Asia Pacific Smart Water Management Market Set to Surpass Valuation of USD 10.29 Billion By 2032 | Astute Analytica

Asia Pacific region is witnessing a surge in the adoption of smart water meters for efficient water management. China leads the market, with the region emerging as a hub for narrowband-IoT-based smart meter management.

New Delhi, May 20, 2024 (GLOBE NEWSWIRE) — According to Astute Analytica, the Asia Pacific smart water management market was valued at US$ 3.70 billion in 2023 and is anticipated to generate an estimated revenue of US$ 10.29 billion by 2032 at a CAGR of 12.04% during the forecast period 2024–2032.

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As per recent report by Astute Analytica, Asia Pacific is facing an urgent and critical need for effective water management due to a confluence of factors that threaten the availability, quality, and equitable distribution of water resources. Population growth and rapid urbanization are increasing the demand for water, with projections indicating that by 2050, 64% of Asia’s population will reside in cities, many of which are vulnerable to water-related issues. This surge in urbanization puts immense pressure on water resources, giving a boost to the smart water management market. Apart from this, agriculture, the largest consumer of water in the region, uses approximately 70% of the available water. With the population set to increase, this demand is expected to rise, leading to competition for limited water resources. Moreover, climate change is exacerbating water scarcity by altering rainfall patterns and increasing temperatures, making irrigation planning more uncertain.

Water scarcity is a significant concern in the Asia Pacific region. Freshwater availability is limited and unevenly distributed, with a projected 40% shortfall between supply and demand by 2030. This scarcity is further compounded by the depletion of groundwater resources due to over-abstraction, leading to aquifer depletion and saltwater intrusion. Pollution is also a major issue, with 80% of river water in the region being polluted, and 80% of wastewater being discharged without treatment, contributing to the degradation of water bodies.

The Region’s Vulnerability to Water-Related Disasters and Disputes Add Fuel to the Smart Water Management Market

The region is prone to water-related disasters such as floods, which displace millions and cause significant economic damage. Additionally, many rivers in Southeast Asia are shared by multiple countries, leading to potential disputes over water resources. Inadequate infrastructure, inconsistent water governance, and a lack of integrated water management hinder the effectiveness of strategies to address water-related issues. Water scarcity is already causing economic losses in the region. In China, an estimated 2.3% of GDP is lost due to water scarcity and pollution. Furthermore, access to water is increasingly viewed as a fundamental human right, yet many in the Asia Pacific region still lack access to safe drinking water.

Investment in water and sanitation infrastructure has been linked to increased income generation and poverty reduction across the Asia Pacific smart water management market. However, poor water systems and governance structures disincentivize private sector engagement. Public-private partnerships, such as those in Manila, have shown success in providing continuous water access to millions.

Addressing the water management challenges in the Asia Pacific region requires a multifaceted approach. It includes investment in infrastructure, adoption of smart water management practices, regional cooperation, and a commitment to sustainable development. The FAO’s Water Scarcity Programme aims to bring water use within sustainable limits, while initiatives like K-water’s smart water management practices and training and development programs at K-water Academy highlight the importance of technological advancements and capacity building in addressing the region’s water challenges.

Key Findings in Asia Pacific Smart Water Management Market

Market Forecast (2032) US$ 10.29 billion
CAGR 12.04%
Largest Region (2023) China
By Component Solution (42.7%)
By Application  Commercial (42.3%)
Top Trends
  • Increasing adoption of smart irrigation systems for efficient water usage in agriculture and landscaping.
  • Integration of IoT and cloud-based technologies for real-time data collection and analysis.
  • Growing focus on water conservation and sustainability, driving the demand for smart water management solutions.
Top Drivers
  • Growing need to reduce non-revenue water (NRW) and improve operational efficiency.
  • Government regulations and initiatives promoting water conservation and efficient water management practices.
  • Technological advancements in sensors, data analytics, and automation, enabling more effective water management.
Top Challenges
  • Aging water infrastructure and the need for retrofitting existing systems with smart technologies.
  • Limited capital and funding for implementing smart water management solutions, particularly in developing countries.
  • Addressing the complexity of water distribution networks and ensuring cybersecurity in smart water management systems.

China’s Emergence as a Smart Water Management Leader in Asia Pacific with Revenue Contribution of $1.37 Billion in 2023

Analysts at Astute Analytica says that China is rapidly becoming a frontrunner in smart water management market within the Asia Pacific region, driven by its extensive network of water monitoring stations and a growing commitment to data sharing and technological innovation. With approximately 120,000 hydrometric stations managed by the Ministry of Water Resources (MWR), including around 80,000 automated ones, China boasts a vast data collection infrastructure. The Ministry of Ecology and Environment (MEE) oversees 3,641 surface water quality monitoring stations and operates roughly 10,826 municipal wastewater treatment plants. Additionally, the Ministry of Natural Resources manages 10,171 groundwater monitoring stations and 1,503 coastal water quality data stations.

