— Digital Water Solutions Market size is projected to reach USD 1.26 Billion by 2026, at a CAGR of 15% during the forecast period.
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The major factors driving the growth of the global digital water solutions market are the rising demand for quality water services and the rising digitalization of the utility sector. Power utilities are focusing on reducing carbon emissions and developing smart water solutions, which is expected to drive the digital water solutions market during the forecast period. However, the lack of a digitally skilled workforce is a restraining factor for the growth of the global digital water solutions market.
Key Players -
The key players operating in the global digital water solutions market are
Bentley systems (US)
Schneider Electric (France)
Atonix Digital (US)
Space-Time Insight (US)
Copperleaf Technologies (Canada)
Intelliflux Controls (US)
TaKaDu (Israel) and
Analytical Technology Inc. (US).
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Many major players such as Schneider Electric (France), ABB (Switzerland), Bentley Systems (US), and others are actively participating in digital water solution development projects. For instance, in April 2019, Bentley Systems (US) signed an agreement with Digital Water Works (US) to invest in superior infrastructure digital twin solutions for investor-owned and municipal water and wastewater utilities worldwide. Such developments in the market are expected to drive the growth of the global digital water solutions market during the forecast period.
COVID-19 Impact on the Global Digital Water Solutions Market
Implementation of a range of regulations by governments of different countries to deal with the COVID-19 pandemic, such as a full shutdown of manufacturing units, is expected to have an impact on the development of the global digital water solutions market.
The global digital water solutions industry has been segmented based on technology, solution type, and utility tier.
Based on technology, the global digital water solutions market has been segmented into metering & customer management, plant management, network management, work & asset management, and information management. The metering & customer management segment is anticipated to hold the largest share of the market and develop at the highest rate during the assessment period. However, the network management segment is expected to hold the second-largest share during the forecast period in the digital water solutions market.
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By region, the global digital water solutions industry has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
North America to lead the global Digital Water Solutions Market
North America has the largest market share, with the largest number of in-house companies offering various products and services for digital water solutions. The need to replace the aging infrastructure in North America is also boosting the growth of the regional market.
In addition, the market for digital water solutions in the Asia Pacific is anticipated to expand at the fastest rate over the predicted period, largely due to increasing urbanization, increasing demand for water, and the high adoption of the Internet of Things and other advanced technologies.
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With the involvement of a variety of foreign and regional players, the global digital water solutions market is relatively fragmented and competitive. Market players are heavily engaged in technological innovation, global expansion, and mergers and acquisitions to secure their market position.
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