Global Smart Water Management Market was valued at US$ 9.2Bn in 2017 and is expected to reach US$ 33.1Bn by 2026, at a CAGR of 17.36% during a forecast period.The major factors driving global smart water management market are technological advancement, change in regulatory compliances and raising awareness of sustainable use of energy resources. Implementation of these modern technologies such as smart monitoring which is the internet of things (IoT) based technology is used to analyze water treatment system and control water management on a real-time basis.
The increasing usage of supervisory control and data acquisition solution is another important factor that is driving the smart water management market globally. It allows quality decision making and reduces energy cost in pumping water through a distribution network. The major restraints of the smart water management market are costly initial investment requirement and a low rate of return. Furthermore, due to the lack of expertise and talent availability the market for smart water management is growing slowly. However, Smart water management is enabled to a tremendous opportunity related to water utilities to realize significant financial savings.
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