VANCOUVER, BC, January 6, 2022 / PRNewswire / – Global Digital Water Market Size Has Reached $ 7.96 billion in 2020 and is expected to register a significantly rapid revenue CAGR over the forecast period, according to the latest analysis from Emergen Research.
Government regulations are in favor of the development of digital water because it helps utilities to become more resilient, innovative, efficient and allows them to achieve more economically viable strategies. Digital control means using the Internet of Things (IoT) supporting a data-driven model that enables the integration and optimization of the smart pumps, valves, sensors and actuators that are driving the growth of the water market. digital.
Cyber security concerns are expected to be the major market restraining factor affecting the global digital water market. For example, in February 2021, Florida, the city of Oldsmar suffered a cybersecurity threat at its water treatment plant. The hackers entered the plant’s supervisory control and data acquisition system and attempted to increase the amount of sodium hydroxide to 100 times its original level. This seepage was instantly identified and corrected by the operator before chemicals entered the water supply.
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The global digital water market is expected to register a CAGR of 12.1% during the forecast period and the revenue is expected to increase by $ 7.96 billion in 2020 at $ 19.43 billion in 2028. The growing demand for quality water services, the increasing digitization of the utility sector and government regulations favoring the development of digital water are some of the key factors for the growth of the water market. digital.
COVID-19 impact analysis:
The COVID-19 pandemic has affected every industry and market since the outbreak in late 2019. Frequent hand washing requires access to clean water, and overflowing sewage and sewer systems clogged become even more problematic. The pandemic has also restricted the operations and activities of utility teams. The shutdown of key business sectors and industries has impacted the revenues and cash flow of many utilities and increased concerns about finances and revenues.
Current trends and innovations:
Rising costs for repairing leaks and maintaining pipelines limit the supply of potable water. New technologies of digital solutions for water are changing this factor. The monitoring devices are produced using more advanced technologies which are deployed inside standard fire hydrants, are able to listen for noises which help indicate any water supply problem.
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Asia Pacific is expected to register considerable growth in terms of revenue over the forecast period. The strong presence of digital water providers including Huawei Technologies Co., Ltd., Xenius and others in countries in the region is expected to drive the market revenue growth. The adoption of new technologies and smart grid systems by leaders in this region provides access to the lifecycle possibilities of infrastructure. It explores new ways to increase productivity and achieve efficiency in stormwater planning and operation. On the water supply side, smart technologies help water utilities detect and monitor various aspects, and replace equipment or repair damaged parts in advance.
Some major companies in the market report include Bentley Systems, Inc., Innovyze, Inc., Schneider Electrics Industries SAS, Atonix Digital, Plutoshift, Inc., Assetic, SpaceTime Insight, Inc., Copperleaf Technologies Inc., Huawei Technologies Co. , Ltd., and Xenius.
In april 2019, Bentley System Inc. has entered into an agreement with Digital Water Works and has invested in the deployment of a superior infrastructure of digital twin solutions for sanitation services and municipal water supply, worldwide.
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Emergen Research has segmented the global digital water based on type of solution, technology, utility level and region:
Outlook solution type (Revenue, billion USD; 2018-2028)
Technology Outlook (Revenue, USD Billion; 2018-2028)
Public Service Level Outlook (Revenue, USD Billion; 2018-2028)
Regional Outlook (Revenue, USD Billion; 2018-2028)
Rest of Europe
Rest of LATAM
Middle East & Africa
United Arab Emirates
Rest of the MEA
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