Despite this extensive data collection, challenges remain in making water data in China accessible, usable, and shareable. Data sharing is limited, with most streamflow data published in hard-copy yearbooks and not available online. Surface water quality data collected by MWR is not published even in hard copy, and water demand and use data are only available in separate city reports. High costs, national security concerns, and the absence of explicit data policies are significant barriers to data accessibility.

Inadequate data sharing has led to competition among agencies, resulting in duplicated efforts and inconsistent data quality. The lack of openly available, high-quality, continuous, standardized, long-term data has limited the credibility of China’s water information. However, efforts are underway to improve the quality and availability of water data, including the launch of a notice on the disclosure of public-welfare water data and measures for assembling and managing water resource information.

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High Demand for Smart Water Management Market in the Thriving Commercial Sector of the Asia Pacific Region to Capture Over 42.3% Market Share

Asia’s commercial sector is emerging as the driving force behind the smart water management market. Rapid urbanization, with 1.2 billion people expected in cities by 2050, will strain urban water infrastructure. The region’s economic boom, projected to hold over half the world’s GDP by 2050, will see significant commercial growth, further pressuring water resources. Despite this growth, water scarcity is a major concern. The region has only 36% of global water resources despite housing 60% of the population. Climate change adds another layer of complexity with an expected rise in water-related disasters. The tourism industry, a major contributor, with 345 million tourists in 2019, adds to commercial water use with hotels and resorts consuming a significant portion.

The dominance of the commercial sector is further fueled by the service sector, which makes up a large part of many Asia Pacific economies. High Non-Revenue Water (NRW) rates, exceeding 30% in some cities, highlight significant water losses in commercial supplies. While agriculture remains the biggest water consumer, commercial activities are placing increasing pressure on limited resources. There are positive trends however. Regulations are being implemented that require commercial entities to adopt water-efficient practices. Additionally, a growing trend of corporate water stewardship is emerging. Building efficiency standards are also playing a role, with new commercial buildings needing to meet green building standards that include water conservation measures.

  • Burgeoning smart city movement presents a significant opportunity.

Many cities across Asia Pacific smart water management market are investing in smart water management as a key component of these initiatives. Water pricing structures are also evolving, with some regions implementing higher commercial water tariffs compared to residential rates, incentivizing businesses to invest in water-saving technologies. Technological advancements like IoT and AI for water management are growing rapidly in the region. This, coupled with significant investor interest in smart water management solutions, particularly for commercial applications, paints a promising picture for the future. With all these factors converging, the commercial sector is on track to be the dominant driver of the smart water management market in the Asia Pacific region.

The Surge of Smart Water Meter Adoption in Asia Pacific: Insight into Smart Water Management Market

The Asia-Pacific region is poised for a surge in smart water meter adoption, with a projected 25% penetration rate by 2025. This translates to a booming market, expected to grow at a CAGR of over 27% by 2032, reaching a value far exceeding the USD 2.1 billion recorded in 2022. Several factors are fueling this growth. Utilities are seeking solutions to reduce non-revenue water (NRW) – a significant challenge – and lower operational costs. Smart meters deliver on both fronts, improving billing efficiency and reducing leakages. Disruptive business models like Metering-as-a-Service (MaaS) are expected to further accelerate adoption by making smart meters more affordable.

Beyond cost savings, smart meters offer a range of benefits. They reduce operational and maintenance expenses for water networks, while providing features like remote metering, leak detection, and consumption analysis. This empowers utilities to implement sustainable and efficient water management practices. However, challenges remain. Underfunding and low water tariffs, particularly in Southeast Asia, can limit capital investment. Externally-financed solutions, such as installations and retrofits with advanced metering devices, could address this issue and help tackle rising NRW levels.

Looking ahead, smart water management market growth will hinge on flexibility. Offering configurable meters and diverse payment models will be crucial for wider adoption. Additionally, integrating data processing and analytics with meter products is essential to unlock further growth potential. Smart city initiatives, which often incorporate smart water metering systems within their IoT networks, present another exciting avenue for market expansion. By developing scalable, end-to-end metering solutions, the Asia-Pacific smart water meter market is well-positioned for a future of sustainable water management.

Asia Pacific Smart Water Management Market Key Players

  • ABB Ltd.
  • Arad Group
  • General Electric Co.
  • Hitachi Ltd.
  • Honeywell International Inc.
  • Huawei Technologies Co. Ltd.
  • Siemens AG
  • Suez Group
  • TaKaDu Limited
  • i2O Water Ltd.
  • Itron Inc.
  • Schneider Electric SA
  • Sensus Inc. (Xylem Inc.)
  • Other Prominent Players

Market Segmentation:

By Component

  • Solutions
  • Water Meters
  • Services

By Application

  • Residential Use
  • Commercial Use
  • Industrial Use

By Region

  • China
  • India
  • Japan
  • South Korea
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific

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About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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