Products from the players in the global smart water network market offer smart water management solutions that can aid in reduction of repair and maintenance costs of smart water network. This trend is likely to aid in the expansion of the global smart water network market in coming years. Solutions from the global smart water network market help water utility facilities in effectively managing their water networks. Players in the global smart water network market provide devices that enhance the customer experience by providing precise and accurate customer support, and enable end users in determining the precise level of water consumption even during the peak periods.
Products in the global smart water network market are considered to be an excellent replacement for old analogue water meters in various setting such as residential, industrial, and commercial properties. Products in the global smart water network market hold the ability of recording as well as transmitting the consumption patterns of customers to the water utilities in real time. This makes the products in global smart water network market a lucrative commodity in water treatment and water utility facilities.
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Global Smart Water Network Market: Major Trends and Drivers
Initiatives by various government organizations to adopt smart water meters in order to support expansion of the smart water networks is one of the key drivers for the rising demand in the global smart water network market. Rising requirement for reduction of non-revenue water is anticipated to create various opportunities in the global smart water network market in coming years. However, the rising risk as well as increasing vulnerability to cyberattacks may restrict the development in the global smart water network market in coming years. On the other hand, new product launches featuring superior management and cybersecurity features in expected to foster the development of the global smart water network market during the forecast period.
Some other drivers for the expansion of the global smart water network market include rising implementation of smart water networks in various developed as well as developing economies around the world, ability of the devices from the global smart water network market to monitor, analyse, diagnose, and visualize problems in the smart water networks, and rising demand for clean potable water. Furthermore, benefits of using the products in the global smart water network market, such as increased efficiency in monitoring, superior leak detection, energy management, and quality control are also motivating the increasing sales in the global smart water network market.
Global Smart Water Network Market: Key Players and Manufacturers
Some of the major and prominent players and manufacturers in the global smart water network market include Aquiba Pty Ltd., Badger Meter Inc., General Electric Co., Hubbell Inc., Itron Inc., Arad Group, Diehl Stiftung & Co. KG, Honeywell International Inc., International Business Machines Corporation, and Xylem, Inc., among others. Players and manufacturers in the global smart water network market are adopting various growth strategies including new product launches as well as mergers and acquisitions and strategic partnerships in order to amass a larger industry share and expansion of their product portfolio.
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Global Smart Water Network Market: Regional Assessment
Geographically, Asia Pacific region accounted for the major share of the global smart water network market in recent past. The same region is expected to lead the global smart water network market in coming years. This trend can be attributed to rapid adoption of smart technologies for the purpose of streamlining water management by various water utility regulatory authorities in the region. In Asia Pacific, Japan and China are considered to be the leading regional markets for the global smart water network market. These countries are expected to bolster the stark increase in the demand in global smart water network market in coming years.
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