software and Services. Based on Utility Tier, the market is segmented into Tier 1, Tier 2, and Tier 3. Adoption of software, AI and ML-based data analytics solutions along with replacement of aging water infrastructure are the main drivers of digital water solutions.
Droughts, infrastructure issues, and climate change are bringing on water shortages. As a result, the water utility industry has been changing to meet the demands of a more active and competitive market. Water utilities have undergone a digital transformation to optimize water usage patterns and provide sustainable solutions.
Key market players in the Digital Water Solutions market:
- Autodesk InnovyzeSchneider Electric
- Bentley systems
- Atonix Digital
- ABB Ltd
- Space-Time Insight
- Intelliflux Controls
- Copperleaf Technologies
- Analytical Technology, Inc
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“Water and wastewater service providers can use a variety of goods and technology offered by digital water solutions, including water hardware, software, services, technologies, data collecting, analytical tools, and cutting-edge technologies like artificial intelligence and machine learning. Digital water solutions is also referred to as “Bright Water” Growing economies will improve and manage localized and off-grid water systems and develop advanced models that incorporate pumps, valves, sensors, and other cutting-edge equipment while providing data on time. Additionally, it is self-destructive, resulting in stranded assets, lost productivity, and wasted time. Once more, utilities could collaborate with newcomers to the water industry and actually “move with the flow” of digital supply and demand. This is a critical business opportunity, which in turn supports the growth of the global market for Digital Water Solutions market.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Segmented By Technology (Metering & Customer Management, Network Management, Work & Asset Management, Plant Management, and Information Management), By Solution Type (Hardware, Software and Services), By Utility Tier (Tier 1, Tier 2, and Tier 3), By Region, Competition has evaluated the future growth potential of Digital Water Solutions and provides statistics & information on market size, structure, and future market growth. The research aims to provide decision-makers with the up-to-date market knowledge and support wise investment strategies. In addition, the study identifies and examines the key drivers, obstacles, and opportunities in the market for Digital Water Solutions.
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